Business
No going back on the anti-social media bill, Senate insists
It said this was necessary to allow citizens “shape its final outcome as there is an elaborate process which the bill must undergo before it becomes a law”.
Last Wednesday, the bill seeking to curb frivolous petitions, false allegations and statements in the social media passed second reading.
Presenting the bill entitled ‘A bill for an act to prohibit frivolous petitions, and other matters connected therewith, 2015 (SB. 143)’, Bala Na’ Allah, deputy senate leader, explained that the aim of the bill was to bring sanity into the system, and make way for “credible and verifiable” petitions.
“Where any person in order to circumvent this law makes any allegation and or publishes any statement, petition in any paper, radio, or any medium of whatever description, with malicious intent to discredit or set the public against any person or group of persons, institutions of government, he shall be guilty of an offence and upon conviction, shall be liable to an imprisonment term of two years or a fine of N4m,” the bill states.
“Where any person, through text message, tweets, Whatsapp or through any social media post any abusive statement knowing same to be false with intent to set the public against any person and group of persons, an institution of government or such other bodies established by law shall be guilty of an offence and upon conviction, shall be liable to an imprisonment for two years or a fine of N2m or both fine and imprisonment.”
The bill further stated that a petitioner must have a sworn affidavit to back up his claim in a petition.
“Notwithstanding anything contained in any law, it shall be an unlawful to submit any petition, statement intended to report the conduct of any person for the purpose of an investigation, inquiry and or inquest without a duly sworn affidavit in the high court of a state or the federal High court confirming the content to be true and correct and in accordance with the Oaths Act,” it says.
Reacting on Sunday, Senate spokesman, Aliyu Sabi, said that some of the attacks on the bill “emanated from misconception and misunderstanding of the objective which is meant to protect all individuals and institutions, including journalists and social media users.”
“The senate is committed to freedom of speech and a fully inclusive and participatory democracy. The process of passing a bill is comprehensive and provide for inputs to be taken from all and sundry.
“The first stage is merely to read the short title of the bill. The second stage is purely to debate the general principles.
“The next stage is committal of the bill to appropriate committee or committees for further detailed legislative action where the details, intendment and clause by clause implications of the bill are dissected by the committee.
“This stage also involves public hearing in which members of the public, civil society, non-governmental organizations and all interested parties for or against the bill have the opportunity to shape and influence its content.
“The outcome from this committee stage is what will be finalised and then represented to the chamber for clause by clause consideration and approval or disapproval by the senate.
“Thereafter, if the bill is approved, then the clean version of the bill is forwarded to the house of representatives for concurrence or otherwise.
“Accordingly, the senate wants to re-assure the public about this. So, all those who are either for or against this bill or its part and any other one have ample opportunities to reshape it,” he said.
He assured that the eighth senate was conscious of its responsibility to the people and would not do anything that would stifle participation and inclusion.
“We will always ensure we pass laws, which meet best practices across the world and indeed democratic scrutiny. Suggesting that the senate wants to pass a law not even practiced in China etc is being mischievous,” he added.
“This senate is people-centred, pro-poor and participatory. We will always act in the best interest of the citizenry. In this regard, we are totally committed to performing our duties and discharging our responsibilities without let or hindrance.
“All those spreading hate campaigns as a result of the anti-frivolity bill, hauling insults at and making derogatory comments on senators of the federal republic of Nigeria and the institution of the Senate are advised to key into the elaborate legislative process that a bill must pass through before becoming law if they are interested in shaping the outcome of the bill.
“This is the right way to go and part of the change we all aspire for our democracy.
“The eighth senate is totally committed to protecting the liberty of all Nigerians and the independence of the Senate and the legislative arm of government as we deepen our democratic journey.”
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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