Business
Ekiti state Governor, Fayose attacks Buhari over increment in Petrol price, says ‘ It is political 419’
Ekiti State Governor, Ayodele Fayose, has said that President Muhammadu Buhari and his All Progressives Congress (APC) were playing Nigerians Advanced Fee Fraud with the removal of fuel subsidy and increment of pump price from N86.50 to N145 per litre, describing the increment as wickedness taken too far.
“Was the federal government paying up to N58.50 as subsidy on one litre of petrol before now?” Mr. Fayose asked.
Governor Fayose, who reiterated his call on Nigerians, especially the labour movement to resist what he called “this wicked act of President Buhari and his party”, added that; “those who opposed removal of fuel subsidy in 2012 and funded the Occupy Nigeria protest must not be allowed to get away with this imposition of hardship on Nigerians now that they are in power”.
He said labour unions, civil society organisations and other well-meaning Nigerians should stand up and be counted at this crucial time in the life of the common people of Nigeria, adding that “there is no justification for the increment at this period when government is not paying salaries regularly, Nigerians are losing their jobs
daily, prices of foodstuffs have gone over the roof and life has become so difficult for the common people. To labour Nigerians with this increment is wickedness taken too far!”
In a statement issued on Thursday by his Special Assistant on Public Communications and New Media, Lere Olayinka, Governor Fayose said; “In 2012 when the Peoples Democratic Party (PDP) government of Dr Goodluck Jonathan removed fuel subsidy and increased petrol price to N141 per litre, crude oil was selling at $111 per barrel. How then can petrol price be increased to N145 per litre when crude oil is now selling at $40 per barrel?
“It is on record that on May 2 this year, the federal government, in the Petroleum Product Pricing Regulatory Agency (PPPRA) Template released in Abuja, told Nigerians that it was subsidising petrol at N12.62 per litre.
“If as at May 2, petrol was being subsidised at N12.62 per litre, and now that the subsidy of N12.62 has been removed, what ought to have been added to the N86.50 pump price should be N12.62, which would have increased pump price to N99.12 per litre.
“Increasing petrol pump price by N58.50 when the federal government claimed it was subsidising the product at N12.62 per litre is clear political 419, which is aimed at further impoverishing Nigerians as the government will be making profit of N45.88 on each litre of petrol bought by Nigerians.
“How can any government with human feelings attempt to make profit of N45.88 per litre on Nigerians, who are no longer getting their salaries regularly? How can Buhari and his party impose another N45.88 per litre levy on Nigerians who are already facing severe hardship? This is wickedness!”
Speaking further, Governor Fayose said there was no justification for the removal of subsidy and increment of petrol pump price to N145 per litre now that crude oil price is $40 per barrel when the same product was increased to N141 per litre in 2012 when crude oil was $111 per barrel.
While describing President Buhari as a hypocrite, the governor said; “Nigerians should be reminded that the president once said that petrol subsidy never existed and that it was a fraud. How then can the same President Buhari tell us that he has removed the same subsidy he claimed never existed?
“The reality is that these people lied to Nigerians too much. They made promises they knew they won’t fulfil just to get to power. Now they are showing Nigerians their true colours. They are showing Nigerians that they have come to punish them with hardship.
“Buhari and his APC promised to reduce petrol pump price to from N87 to N45 per litre; petrol is now N145. They promised to create three million jobs per year; they have instead created millions of unemployment. They said $1 will be equal to N1; $1 is now N320. They promised to create better live for Nigerians, they have instead created hardship by making prices of basic commodities to skyrocket through their lack of policy direction.”
Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
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