Omokri Says Obi’s Political Career Is What’s Truly Falling Apart In a heated political exchange, Reno Omokri, a vocal advocate for President Bola Tinubu, has criticized Peter Obi, the 2023 presidential candidate of the Labour Party (LP), for claiming that Nigeria is collapsing under the current administration. Omokri argued that it’s not the nation but Obi’s presidential ambition that is crumbling. “No Bitter Obi, Nigeria is not collapsing. Instead, we are expanding,” Omokri posted on X (formerly Twitter). Peter Obi’s Visit to INEC Sparks Controversy Obi’s visit to the Independent National Electoral Commission (INEC) headquarters, alongside Governor Alex Otti of Abia State and some factional LP members, aimed to submit the Supreme Court ruling that removed Julius Abure as the party’s national chairman. Prior to the visit, Obi had declared during an LP National Executive Committee (NEC) meeting that Nigeria was on the verge of collapse and required urgent rescue efforts. Omokri’s Response: Nigeria Is Expanding, Not Collapsing Reno Omokri challenged Obi’s narrative, pointing to several economic indicators as evidence of national progress under Tinubu’s leadership. Here are key highlights from his argument: 1. Record Surplus by the Central Bank of Nigeria (CBN) According to Omokri, the CBN recorded a $6.89 billion surplus, a stark contrast to the $2 billion quarterly deficit reported during the Buhari administration.? Related: Understanding Nigeria’s CBN Surplus – BusinessDay 2. GDP Growth Surpasses US and UK He noted that Nigeria’s GDP rose by 3.84% in 2024, outperforming economies like the United States and the United Kingdom.? Long-tail Focus Keyword: Nigeria GDP growth under Tinubu 2024 3. Lagos State’s Economic Boom Under Tinubu’s governance, Lagos State’s economy surged from $100 billion to $259 billion, despite criticism from some economic commentators.? Image Keyphrase: Lagos economy growth under Tinubu 4. Inflation Drops as Fuel Subsidy Removed The removal of fuel subsidies, Naira flotation, and a decline in national debt led to a significant drop in inflation—from 34.80% to 24.48% by February 2025.? Long-tail Focus Keyword: inflation rate in Nigeria 2025 Tinubu effect 5. Increased Allocation for Anambra State Omokri added that Obi’s home state, Anambra, now receives three times more federal allocation compared to the Buhari era. Final Blow: Omokri Questions Obi’s Political Stability In a sharp closing statement, Omokri implied that even Peter Obi is personally benefiting from Tinubu’s economic reforms. He referenced a threefold increase in the value of Obi’s shares in an unnamed bank, stating that Obi is “richer because of Tinubu.” “In conclusion, Peteru, the only thing that has collapsed is your Presidential ambition,” Omokri declared. What This Means for Nigeria’s Political Landscape This back-and-forth highlights the intensifying political tensions as Nigeria continues to adjust under Tinubu’s administration. With increasing economic indicators suggesting progress, debates over governance effectiveness are likely to continue. Read Also: How Tinubu’s Reforms Are Reshaping the Economy Explore our latest post on how Nigeria’s inflation rate affects everyday citizens Conclusion:While Peter Obi insists on the narrative of national collapse, Omokri counters with statistics and economic data pointing to growth. The political rivalry continues to shape Nigeria’s future as both camps remain steadfast in their beliefs. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
Nigeria’s inflation rate rose to 34.80% in December 2024, slightly up from 34.60% in November, according to the latest National Bureau of Statistics (NBS) report. This surge is attributed to increased demand for goods and services during the holiday season, marking a 5.87% year-on-year rise from 28.92% in December 2023. This is the last inflation figure calculated under the current methodology, with a rebasing scheduled later this month. The rebasing will adjust the base year to 2024 to reflect recent economic shifts, including subsidy removals and an expanded inflation basket, which will now include 960 items instead of 740. Economists and policymakers are concerned about the inflationary trend, especially as the data overhaul may likely result in revised, lower inflation figures. Food Inflation Strains Households Food inflation hit a staggering 39.84% in December, up from 33.93% the previous year, significantly impacting household budgets. The NBS observed a 2.44% month-on-month inflation rate, a slight decrease from November’s 2.64%, suggesting that price increases may be slowing. However, the high food inflation is the key driver behind the overall inflation spike. The rise in food prices, particularly for items like yam, sweet potatoes, and beer, was further fueled by the December festive season, when demand for goods and services traditionally peaks. The consequences of this inflationary pressure are most severe for the poor and vulnerable, who struggle to afford staple food items like rice, maize, and tubers. Regional Disparities and Increased Cost of Living Sokoto, Zamfara, and Edo states saw the highest food inflation rates, reaching 57.47%, 46.39%, and 46.32%, respectively. These regions may face worsening food insecurity and social unrest due to skyrocketing food costs. The urban-rural divide is also evident, with urban inflation increasing to 37.29% while rural inflation stood at 32.47%. Urban residents, already dealing with high transportation and housing costs, face more financial strain, while rural households, which depend on agriculture, are struggling with reduced purchasing power, especially if the costs of farming inputs continue to rise. Challenges for Businesses and Investors High inflation diminishes consumers’ purchasing power, leading to reduced demand for goods and services. Small and medium enterprises (SMEs), which are vital to Nigeria’s economy, may particularly feel the strain. Additionally, rising input costs could force companies to reduce profitability, potentially causing layoffs and rising unemployment. Furthermore, sustained inflation and economic instability may deter both foreign and domestic investors. Uncertainty regarding price stability and profitability makes Nigeria less appealing for investment, further impeding economic recovery. Modest Signs of Easing Inflationary Pressure Although inflation remains high, the NBS observed a slight month-on-month decline in inflation growth. Headline inflation in December stood at 2.44%, down from 2.64% in November. Food inflation moderated slightly to 2.66% in December, compared to 2.98% in November. This reduction signals potential relief, though it remains too small to counteract broader inflation trends. While there have been slight declines in some food prices, such as for local beer, fruit juices, and cereals, these improvements are not enough to mitigate the overall inflationary pressures. Core Inflation and Its Impact Core inflation, excluding food and energy, grew by 53 basis points to 29.28%, up from 28.75% in November. Key drivers include rising costs in areas like transportation, housing, and personal services such as haircuts. The core inflation index increased by 41 basis points to 2.24% month-on-month in December, up from 1.83% in November. Outlook for 2025: Possible Economic Stabilization Dr. Muda Yusuf, Director/CEO of the Centre for the Promotion of Private Enterprise (CPPE), commented on the persistent inflationary pressures and suggested a positive outlook for 2025. Factors such as stabilization in exchange rates, improvements in foreign reserves, and the potential easing of geopolitical tensions under the incoming U.S. presidency could help moderate inflation in the coming year. To ease inflationary pressures further, CPPE recommended that the Central Bank of Nigeria (CBN) pause on tightening monetary policies and interest rate hikes to reduce operating costs for businesses. Additionally, fiscal policies should focus on reducing the fiscal deficit and decelerating public debt growth. Yusuf also raised concerns about the National Assembly’s focus on revenue generation, stressing that pressure on Ministries, Departments, and Agencies (MDAs) to meet revenue targets could inadvertently fuel inflation and hamper investment. A balance must be struck between generating revenue, boosting investment, and controlling inflation. Key Takeaways: READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
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Rising Inflation in Nigeria Inflation in Nigeria has surged to unprecedented levels, significantly increasing the cost of essential goods and placing a heavy burden on millions in Africa’s most populous country. Vendors at Lagos’ bustling Balogun Market face challenges as they struggle to attract buyers amidst skyrocketing prices. A Message of Hope At the graduation ceremony for the Executive Intelligence Management Course 17 at the National Institute for Security Studies, Abuja, President Bola Tinubu, represented by National Security Adviser Nuhu Ribadu, delivered a message of optimism. He acknowledged the current economic struggles but emphasized that the government’s reforms are paving the way for a brighter future. “Things are happening in our country today. People may not like us or agree with some of our decisions. But fundamentally, things are changing. And Nigeria will change,” Ribadu stated, referencing key reforms such as the removal of the petrol subsidy and the floatation of the naira. These policies, while initially challenging, are designed to stabilize and grow the economy. Assurance of Economic Recovery President Tinubu expressed confidence in Nigeria’s economic recovery, acknowledging the difficulties but assuring Nigerians of better days ahead. “The economy is changing. It’s tough and filled with challenges, but I can assure you that brighter days are ahead,” he said, urging citizens to maintain their faith in his administration’s efforts to rebuild and stabilize the economy. Addressing Security Challenges Beyond economic issues, Nigeria continues to grapple with various security threats across several regions. President Tinubu reiterated his government’s commitment to tackling criminal activities and restoring peace nationwide. “If you are involved in criminal activities, whether within or outside Nigeria, you will face justice. We are determined to bring peace to every corner of this nation,” he warned. A Call for Unity and Patience Despite the hurdles, President Tinubu’s administration is urging Nigerians to stay hopeful and patient as the country undergoes transformative changes. With economic recovery plans underway and a resolute approach to security, the government aims to deliver a stable and prosperous Nigeria. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
