1. Fuel Subsidy Removal Fallout: Transport Fares Soar Nationwide
Nigerians are grappling with a significant hike in transportation costs as the effects of the recent fuel subsidy removal continue to ripple across the economy. Reports from across the country indicate a 30-50% increase in bus and taxi fares, making daily commutes more challenging for many. The government has appealed for patience, stating that palliative measures are being finalized, but public frustration is growing.
2. Senate Confirms New Service Chiefs Amid Security Concerns
The Nigerian Senate today confirmed the appointments of the newly nominated Service Chiefs, a move lauded by many as a crucial step towards bolstering national security. The confirmation process involved extensive screening, with senators emphasizing the urgent need for a renewed strategy to combat insurgency, banditry, and kidnapping plaguing various regions. The new chiefs are expected to assume duties immediately.
3. Food Inflation Hits Record High, Threatening Household Budgets
The National Bureau of Statistics (NBS) released its latest Consumer Price Index (CPI) report today, revealing that food inflation has soared to an unprecedented 28.5% year-on-year. This marks the highest level in over two decades, driven primarily by rising costs of staples like rice, bread, and yam. Economic analysts warn that this trend will severely impact household purchasing power and exacerbate poverty if not urgently addressed.
4. Lagos State Approves New Digital Tax for Ride-Hailing Services
In a bid to boost internally generated revenue, the Lagos State Government has announced the approval of a new digital tax regime for ride-hailing platforms like Uber and Bolt. The new levy, which takes effect from February 1st, 2026, will see a 2% service charge applied to every ride. While the government projects significant revenue, ride-hailing drivers and operators have expressed concerns about the potential impact on their earnings and passenger fares.
5. Afreximbank Pledges $5 Billion for Nigeria's Industrialization Drive
The African Export-Import Bank (Afreximbank) today announced a commitment of $5 billion in funding to support Nigeria's industrialization and infrastructure development efforts. The pledge, made during a high-level meeting with Nigerian economic officials, aims to boost key sectors such as manufacturing, agriculture, and energy. This significant investment is expected to create jobs and stimulate economic growth, aligning with the government's diversification agenda.
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