Business
SUBSIDY REMOVAL: SANWO-OLU FLAGS OFF DISTRIBUTION OF FOOD ITEMS PROGRAMME IN LAGOS
SUBSIDY REMOVAL: SANWO-OLU FLAGS OFF DISTRIBUTION OF FOOD ITEMS PROGRAMME IN LAGOS
•500,000 households to benefit from food palliatives
The Governor of Lagos State, Mr Babajide Sanwo-Olu, on Sunday flagged off the distribution of food items for vulnerable households through the Lagos Food Bank Programme, to cushion the effects of the removal of fuel subsidy by the Federal government on Lagos residents.
The flag off of the food bank programme is part of the social and economic intervention programmes by the Lagos State Government to ameliorate the pains some Lagosians are experiencing due to the increase in transportation costs and food prices across the State as a direct effect of the policy on the removal of fuel subsidy by the Federal Government.
The Food Bank initiative is an addition to different measures rolled out and currently being implemented by Babajide Sanwo-Olu’s administration. The measures include 50 percent reduction in transportation costs in the government-owned bus system and free health services for pregnant women in government hospitals.
Speaking during the flag-off of the Lagos Food Bank Programme at Lagos House, Ikeja on Sunday, Governor Sanwo-Olu said the programme will directly impact 500,000 benefitting households, noting that over 2,500 Micro, Small and Medium Enterprises were involved in bag manufacturing, food aggregation, packaging, and logistics, while over 25,000 employees of the MSMEs will be indirectly impacted.
Governor Sanwo-Olu assured Lagosians that adequate measures have been put in place to ensure that all items received get to the intended beneficiaries.
“The Strategic goal of this programme is to reach 500,000 vulnerable households in the State with staple food items using two methodologies – bulk food items (50kg Rice, 50kg Garri and 100kg Beans) for groups, and food boxes (10kg Rice, 5kg Garri, and 5kg Beans) for individual vulnerable households.
“The distribution of the food items to vulnerable households will be done through Groups, Institutions, Non-governmental Organisations, Community Development Committees, People Living with Disability and Social Protection Department in the Ministry of Economic Planning and Budget using the Social Register of Vulnerable in the State.
“To ensure transparency in the implementation of this intervention, a Monitoring Committee with members drawn from religious groups, Trade Unions, People with Disabilities, Civil Society/Non-Governmental organizations, Youth Groups, Community Development Councils, and representatives of the Lagos State House of Assembly will be constituted.
“Further to this, distribution will be phased among the various beneficiary groups for ease of the distribution process. In line with this plan, each group will be duly informed of the date for collection.
“I would like to use this opportunity to solicit the support of well-meaning and public-spirited individuals and organizations for this programme so that more of our people in need of this intervention can be reached. Be rest assured that adequate measures have been put in place to ensure that all items received get to the intended beneficiaries,” he said.
Governor Sanwo-Olu, who acknowledged the economic challenges being experienced by Lagosians at this time, promised that his administration will do everything within its capacity to implement measures that will cushion the pain by continuing to initiate programmes and projects that will uplift the people and provide quality living conditions to all.
He said: “Let me assure all Lagosians that we acknowledge the economic challenges being experienced at this time. The policies being implemented right now by the Federal government are difficult but necessary measures that must be taken to reposition our economy on the path of sustainable development and prosperity for all citizens.
“I am therefore appealing for the continued understanding of all Lagosians with the assurance that we will do everything within our capacity to implement measures that will cushion this temporary pain as we continue to initiate programmes and projects that will uplift our people and provide quality living conditions to all.”
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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