Business
Recession: Parents groan as they withdraw children from private schools over financial constraints
AS school children resume from the long vacation, investigations revealed that parents have commenced withdrawing their children from private schools to public ones, attributing their action to the harsh economic situation in the country.
Parents and school owners, who spoke to Vanguard yesterday, lamented the bad economic situation, with proprietors stating that since resumption their schools have been witnessing a low turnout of returning pupils. Mrs Gladys Adewumi, whose three children were in Living Joy Nursery and Primary School, Ikorodu, said she withdrew two of her children from the private school to a public school when it was apparent her husband could not cope financially. Adewumi said: “I operate a beauty salon and my husband is a plumber and we have three children in a private school.
For about a year now, my husband has not been able to live up to his financial responsibility to the family, which led to over N100,000 indebtedness to the school. “To reduce the financial burden, we agreed to remove two of our children from the private school to a government school at Elepe. “The challenge I may encounter now is the distance between our residence and the school, which is about five miles.” School owners speak On his part, the proprietor of Gosfat Nursery and Primary School, Agege, Mr. Gosfat, lamented that “the recession has affected every home.”
Regretting the heavy toll it has had on his school, Gosfat said: “Most parents have withdrawn their children and wards and taken them to public schools despite the fact that our fees are low. “Last term, because of the economic situation, I reduced my school fees by 100 percent. Yet, most parents still find it difficult to pay. “The only reason they (parents) are giving me is that there is no money. We have the same market system. What affects the top, affects the bottom. This new term alone, I have lost over 20 of my students as a result of the recession. This has never happened before.”
However, the Proprietor of Tob Land Nursery and Primary School, Agege, disclosed that almost 75 percent of the parents are unable to pay their children’s school fees and for stationeries due to the recession. The school administrator also noted that he could not increase tuition fees as a result of the country’s ailing economy. He said: ‘’Right now, parents have withdrawn their children to public schools. About 15 students from my school have been taken to public schools. Some parents are even trying to give their children double promotions and if you do not do that for them, they will take their wards to other schools.” ‘We went round encouraging parents’ Meanwhile, the Proprietor of Desoar Nursery and Primary School, Ikorodu, Mr. Samuel Ojo, who lamented the devastating effects of the recession, noted that even after the long vacation, many students are yet to resume. His words: “Having had the foresight of the austerity, I and my staff had gone to some parents, encouraging and instilling hope in them. We will still go back to them again, because I know many are planning to take their children to public school.”
The situation was similar at Wiseman Generation School, Ikorodu. The school proprietress, Mrs Peace Omar, said that many students were yet to resume from vacation, adding that the situation was not unconnected to the recession. Mrs Omar said: “I know of a parent who has withdrawn her child to the public school. “As a result of the current economic hardship, we have decided not to increase school fees, yet parents are not satisfied. The last time we added N2,000 to the school fees, parents complained.”
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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