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‘Economy might slip back into recession’- CBN Warns
The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday warned that weak economic fundamentals currently being shown by the economy were putting the country’s exit from recession under threat.
The Nigerian economy exited recession in 2017 after suffering contraction for five consecutive quarters.
Addressing journalists shortly after the two-day meeting of the MPC members held at the headquarters of the apex bank, the CBN Governor, Mr Godwin Emefiele, said the economy had started showing signs of weakness.
For instance, he said the committee was concerned that there was a fresh threat of recession as the economy recorded growth rate of 1.95 per cent and 1.5 per cent during the first and the second quarters of this year, respectively.
He noted that the slowdown emanated from the oil sector, with strong linkages to employment and growth.
For instance, the apex bank boss said the late implementation of the 2018 budget, weakening demand and consumer spending, rising contractor debts, and low minimum wage were some of the risks to output growth.
Others, according to him, are the impact of flooding on agricultural output, continued security challenges in the North-East and North-Central zones, and growing level of sovereign debts.
Emefiele stated, “The MPC observed that despite the underperformance of key monetary aggregates, headline inflation inched up to 11.23 per cent in August 2018 from 11.14 per cent in July 2018.
“The near time upside risks to inflation remain the dissipation of the base effect expected from 2019 election related spending, continued herdsmen attacks on farmers and episode of flooding, which destroyed farmlands and affected food supply ultimately.
“In this regard, the committee urges the fiscal authorities to sustain implementation of the 2018 budget to relieve the supply side growth constraints so that they can address the flooding, which has become perennial on a permanent basis.
“Relative stability has returned to the foreign exchange market buoyed by the robust external reserves, with inflation trending downward for the 18th consecutive month.”
He added, “The gains so far achieved appeared to be under threat following the new data, which provides evidence of weakening fundamentals. The committee identified rise in inflation and pressure on the external reserves created by the capital flows reversals as the current challenges to growth.
“It noted that the underlying pressures have started rebuilding and capital flows reversals have intensified as shown by the bearish trend in the equities’ market even though the exchange rate remains very stable.
“The committee was concerned that the exit from recession may be under threat as the economy slid to 1.95 per cent and 1.5 per cent during the first and the second quarters of 2018, respectively.
“The committee noted that the slowdown emanated from the oil sector with strong linkages to employment and growth.”
On what could be done to stimulate economic activities, the CBN governor said that though growth remained weak, the effective implementation of the 2018 Federal Government budget and policies that would encourage credit delivery to the real sector of the economy might boost aggregate demand, stimulate economic activity and reduce unemployment in the country.
The CBN governor said the committee urged government to take advantage of the current rising trend in oil prices to rebuild fiscal buffers, strengthen government finances in the medium term and reverse the current trend of decline in output growth.
The MPC, according to him, also called on the fiscal authority to intensify the implementation of the Economic Recovery and Growth Plan to stimulate economic activities, bridge the output gap and create employment.
The apex bank boss said the MPC expressed concern over the potential impact of liquidity injection from election-related spending and increase in federal allocations, which are rising in tandem with increase in oil receipts.
Emefiele added that the committee was concerned with the rising level of non-performing loans in the banking system, and urged the banks to closely monitor and address the situation.
He also expressed concern over the weak intermediation by Deposit Money Banks and its adverse impact on credit expansion as well as investment growth by the private sector.
While revealing the outcome of the meeting, Emefiele explained that seven out of the 10 members of the committee agreed to maintain the current monetary policy stance, while three voted to increase the rates.
According to him, the MPC decided to leave the Monetary Policy Rate unchanged at 14 per cent.
Apart from the MPR, which was retained at 14 per cent, the committee also retained the Cash Reserves Ratio at 22.5 per cent.
Also retained were the Liquidity Ratio which was left at 30 per cent; and the Asymmetric Window, which was left at +200 and -500 basis points around the MPR.
Explaining the rationale for the decision, the CBN governor said, “Tightening will tame inflationary pressure, tame the reversal of portfolio capital, improve the external reserves, and maintain stability in the foreign exchange market.
“Conversely, the committee also noted that raising rate would further weaken growth, as credit would become more expensive, non-performing loan would increase further, leading to a deceleration in output.
“In the committee opinion, the upward adjustment would not only signal the bank’s commitment to price stability, but also its desire to maintain all policy interest rates.”
He added, “A decision to hold all policy parameters will sustain natural improvement in output growth.
“There is need to maintain the current policy stand and await a clearer understanding of the quantum and timing of liquidity injection into the economy before deciding on possible adjustment.”
When asked about the state of the Nigerian banking system following the withdrawal of the licence of the defunct Skye Bank Plc, the governor insisted that the Nigerian banking system remained “sound and healthy.”
He said, “In every chain, there will always be strong points and weak points in a chain, but what we will continue to do is to make sure that that chain remains strong in all aspects of it. Notwithstanding that, as we see areas where there are weaknesses, we will do everything possible to make sure that we keep the chain linked together, and that is what we did with Skye Bank.
“As I have said before, I will love to see a situation where banks are not liquidated, that we have to think outside the box to see how much we can ensure that we have more banks in the country than have less number of banks in the country, and that is what we are doing.
“The situation with Skye Bank, as you well know, is that as at two years ago when the news broke that the bank had slide into negative capital as a result of Non-Performing Loan, at that time, we compelled the entire board and executives to resign and they did.”
Emefiele added, “After that, before we conducted an internal audit, the hole (financial gap) was about N370bn. After the forensic audit, it came to the level it is today, which is almost about N800bn
“So what we did was to say that having established a hole at this level, taxpayers’ money will be invested in this bank as a loan. So, we decided that there is a need to let shareholders know, particularly those that have lost their investments; we will try to make sure that small investors remain protected.
“It is for this reason that the name had to be changed for legal reasons. Having got to the point where the Central Bank of Nigeria has invested close to N800bn in this bank, at some point it must be seen to be owned by the CBN until we find investors that can pay a fair price for the bank.”
Journalists for Good Governance Shines Searchlight on Local Government Administration
…Calls for Accountability in Nigeria’s Grassroots Governance
LAGOS, Nigeria — A civil society coalition known as Journalists for Good Governance(JGG) has intensified public debate on transparency and accountability within Nigeria’s local government system, urging media professionals, civil society actors, and citizens to hold grassroots leaders accountable.
Speaking an event in Lagos recently, the acting chairman of the society, Comrade Bunmi Obarotimi said that despite reforms such as the Supreme Court’s 2024 ruling granting financial autonomy to all 774 Local Government Areas (LGAs), systemic challenges continues to hinder effective service delivery and responsible stewardship of public funds.
“Local governments are the closest tier of government to the people — yet too often they remain the least transparent. Without civic oversight and vibrant media, promises of autonomy ring hollow.” the acting chairman said.
The Journalist for Good Governance emphasised crucial roles that journalists can play in uncovering discrepancies in council spending, flagging poor service delivery, and educating citizens on their rights. Their call comes amid wider efforts by media and civic organisations to bridge accountability gaps. The civil society initiatives had previously launched monitoring campaigns to track local government expenditures and have been quietly advocating for transparency in how public money is deployed.
The leaders of the Journalists for Good Governance (JGG) highlighted the importance of physical assessment and citizens engagement on projects to boost people’s confidence, urging local councils to adopt open data platforms and proactive information dissemination in compliance with the Freedom of Information Act. Experts say the majority of LGAs currently lack operational websites or digital portals, further limiting public scrutiny.
The Journalists for Good Governance initiative aligns with sustained advocacy by civil society groups and governance experts calling for a collective approach to strengthening democratic accountability, and has decided to engage in critical and holistic assessments of how Local Governments is being run and the impact and quality of projects they embark-on and to address deficits in transparency and public trust.
Meanwhile, some state governments have signalled support for improved community engagement. In Lagos State, authorities reiterated a commitment to enhancing community media platforms as vehicles for civic participation and accountability at the grassroots level.
The renewed spotlight on local government administration has reignited public debate over fiscal responsibility and priorities. Controversies such as the widely criticised Adamawa council chairmen’s wives trip to Istanbul — which drew public outrage for perceived misuse of public funds — underscore why watchdog groups say stronger oversight mechanisms are urgently needed at the grassroots.
Citizens and activists have welcomed the journalists’ initiative, calling for sustained media engagement that goes beyond headlines to influence policy and accountability reform.
The civic rights advocates note that real change will require robust legal frameworks, a free press, and empowered communities equipped to demand transparency at every level of governance.
As Journalists for Good Governance mobilises its members, the coming months are likely to see heightened media attention on grassroots administration — from council budgets and service delivery to the enforcement of public information laws and digital transparency initiatives.
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ANOTHER PROPHECY FULFILLMENT BY PROPHET KINGSLEY AITAFO OVER THE EXIT OF DR. KENOLY, ANNOUNCING FEBRUARY’S OPEN PROPHETIC REVIVAL
ANOTHER PROPHECY FULFILLMENT BY PROPHET KINGSLEY AITAFO OVER THE EXIT OF DR. KENOLY, ANNOUNCING FEBRUARY’S OPEN PROPHETIC REVIVAL
– Another Prophecy Fulfillment by Prophet Kingsley Aitafo Following the Passing of Ron Kenoly Ahead of February Open Prophetic Revival
– Prophet Kingsley Aitafo Records Another Prophecy Fulfillment as February Open Prophetic Revival Is Announced
In the released prophecies for 2026, renowned Nigerian cleric, Prophet Kingsley Aitafo, shared a series of revelations touching on Nigeria’s economy, global events, political transitions, natural disasters, religious transformations, and the future of world leaders.
During a special prophetic session, the prophet stated that he foresaw the departure of two world-renowned musicians in 2026 and urged the Nigerian people and the global community to pray for them.
He urged Nigerians and everyone around the globe to pray for the musicians, among other prophecies, and already gave insight concerning them.
On February 3, 2026, American gospel singer, songwriter, and worship leader Ron Kenoly passed away at the age of 81. Widely known as the “Professor of Praise,” Kenoly was celebrated for anthems such as “Majesty” and “Lift Him Up,” which have significantly influenced modern congregational worship around the world.
He was recognized as a pioneer of the contemporary praise and worship movement, leading Scripture-based worship services that became widely adopted in churches across different nations and cultures.
The development has been described by followers of Prophet Kingsley Aitafo as a confirmation of the prophecy earlier declared in the year.
Meanwhile, Prophet Kingsley Aitafo, leader and shepherd in charge of Oneness in Christ, in conjunction with CCC Living Grace Tabernacle, invites everyone to its February Open Revival. It is a prophetic service determined to change lives through miracles, healings, signs, and wonders.
It is not an ordinary service; it is another time for a divine encounter where your faith is strengthened, prayers are answered, and breakthroughs and favour are about to rain. With its theme — Jesus Christ is the same forever — the revival is promised to release the power of Jesus Christ like never before. It is a period of shift and divine encounter.
This revival service is said to hold on the 25th of February, 2026, from 5pm – 8pm at 20, Showole Street, Ewupe, Singer Sango, Ogun State.
It is a season where God is ready to reveal Himself like never before. Members of the public are invited to attend.
GEN CHRISTOPHER GWABIN MUSA SUPPORT INITIATIVE COMMENDS STATE-FEDERAL COLLABORATION IN ZAMFARA
The Gen Christopher Gwabin Musa Support Initiative (GCGMSI) has commended the Zamfara State Government for its decisive contribution to security operations through the donation of newly acquired armoured personnel carriers (APCs), surveillance drones, and other critical operational equipment to troops and security agencies in the state.
This commendation was contained in a statement signed by the Convener of the GCGMSI, Ibrahim Dahiru Danfulani, Sadaukin Garkuwan Keffi/Betara Biu, and made available to the press.
The equipment was formally commissioned on Wednesday, February 18, by the Grand Patron of the GCGMSI and Minister of Defence, General Christopher Gwabin Musa, OFR (rtd.), in a ceremony at the Government House, Gusau. The event was attended by senior military officers, heads of security agencies, and top officials of the Zamfara State Government.
The GCGMSI, in its statement, hailed the donation as a “transformative and timely intervention” that aligns perfectly with its core objective of advocating for and supporting tangible measures that enhance the operational capacity and welfare of Nigeria’s security forces. The Initiative praised Governor Dauda Lawal’s administration for moving beyond rhetoric to actionable, material support, describing the move as a “blueprint for state-level collaboration in national security.”
“The provision of these assets by the Zamfara State Government is a testament to visionary leadership and a profound commitment to the peace and stability of its people,” the GCGMSI statement read. “It represents the exact kind of synergistic partnership between state and federal authorities that the GCGMSI champions. This initiative will significantly close operational gaps, boost the confidence of our gallant troops, and send a strong message to criminal elements.”
Speaking at the commissioning, General Musa emphasized that sustained collaboration is indispensable in confronting the nation’s evolving security challenges. He specifically commended Governor Lawal for his proactive support.
“Governor Dauda Lawal has demonstrated exemplary leadership and an unwavering dedication to the security of Zamfara State,” the Defence Minister stated. “The provision of these armoured vehicles, surveillance drones, and other operational equipment will undoubtedly boost the morale and operational effectiveness of our troops and other security agencies on the ground. This is a commendable effort that should be emulated by others.”
The newly commissioned assets, which include multiple APCs and advanced surveillance drones, are expected to dramatically enhance the mobility, protection, intelligence-gathering, and rapid response capabilities of security forces, particularly in the state’s remote and difficult terrains where anti-banditry operations are ongoing.
In his remarks, Governor Lawal reiterated his administration’s steadfast commitment to being a reliable partner in the security architecture. He urged security agencies to deploy the new resources responsibly and effectively to safeguard lives and property.
The Federal Government, through the Ministry of Defence, reaffirmed its commitment to continuing and deepening such partnerships with state governments across the nation to strengthen coordination and resource allocation in the collective fight against insecurity.
The GCGMSI concluded its statement by urging other state governments to take a cue from Zamfara’s “bold and pragmatic” approach, affirming that such concrete support is vital for achieving lasting peace and security across Nigeria.
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