Business
LAGOS SAVES N4.5BILLION IN THREE YEARS FROM NON SPONSORSHIP OF RELIGIOUS PILGRIMAGE
…Warns Property Owners Against Converting Residential Buildings To Religious Centres
…Registers 13,000 Religious Bodies In One Year, Urges Residents To Report Noise Pollution
The Lagos State Government saved a total of N4.5billion in the last three years as a result of the decision of Governor Akinwunmi Ambode to stop the sponsorship of people for religious pilgrimages to Israel and Saudi Arabia, Commissioner for Home Affairs, Dr Abdulhakeem Abdullateef has said.
Speaking on Monday at the annual Ministerial Press Briefing to mark the third year in office of Governor Ambode’s administration held at the Bagauda Kaltho Press Centre in Alausa, Abdullateef said funds saved from the development had been diverted into the construction of roads and other amenities to make life easier for residents.
“You see, yearly in the past before the present administration came on board, the State Government spent an average of N1.5billion to sponsor people to pilgrimage free of charge. But since Governor Ambode decided to stop the sponsorship of pilgrimage, we have saved N4.5billion in the last three years and the Governor has not changed his mind with regard to sponsorship of pilgrimages.
“What the Governor has said and we have been doing is that the State Government will provide for the welfare of the pilgrims; support them with medical tips; support them with clerics who would guide them to ensure that they are focused on the spiritual objectives of the pilgrimage and not something else.
“So far, the funds saved from this have been deployed for the construction of roads and other amenities to make life easier for residents,” Abdullateef said.
While alluding to the fact that some property owners were now converting their residential buildings into religious centres in order to avoid paying the Land Use Charge, the Commissioner warned those indulging in such to desist, saying that it was important for all to operate within the ambit of the law.
He said: “Do not convert your residential premises to religious premises. Many do that for the sake of being protected from paying their Land Use Charge and that will not be tolerated. Whatever we want to do, let us keep ourselves within the ambit of the law.
“As for those who are combining their residences with mosque or church, we are not going to demolish but what we said is that all residential premises are subject to Land Use Charge and so when officials of government come, don’t claim there is a mosque on the grand floor.
Always know that as soon as your property is declared a residential block, you will pay Land Use Charge.”
The Commissioner said the State Government, through the Ministries of Home Affairs and Physical Planning, had also commenced moves to address the conversion of residential buildings to religious centres via engagement.
“It is a violation of the State regulations for residential buildings to be converted into religious centres. When a building is approved for a purpose, it is an aberration for you to now convert it into something else without the approval of the Ministry of Physical Planning.
“Recently, the Commissioner in the Ministry came to our Ministry and met with Nigeria Inter-Religious Council (NIREC) to devise new means of engaging religious leaders so that they will not unnecessarily violate the State building regulations,” Abdullateef said.
On noise pollution, the Commissioner said the Ministry had been working in concert with the Lagos State Environmental Protection Agency (LASEPA) to address the menace especially through engagement with religious leaders.
“LASEPA is in charge of pollution generally but because we are very close with religious organizations, we work closely with LASEPA and so whenever there is any report of noise pollution by any religious body, just let us know in the Ministry of Home Affairs and we will deploy NIREC to address the situation immediately.
“What the Governor has done with NIREC is that it is not only about enforcement but engagement. When we engage them, we are able to sit down with them and through that we get a lot of result than just charging them to court or sealing their premises. We have worked effectively through NIREC to ensure that those ones who are creating nuisance in their environment are called to order and so whenever we have such cases; residents are enjoined to let us know in the Ministry,” the Commissioner said.
While reeling out achievements of the Ministry in the last one year, Abdullateef said through deliberate policies, the government was able to record high level of unprecedented peace and harmonious relationship amongst diverse groups, while a total of 13, 000 religious institutions were registered in the period under review, just as he urged others to register with government as it was at no cost to them.
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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