Economy
Cost Of Living Crisis: Nigeria, Others Risk Social Unrest – AfDB
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The African Development Bank (AfDB) has warned that Nigeria, Ethiopia, Angola and Kenya risk social unrest owing to the rising prices of fuel and other commodities.
The AfDB gave the warning in its macroeconomic performance and outlook for 2024 wherein it projected the continent’s economy to grow higher than the 3.2 per cent recorded in 2023.
Nigerians, in some states, including Kano, Niger, Lagos and few others, had protested against the cost of living crisis in the country, which is largely blamed on the federal government’s policies of the petrol subsidy removal and floating of the naira.
The Sultan of Sokoto and chairman of the Northern Traditional Rulers Council, Muhammad Sa’ad Abubakar III, had on Wednesday at the 6th Executive Committee meeting of the Northern Traditional Rulers Council in Kaduna, warned that with millions of Nigerian youths left without jobs and food, the country was sitting on a keg of gunpowder.
The Emir of Kano, Alhaji Aminu Ado Bayero, had, earlier on Monday, said there was serious hardship in Nigeria, asking the First Lady, Senator Oluremi Tinubu, to convey the message of the teeming populace about the hunger in the land to the president.
The emir spoke when Mrs Tinubu visited Kano to officially open the Faculty of Law building at the Maryam Abacha American University, Kano named after her.
The Minister of Agriculture and Food Security, Abubakar Kyari, had on Wednesday assured Nigerians that the government would distribute the 42,000 metric tonnes of grains free of charge.
The Nigeria Labour Congress (NLC) had, on Friday, declared a two-day nationwide mass protest on February 27 and 28. The NLC president, Joe Ajaero, said the decision to protest was taken after the expiration of the 14-day ultimatum earlier issued to the government over the nationwide hardship.
The AfDB, at the weekend, warned that internal conflicts could arise from an increase in energy and commodity prices occasioned by currency depreciation or subsidy removal referencing Nigeria, Angola, Kenya and Ethiopia, where energy subsidies were removed.
It stated, “Internal conflicts and violence could also result from rising prices for fuel and other commodities due to weaker domestic currencies and reforms.
“For instance, the removal of fuel subsidies in Angola, Ethiopia, Kenya and Nigeria and the resulting social costs has led to social unrest driven by opposition to government policy.”
The bank also said the increase in geopolitical tensions in Eastern Europe and the Middle East, coupled with the El Nino phenomenon, could trigger supply chain disruptions, which could exacerbate energy and food inflation across the world with Africa more vulnerable to these shocks.
The AfDB further warned that regional conflicts and political instability occasioned by disruptions in constitutional governments could have deleterious economic costs with resources meant for development and social support channeled into security and defence.
It also cautioned that an unconstitutional takeover of the government might lead to sanctions, which have negative implications for the economy.
Quit if you’re overwhelmed, PDP govs tell Tinubu
Governors elected on the platform of the opposition Peoples Democratic Party (PDP) have advised President Bola Ahmed Tinubu and the All Progressives Congress (APC)-led federal government to quit if they cannot provide a sustainable solution to the problems plaguing the nation.
The PDP governors gave the advice in a statement at the weekend, signed by the forum’s director-general, HCID Maduabum, reminding the APC-led government of the need to be guided by the fact that it was the APC that sought power to solve the problems of Nigeria and not to “compound them, shift blame or grandstand and use propaganda to obfuscate or confuse issues.”
The governors noted that the hardship and suffering being faced by Nigerians had no tribal, religious or party colouration, stressing that “a hungry man is an angry man.”
The governors said while all the tiers of government had a role to play, the APC-led federal government had a greater role in mobilising Nigerians and all the organs and tiers of government for sustainable solutions, adding, “If it cannot do so or is unable to do so, it should graciously throw in the towel.”
They assured that as stakeholders in governance they would continue to work collaboratively with the president in finding lasting solutions to “a very difficult situation created or exacerbated by the APC since 2015.”
When contacted for a reaction to the PDP governors’ allegations, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, promised to get back to one of our correspondents, but he did not do so as of the time of filing this story.
Economy
How to apply: FG opens access to 250,000 free business name registrations
The Federal Government has opened access to 250,000 free business name registrations for eligible entrepreneurs across Nigeria as part of efforts to support the growth and development of Micro, Small and Medium Enterprises (MSMEs).
The initiative, approved under the administration of President Bola Ahmed Tinubu, is designed to ease the cost of formalising small businesses and encourage more entrepreneurs to register their businesses.
Interested and eligible entrepreneurs have been advised to apply through the official SMEDAN portal at portal.smedan.gov.ng to become beneficiaries of the programme.
The registration is completely free, with the Corporate Affairs Commission (CAC) expected to process the business name registration without charging applicants.
The government also warned entrepreneurs to be wary of fraudsters who may attempt to exploit the programme.
Applicants have been advised not to pay anyone claiming to have the ability to fast-track or secure their registration, as no payment is required for the approved free registration.
Entrepreneurs seeking to benefit from the initiative are therefore encouraged to use only the official SMEDAN portal and avoid sharing payments or personal information with unauthorised agents.
Economy
Over 5,000 fibre cuts recorded in six months – NCC
The Nigerian Communications Commission (NCC) has disclosed that more than 5,000 fibre-optic cable cut incidents were recorded across the country in the first six months of 2026, with road construction, excavation and related civil works identified among the major causes.
The Executive Vice-Chairman of the NCC, Dr Aminu Maida, disclosed this on Tuesday at a stakeholders’ workshop on the protection of fibre-optic cables during road construction, excavation and other activities in Nigeria.
Maida said the high number of incidents required stronger collaboration between telecommunications operators, road contractors, government agencies, regulators and security institutions to prevent further damage to critical telecommunications infrastructure.
According to him, many of the incidents occurred because of inadequate coordination among stakeholders involved in road and other construction activities. He said the consequences of fibre cuts extended beyond the immediate physical damage to cables, stressing that they could disrupt essential services and affect millions of Nigerians.
The NCC boss recalled the nationwide telecommunications disruption in February 2024, when fibre cuts, including those caused by road construction, affected one of the major telecommunications operators. He said millions of subscribers were unable to make calls, send messages or access the internet for several hours, while subscribers who moved to alternative networks caused congestion on those networks.
According to him, the incident demonstrated how damage to one network could quickly have wider national consequences.
“In the first six months of this year alone, more than 5,000 fibre cut incidents were reported from road excavation, construction, and related civil work. A damaged fibre cable is therefore not simply a cost to an operator, it is a cost to Nigerians and to the wider economy.
“Those affected were not numbers in an incident report. They were parents, businesses, workers, and citizens cut off from people and services on which they depended on,” Maida said.
He stressed that preventing fibre cuts should be prioritised rather than waiting to repair damaged infrastructure after incidents had occurred.
Maida said telecommunications operators must provide accurate information on the location of their infrastructure and respond promptly when contacted before construction begins. He added that contractors must check for underground infrastructure before excavation and make adequate plans for its protection.
The NCC chief also urged regulators and security agencies to provide guidance and ensure accountability, stressing that coordination should form part of the design and execution of every relevant infrastructure project.
He said the commission remained committed to working with public and private stakeholders to make coordination a standard practice in road construction and other civil works.
Earlier, the Director of Critical National Assets and Infrastructure Protection in the Office of the National Security Adviser, AVM Effiong Ewa, said the protection of fibre-optic infrastructure was a shared national responsibility.
Ewa noted that telecommunications infrastructure had been designated as Critical National Information Infrastructure, warning that negligence or interference that exposed the assets to damage could constitute an offence under Nigeria’s legal framework.
He called for strict adherence to established protocols, guidelines and procedures during construction and maintenance activities.
Also speaking, the Permanent Secretary, Federal Ministry of Works, Mr Rafiu Adeladan, said the ministry recognised that road and telecommunications infrastructure often operated within the same physical space.
He said excavation, grading, reconstruction, utility relocation and other road activities could inadvertently damage vital fibre-optic infrastructure where adequate coordination and precautions were not in place.
Adeladan called for stronger mechanisms for coordination and information sharing before and during road construction activities. He said road contractors, consultants and relevant agencies should have access to accurate information on the location of telecommunications infrastructure before excavation begins.
On his part, the Permanent Secretary, Federal Ministry of Communications, Innovation and Digital Economy, Engr Nadungu Gagare, said protecting telecommunications infrastructure was not the responsibility of one institution, but required collaboration among government ministries, regulators, security agencies, construction companies, utility providers and other stakeholders.
Gagare said the Federal Government had established a tripartite standing committee on the protection of fibre-optic infrastructure to strengthen collaboration and promote a coordinated approach to infrastructure protection.
He said the committee would also promote compliance with established standards and right-of-way regulations, improve information sharing and support measures to prevent avoidable damage.
The workshop, organised by the Federal Ministry of Communications, Innovation and Digital Economy in collaboration with the Federal Ministry of Works, NCC, Office of the National Security Adviser and Nigeria Security and Civil Defence Corps, is aimed at developing practical measures to protect fibre-optic cables during road construction and other civil works.
Economy
NRS boss, Adedeji under fire over Nigerian economy comment
Nigerians have tackled the Executive Chairman of the Nigeria Revenue Service, Zacch Adedeji, over his recent comment about critics of economic reforms under President Bola Ahmed Tinubu.
DAILY POST reports that in a viral video, Adedeji questioned critics of Tinubu’s economic reforms about what they would have done differently.
“That is what I get worried about when I listen to some people about the economy and everything.
“Just ask them, what would they do differently? Mr President, I don’t want you to wonder. You have elevated the system from what they know and wonder,” Adedeji told President Tinubu.
Adedeji’s comment triggered reactions from Nigerians on X.
Reacting, a development professional and former Director-General of the Bureau of Public Service Reforms, Joe Abah, described Adedeji’s comment as insensitive.
“If true, this is a deeply insensitive statement.
“But to answer the question of what I would have done differently, I can just look at the UK’s Andy Burnham, who is trying to tackle the cost of living.
“In just 19 days, he has removed the 5 percent VAT on domestic electricity (it is 7.5 percent in Nigeria); capped bus fares at £2 per ride by reimbursing private sector operators for the difference in real costs; pledged a 20 percent cut in business rates for pubs and clubs (an important part of British social life); maintained and adjusted Universal Credit to favour the poorest and most vulnerable.
“So, I would have used the increasing tax revenue to tackle the cost of living. That is what I would have done differently at my own level. Hope that helps,” he said on X on Saturday.
Similarly, a lawyer known, Vena Ikem wrote on X: “He should ask himself what all the millions of dollars he is spending mean to the tax he is collecting even from poor people. If karma truly fulfils, this man will get his just deserts in the land of the living. This arrogance is from getting away with stealing tax money.”
Also, Adekunle Oderinde wrote on X: “The entire convoy of Zacch Adedeji is more expensive and longer than the convoy of UK Prime Minister, yet he is talking about suffering Nigerians complaining about the effects of the policies of his principal, President Tinubu, who drives an expensive and long convoy on scarce resources.”
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