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  • Declining inflation raises hope of lower interest rate

    Declining inflation raises hope of lower interest rate

    • CPI drops to 16.05%

    The National Bureau of Statistics (NBS) yesterday reported that headline inflation recorded a sharp decline of 196 basis points to 16.05 per cent in October, strengthening the clamour for further reduction in the national benchmark interest rate.

    In its latest Consumer Price Index (CPI) Report, NBS indicated that the composite inflation rate dropped from 18.02 per cent in September to 16.05 per cent in October, the seventh consecutive decline in a sustained disinflationary trend that started since April.

    The report showed that the decline in headline inflation was driven by broad-based improvements in prices of food items, energy and logistics among others.

    Food inflation rate dropped by 375 basis points from 16.87 per cent in September to 13.12 per cent in October. Core inflation, which excludes prices of volatile agricultural products and energy, declined by 84 basis points from 19.53 per cent in September to 18.69 per cent in October.

    Experts yesterday said they expected the disinflationary trend to continue, despite traditional uptick in food purchases and other activities during the December festive period and the gradual ending of the harvest period.

    Experts said the sustained improvement in the average pricing environment should provide a steady basis for the Central Bank of Nigeria (CBN) to cut interest rate.   

    The Monetary Policy Committee (MPC) of the apex bank had in September signaled a reflective monetary easing, cutting the Monetary Policy Rate (MPR) by 50 basis points from 27.50 per cent to 27.00 per cent. It was the first rate cut in five years, since September 2020.

    The MPC is scheduled to meet next week to review the macroeconomic outlook and decide on relevant monetary policy tools.

    Read Also: Inflation eases further on declining food prices

    Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf described the October disinflation as “one of the strongest single-month disinflation this year”.

    He said the sustained disinflation was due to base effects, exchange rate stability, and improving macroeconomic fundamentals.

    He said: “Nigeria’s macroeconomic environment continued to stabilize in October, reflecting a sharp deceleration in the inflation rate. The persistent downward trend is indicative of improving policy coordination in monetary, fiscal, and exchange rate management. The magnitude of the October decline exceeded expectations, signaling stronger confidence in the ongoing reform agenda”.

    He however noted that several unresolved structural constraints have continued to limit the speed at which disinflation translates into real price.

    According to him, persistently high lending rates and limited access to affordable credit increase production costs across value chains.

    He called for a combination of monetary, fiscal, and structural policies to consolidate the gains of disinflation and ensure real welfare benefits for citizens.

    “The sharp moderation in Nigeria’s October inflation rate represents a significant win for macroeconomic stability. However, the full welfare benefits are yet to be sufficiently felt by households due to persistent structural constraints—especially in food supply, transportation, energy, housing, and essential services.

    “To ensure that disinflation translates into real cost-of-living relief, Nigeria must undertake deliberate and sustained reforms across critical sectors. With coordinated monetary, fiscal, and structural policies, the current trajectory can be strengthened, broadened, and sustained,” Yusuf said.

    Analysts at Cordros Capital said they expected headline inflation to continue moderating on an annual basis, with favourable base effects remaining a key driver of the disinflation trend.

    “However, on a month-on-month basis, consumer prices may edge higher in November, reflecting stronger seasonal demand. In particular, increased stockpiling by households and retailers ahead of the December festive period is likely to lift demand for food and other consumer goods, pushing up prices in key categories such as food, transport and hospitality. This seasonal price pressure is expected to result in a modest increase in the monthly inflation rate, even as the annual rate continues to ease,” Cordros Capital stated.

    SCM Capital stated that forex stability would continue to support the disinflationary trend.

    “Nigeria’s headline inflation is expected to ease in November, supported by forex stability that has reduced pass-through pressures on imported goods. The reopening of the borders, alongside lower input costs and improved domestic supply conditions, is projected ease food and non-food cost pressures,” SCM Capital stated.

  • Fayose replies Obasanjo in ‘thank you’ post birthday message

    Fayose replies Obasanjo in ‘thank you’ post birthday message

    …blasts ex-President over comments at his 65th birthday celebration 

    Former President Olusegun Obasanjo has acknowledged receiving what he described as a thank you message from former Ekiti State Governor, Ayo Fayose, following his attendance at Fayose’s recent birthday celebration.

    The SMS, which Obasanjo’s Special Assistant on Media, Kehinde Akinyemi, released to journalists in Abeokuta on Monday, contained harsh remarks from Fayose directed at the former President.

    In the message, Fayose expressed gratitude for Obasanjo’s presence at his birthday but criticised his alleged comments at the event. 

    READ ALSO; Tuggar blames structural weakness for unconstitutional changes of govt, others

    He accused the former President of making “very irresponsible comments”, adding that Obasanjo displayed behaviour unbefitting of his age.

    Fayose further alleged that Obasanjo once received money from him, challenging the former President to return it, stating, “I shall appreciate if you return my money since you publicly admitted you received [it].”

    Obasanjo, in a brief response, dismissed Fayose’s remarks and said he had already returned the said money through the individual who delivered it.

    “Ayo, thanks for your ‘Thank You’ message which undisguisedly revealed who and what you are, unchanged and unchangeable. Your money has been sent back through Foluso Adeagbo who brought it and in the same bag as he brought it, unopened by me,” Obasanjo replied.

  • BREAKING: Newswatch magazine co-founder Dan Agbese dies at 81

    BREAKING: Newswatch magazine co-founder Dan Agbese dies at 81

    One of Nigeria’s most respected journalists and a co-founder of Newswatch magazine, Dan Agbese, is dead.

    He was aged 81.

    Family sources confirmed that the renowned columnist and editor passed away Monday morning, November 17, in Lagos.

    Agbese, celebrated for his sharp prose and decades-long contribution to journalism, was a central figure in shaping modern investigative reporting and commentary in Nigeria.

    A statement issued by the Agbese family of Ikpilogwu clan of Agila district, Ado Local Government Area of Benue State said, “We hereby announce the passing away of our husband, father, grandfather, brother, uncle and mentor: Chief Dan Agbese, the Awan’Otun of Agila.”

     “Chief Agbese transited to eternal glory this morning, Monday, November 17, 2025. He was aged 81.

    “Burial arrangements would be announced by the family in due course.

    “Born May 12, 1944, in Agila, Chief Agbese was a renowned journalist and author, famous for his seminal contributions to journalism practice in Nigeria and renowned for his satirical columns.

    READ ALSO; NELFUND’s disbursements hit N116b for students’ fees, upkeeps

    He was editor of The Nigeria Standard and New Nigerian newspapers, and General Manager of Radio Benue, Makurdi.

    “Chief Agbese was one of the founders of the trail-blazing Newswatch magazine and was, until April 2010, its Editor-in-Chief.

    “Before his passing, he wrote several books and maintained weekly columns in notable newspapers, including the Daily Trust and The Guardian, while running a media consultancy with his friends and colleagues, Ray Ekpu, Yakubu Muhammed and Soji Akinrinade.

    “He is survived by his wife, Chief Rose Agbese, their six children, and seven grandchildren.”

    Agbese, a former editor of The Nigeria Standard, the New Nigerian, as well as former general manager of Radio Benue, was, until April 2010, the Editor-in-Chief of the Newswatch magazine.

    The late highly-regarded newspaper columnist holds degrees in mass communications and journalism from the University of Lagos and Columbia University, New York, respectively.

    Agbese’s early professional years were spent at the New Nigerian and Nigeria Standard newspapers but his most defining professional milestone came in 1984, when he joined Dele Giwa, Ray Ekpu, and Yakubu Mohammed to establish Newswatch, the groundbreaking weekly newsmagazine that became a model of investigative journalism in Nigeria. Over the years, he served the magazine in several capacities, including Managing Editor, Deputy Editor-in-Chief, and Editor-in-Chief.

    He was also an author of several acclaimed books, including Nigeria Their Nigeria, Fellow Nigerians, The Reporter’s Companion, Style: A Guide to Good Writing and The Columnist’s Companion: The Art and Craft of Column Writing.

  • JUST IN: Inflation drops to 16.05%

    JUST IN: Inflation drops to 16.05%

    The National Bureau of Statistics (NBS) on Monday said that in October 2025, Inflation reduced to 16.05 per cent from 18.02 per cent in September 2025.

    This was contained in the Consumer Price Index (CPI) Report of October.

    NBS said, “In October 2025, the Headline inflation rate eased to 16.05% relative to the September 2025 headline inflation rate of 18.02%.”

    The report said the CPI rose to 128.9 in October 2025, reflecting a 1.2-point increase from the preceding month (127.7).

    According to NBS, looking at the movement, the October 2025 Headline inflation rate showed a decrease of 1.96 per cent compared to the September 2025 Headline inflation rate.

    READ ALSO; NELFUND’s disbursements hit N116b for students’ fees, upkeeps

    On a year-on-year basis, NBS said the Headline inflation rate was 17.82 per cent lower than the rate recorded in October 2024 (33.88 per cent).

    The report said this shows that the Headline inflation rate (year-on-year basis) decreased in October 2025 compared to the same month in the preceding year (i.e., October 2024), though with a different base year, November 2009 = 100.

    NBS added, “On a month-on-month basis, the Headline inflation rate in October 2025 was 0.93%, which was 0.21% higher than the rate recorded in September 2025 (0.72%).

    “This means that in October 2025, the rate of increase in the average price level was higher than the rate of increase in the average price level in September 2025.”

    Details shortly…

  • JUST IN: Taraba Assembly speaker, 15 others defect to APC from PDP

    JUST IN: Taraba Assembly speaker, 15 others defect to APC from PDP

    Members of the Taraba State House of Assembly elected under the platform of the Peoples Democratic Party (PDP) have defected from the party to the All Progressives Congress (APC).

    Among the defectors is the Speaker of the House, John Kizito, who read the letters from each of the lawmakers, all indicating their decision to leave the PDP and switch allegiance to the APC.

    The defection, according to the members, was because of the prolonged crisis in the PDP at the national level and the need to align with the centre for federal presence in Taraba.

    The defection is in the wake of the intention of the State Governor, Agbu Kefas, to join the APC on Wednesday, November 19, 2025.

    With the defection, all 24 members of the state assembly are now on the platform of the APC.

  • JUST IN: Wike backed PDP-faction summons emergency BoT, NEC meeting

    JUST IN: Wike backed PDP-faction summons emergency BoT, NEC meeting

    The FCT Minister Nyesom Wike-backed faction of the People’s Democratic Party (PDP) has summoned an emergency National Executive Committee (NEC) and Board of Trustees (BoT) meeting following the suspension of key party members during the National Convention held in Ibadan, Oyo State.

    The PDP during the Ibadan National Convention expelled Wike, Samuel Anyanwu, Kamaldeen Ajibade, Ayo Fayose, Austin Nwachukwu, and others for Anti-Party Activities.

    In a notice by Samuel Anyanwu, the National Secretary of the Wike-backed faction, members of the National Executive Committee (NEC) and Board of Trustees (BoT) are invited to an emergency meeting scheduled for Tuesday at the PDP National Secretariat at the Wadata Plaza in Abuja.

    The statement reads: “The members of the National Executive Committee (NEC) and Board of Trustees (BOT) are hereby invited to an emergency meeting of NEC & BOT scheduled as follows:

    Read Also: PDP govs split over expulsion of Wike, Fayose, Anyanwu, others

    “Date: Tuesday, November 18, 2025

    “Venue: NEC Hall, PDP National Secretariat, Wadata Plaza, Abuja

    “Time: For BOT: 11:a.m. and NEC: 02:00 p.m.

    “Attendance is very important as crucial matters will be discussed and addressed,” the statement concluded.

    The Nation previously reported that the Umar Damagun-led Peoples Democratic Party, (PDP) has expelled Wike;  former Ekiti Governor Ayodele Fayose and eight others over alleged anti-party activities.

  • Troops kill ISWAP terrorists, destroy supply links in nationwide onslaught

    Troops kill ISWAP terrorists, destroy supply links in nationwide onslaught

    The Nigerian Army’s troops have continued to record successes against terrorists and other criminals in the ongoing operations nationwide.

    Over the past 72 hours, troops have neutralized Islamic State West Africa (ISWAP) terrorists and arrested 14 suspected criminals across various operational theaters.

    A source at the Army headquarters told The Nation that two terrorist kingpins also surrendered to troops, while multiple weapons and illicit items were recovered. 

    Providing details on the operations, the source said 3 Battalion laid an ambush along Gamboru–Dikwa road, disrupting terror logistics movement and seized various items. 

    “Similarly, troops of 192 Battalion and Hybrid Forces at Kuranabasa in Gwoza neutralized one ISWAP/JAS logistics courier, while two family members of the terrorist group surrendered to 112 Task Force Battalion in Mafa. 

    “Additionally, troops at a checkpoint in Kukawa arrested a suspected terrorist collaborator residing in Baga.”

    In operations across the North West zones, the source said troops continued to degrade criminal networks in Zamfara, rescuing seven kidnapped victims after a swift pursuit of armed men in Maradun.

    Read Also: Troops rescue stranded 74 Corps members from Boko Haram axis

    In Kebbi State, troops from 1 Battalion in Birnin Kebbi apprehended two individuals suspected of involvement in the illegal drug trade and handed them over to officials from the National Drug Law Enforcement Agency (NDLEA).

    In the North Central zone, the 3 Division Garrison in Plateau State arrested a gunrunner with 10 weapons, including fabricated rifles and a Dane gun. They also apprehended a notorious criminal kingpin known as Umar Idi (aka Lere) in Shendam, and recovered a motorcycle and sundry items.

    Another suspect linked to a recent killing was arrested in Taraba with a locally made pistol and incriminating items.

    Troops also intensified anti-narcotics operations in Lagos, arresting seven drug peddlers and seizing several illicit substances.

    The achievements, according to the source, highlighted the Army’s unwavering resolve to protect citizens and deny criminal elements freedom of action. 

  • Tinubu targets inter-faith, inter-ethnic truce in Plateau

    Tinubu targets inter-faith, inter-ethnic truce in Plateau

    • Emissary meets Irigwe, Miyetti Allah leaders, secures breakthrough in Jos South farm dispute

    A move intended to bring about permanent peace in Plateau State has been initiated by President Bola Ahmed Tinubu.

    The deployment of a special presidential emissary to the state, which has been the epicentre of inter-ethnic and inter-religious crises for decades, is a first step to bringing about a permanent truce on the plateau.

    For two days last week, the emissary, Dr. Abiodun Essiet, had engagements with leaders of religious and ethnic nationalities in the state with a presidential peace deal.

    According to Presidential Spokesman, Bayo Onanuga, Dr. Essiet also met with traditional rulers, community groups and youth representatives.

    Essiet, who is the Senior Special Assistant to the President on Community Engagement (Northcentral), arrived in Plateau on Thursday, meeting separately with Christian clerics and Miyetti Allah leaders before convening a broad town hall meeting in Jos, the state capital.

    The meeting focused on strengthening community-based peace structures and promoting coexistence among diverse ethnic and religious communities in the state.

    In Barkin Ladi, she had an engagement with Reverend Ezekiel Dachomo, Chairman of the Regional Church Council, where discussions centred on the role of faith-based leadership in building unity and driving social development.

    Read Also: Tinubu’s reforms working for Nigeria’s development – Speaker Abbas

    Dachomo, regarded as one of the most vocal figures for Christian communities in Plateau, joined Essiet in addressing widows and conveying President Tinubu’s message of ethnic reconciliation.

    The presidential envoy also held talks with Fulani leaders in Barkin Ladi to deepen dialogue between pastoralist and farming communities, reaffirming the government’s commitment to inclusive engagement.

    She later facilitated a workshop on establishing community peace structures across the 17 Local Government Areas.

    In Bassa, the session brought together the Irigwe community, Miyetti Allah representatives and the Youth Council of Bassa Local Government Area.

    Discussions focused on sustaining peace and strengthening the work of the 17-member peace committee, fostering dialogue and reconciliation among local groups.

    Essiet reiterated President Tinubu’s “unwavering commitment to peace and inclusive governance,” stressing that community-based peace mechanisms remain essential for grassroots unity and long-term stability in the Northcentral.

    A major early success of the intervention was recorded in Jos South, where a lingering dispute between a farmer, David Toma, and some herdsmen was resolved.

    Toma had seized two cows after his farm in Gyel district was destroyed.

    On November 15, the Chairman of MACBAN in Bassa LGA, Alhaji Isah Yau, paid N500,000 compensation to Toma, who subsequently released the cows.

    Both sides signed an undertaking to maintain peace.

    The Presidency said the Plateau visit forms part of the administration’s broader strategy to strengthen dialogue frameworks and encourage harmony across conflict-prone communities.

    The history of ethnic attacks in Plateau is marked by a cycle of conflict that intensified around 2001, primarily involving clashes between predominantly Christian farming communities (like the Berom) and Muslim Fulani herders.

    These clashes are rooted in long-standing issues over land ownership, political representation, and resource allocation, which are often framed by indigene/settler dynamics.

    While pre-2001 violence was often less organised, the violence has become more widespread, brutal, and sustained across several LGAs since the 2001 Jos crisis.

  • Inflation eases further on declining food prices

    Inflation eases further on declining food prices

    The average volume of goods and services for a unit of naira continued to improve as efficient food supply and relative stability in the foreign exchange (forex) market further deflated inflationary pressure.

    Ahead of the release of the Consumer Price Index (CPI) Report today by the National Bureau of Statistics (NBS), independent consumer surveys and econometric models surveyed yesterday were unanimous that inflation rate dropped for the seventh consecutive time.

    Consumer surveys and economic intelligence reports surveyed by The Nation showed that headline inflation rate dropped by more than 100 basis points to around 16.35 per cent in October, as against 18.02 per cent recorded in September.

    Nigeria has seen steady disinflation since April 2025, with a combination of improved harvest, stable forex, improving security and stable logistics driving down costs of goods and services.

    Read Also: Religious genocide: Idris charges advertisers to correct narratives

    The continuing decline in inflationary pressure also raised prospects of further cut in benchmark interest rate by the Central Bank of Nigeria (CBN). The Monetary Policy Committee (MPC) of the apex bank had in September signaled a reflective monetary easing, cutting the Monetary Policy Rate (MPR) by 50 basis points from 27.50 per cent to 27.00 per cent. It was the first rate cut in five years, since September 2020.

    The naira appreciated by 0.5 per cent to close weekend at N1,435.00 per dollar. Nigeria’s gross forex reserves increased for the 17th consecutive week, rising by $187.11 million to close weekend at $43.54 billion.

    “We maintain a positive outlook on the naira, supported by expectations of sustained forex) liquidity. On the domestic front, rising non-oil exports and improving market confidence should underpin inflows, while externally, healthy forex reserves, a positive current account position, and a firmer global monetary easing are expected to reinforce foreign investor sentiment and stimulate additional forex market inflows,” Cordros Capital Group stated..

    Coronation Group predicted that headline inflation rate could fall to 16.29 per cent in October, citing bumper harvest from current harvest season.   

    Analysts at SCM Capital said disinflation trend reflected gains from economic reforms, foreign exchange (forex) rate stability and seasonal food supply dynamics.

    “Inflation is projected to decline further in October 2025, supported by sustained forex stability, moderating input costs, and improved domestic supply conditions. The harvest season should further ease food prices, extending the disinflation trend.

    “With inflation easing for six consecutive months, the Central Bank of Nigeria (CBN)’s Monetary Policy Committee (MPC) may consider another rate cut to stimulate growth. Overall, price pressures are expected to remain subdued, sustaining the economy’s momentum”, SCM Capital stated.

    Analysts at CardinalStone noted that the “moderating inflation bodes well for Nigeria’s currency valuation”.

    According to analysts, the ongoing disinflationary trends bode well for currency valuation with the combination of a sustained current account surplus and a steady build-up in forex reserves expected to underpin further naira appreciation.

    CardinalStone projected that naira would close the year within the range of N1,400 and N1,450 per dollar.

    “The softer inflation outlook reinforces the case for additional monetary easing by the CBN at its November policy meeting. We expect a 100 basis points reduction in Monetary Policy Rate (MPR) to 26.0 per cent.

    “Lower inflation and an expected policy rate cut are likely to drive further yield compression across the naira credit market. While the curve may remain inverted, we expect a sharper adjustment at the short end of the curve.”

  • DSS disrupts arms network, arrests major supplier

    DSS disrupts arms network, arrests major supplier

    Operatives of the Department of State Services (DSS) have successfully disrupted a high target arms supply network linked to terrorist activities in Plateau and neighboring states, The Nation has gathered. 

    The operation led to the arrest of Musa Abubakar, a key arms dealer, following precise intelligence on November 12.

    “The suspect confessed to having manufactured and distributed high-caliber weapons and ammunition to armed groups involved in violent attacks in Plateau State and other northern regions,” a security source told The Nation.

    Read Also: Tinubu’s reforms working for Nigeria’s development – Speaker Abbas

    Musa Abubakar’s arrest reportedly followed credible intelligence on the activities of the suspect, which led to a targeted raid on his arms manufacturing workshop in the Mista Ali area of Bassa Local Government Area of Plateau State.

    Before the raid, DSS operatives had conducted extensive surveillance on Abubakar’s residence and workshop to gather critical intelligence.

    “Abubakar was apprehended red-handed with various Improvised Explosive Device (IED) components, chemicals, and equipment, which have all been confiscated by DSS operatives,” the source said.

    This significant arrest comes shortly after the recapture of Abdulazeez Obadaki (aka Bomboy), a Kuje Prison escapee who reportedly  masterminded Owo and Deeper Life Church attacks.

    These recent operational successes recorded by the DSS show its commitment to combating terrorism and enhancing national security.

    The DSS arrested a total of nine high-profile suspects involved in the Plateau and Benue attacks. They included Timna Manjol (46), who has reportedly pleaded guilty to two of four-count charges, including illegal possession of firearms, in a charge marked FHC/ABJ/CR/451/2025 preferred against Manjol of First Baptist Church in Mangu Local Government Area of Plateau State.