Business
‘Osinbajo is a Figure head, he isn’t in-charge of the country’ – PDP explodes
The main opposition party, the Peoples Democratic Party, says Acting President Yemi Osinbajo is not in charge of the country.
It said actions taken by the Acting President had shown that power was not handed over to him contrary to the claim by the Presidency that ailing President Muhammadu Buhari ceded power to him (Osinbajo) before leaving Nigeria for London on medical trip more than 90 days ago.
Spokesperson for the party, Dayo Adeyeye, who spoke with one of our correspondents on Sunday, wondered why the Acting President had refused to assign portfolios to the two ministers that were sworn in more than two weeks ago.
Adeyeye, who was a former minister of state for works, observed that the action of the Acting President indicated that he was just a figurehead.
He said, “The Acting President is not in charge of the country. He is not in charge of anything. This is why nothing is moving forward.
“How do you explain a situation where two of the ministers who were sworn in after much pressure from the people and the National Assembly have not been assigned portfolios?
“He is not in charge. He is a mere figurehead and cannot do anything. The cabals are still in charge. That is why nothing is moving forward in this country.
“The two ministers are just idle. They have no offices, nowhere to resume to and nothing to do. What is the essence of their being sworn in then? They are ministers without portfolios.
“It is a constitutional breach on the side of the government because each state ought to have a minister each. Now, these two states had been without ministers for long and after you reluctantly appointed them, you refused to give them offices. “
The ministers are Prof. Stephen Ocheni from Kogi State and Mr. Suleiman Hassan from Gombe State.
Twenty days after Osinbajo administered the oath of office on the ministers, they have yet to be assigned portfolios.
Ocheni and Hassan were inaugurated on July 26, 2017, in Abuja.
Their inauguration came after another long delay since May when they were screened and cleared by the Senate.
It also took a resolution and an ultimatum issued by the House of Representatives for the ministers to be inaugurated.
Adeyeye said it was apparent that the All Progressives Congress was not ready to rule, adding that it won the 2015 presidential election in error.
He asked Nigerians to be patient, adding that 2019 would soon come when new elections would be held.
Reps want portfolios for ministers
Meanwhile, Members of the House of Representatives on Sunday called on Osinbajo to assign portfolios to the two new ministers.
Some lawmakers observed that the delay was abnormal and asked Osinbajo to take the necessary action by assigning portfolios to the ministers.
One of the lawmakers, who is from Lagos State, Mr. James Faleke, noted that the ministers seemed to be idle, a development that he said defied explanations.
He also stated that the ministers were appointed on the basis that there were vacancies in the Federal Executive Council to be filled.
Faleke added, “I don’t think that this is the way things should be.
“The 1999 Constitution is specific on the issue of representation of each state in FEC. Kogi and Gombe states were left out for a long time.
“Now that the ministers have been appointed and the Acting President has inaugurated them, they should be given portfolios.
“They were not idle before they were appointed ministers; they were doing something. But, now they are left hanging.
“We urge the Acting President to hasten the allocation of portfolios to these ministers.”
Another member, Mr. Karimi Sunday, recalled that Osinbajo told the nation the day he inaugurated the ministers that they would be assigned portfolios “shortly.”
Sunday told The PUNCH that he did not know how long it would take for the Acting President’s shortly to come to reality.
He said, “It s surprising what is happening these days. It will appear that this government is confused.
“It took months after Ocheni and Hassan were cleared by the Senate for them to be inaugurated.
“There was even a resolution by the House of Representatives for the Acting President to inaugurate the ministers.
“What the Presidency has done is partial compliance with the resolution of the House.
“So long as the ministers have no portfolios, it is still a case of saying no ministers. Nothing really has changed from the situation we had before their inauguration.
“The Acting President knows the right thing to do and he should do it.
“Let him not forget that Nigerians will remember that it was during his time as Acting President that two ministers existed, who had no portfolios.”
However, another member, Mr. Johnson Agbonayinma, said in as much as it was important to assign portfolios to the ministers, not doing so right away did not mean that they were not useful to the government.
Agbonayinma said it was possible that Ocheni and Hassan reported to Osinbajo daily and Osinbajo assigned duties to them to perform.
“Sentiments or complaints should not come in yet.
“Are we sure that the ministers are just sitting at home and not doing anything? Do we know whether the Acting President consults them and assigns some responsibilities to them?
“Let us be cautious for now,” he added.
Ocheni was nominated as a replacement for the late James Ocholi, who died in a car crash.
Ocholi was the Minister of State for Labour and Employment before he passed on.
Hassan, on the other hand, is a replacement for Mrs. Amina Mohammed, the Minister of Environment before she was appointed as the Deputy Secretary-General of the United Nations.
New ministers’ll get duties soon, says Presidency
When contacted on the telephone on Sunday, the Senior Special Assistant to the Acting President on Media and Publicity, Mr. Laolu Akande, said portfolios would soon be assigned to the two new ministers.
He however did not give a specific time that it would be done.
Akande also did not give any reason why the exercise is being delayed.
“Very soon, portfolios will be assigned to the new ministers,” he simply said.
But another Presidency official, who spoke on condition of anonymity, told one of our correspondents that the exercise was being delayed by a major cabinet reshuffle being planned by the government.
He said it would not be proper to assign portfolios to the two ministers now and then effect the cabinet reshuffle shortly after.
“The truth of the matter is that there is going to be a major cabinet reshuffle soon.
“The thinking is that there is no need to assign portfolios to the new ministers now. It will be done soon,” the official said.
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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