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Again! Inflation Increases, Hits 17.71% Amid Rising Prices

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According to the latest figures by the National Bureau of Statistics, Nigeria’s inflation rate has again increased to 17.71 percent,

The NBS on Wednesday said that in May 2022, the inflation rate increased to 17.71 percent on a year-on-year basis.

The NBS’ “CPI and Inflation Report May 2022” stated that the latest figure is a 0.22 percent points lower than the rate recorded in May 2021, which is (17.93) percent.

The report read in part, “This means that the headline inflation rate slowed down in May when compared to the same month in the previous year (i.e. the year 2021). Increases were recorded in all classification of individual consumption by purpose divisions that yielded the headline index.”

On a month-on-month basis, the headline inflation rate increased to 1.78 percent in May 2022, this is also 0.02 percent higher than the rate recorded in April 2022 (1.76) percent.

The urban inflation rate increased to 18.24 percent (year-on-year); this is a 0.27 percent decline compared to 18.51 percent recorded in May 2021.

On a month-on-month basis, the urban inflation rate rose to 1.81 percent in May 2022, this is a 0.03 percent increase compared to April 2022 (1.78).

The corresponding 12-month average percentage change for the urban index is 17.00 percent in May 2022. This is 0.91 percent higher compared to 16.09 percent reported in May 2021.

The rural inflation rate increased to 17.21 percent in May 2022 (year-on-year) basis; this is a 0.15 percent decline compared to 17.36 recorded in May 2021.

On a month-on-month basis, the rural index rose to 1.76 percent in May 2022, up by 0.02 percent from the rate recorded in April 2022 (1.74), while the corresponding 12-month average percentage change for the rural inflation rate in May 2022 is 15.91 percent.

This is 0.97 percent higher compared to 14.94 percent recorded in May 2021.

Associate Professor Olalekan Aworinde, an economic expert at the Pan-Atlantic University, in an interview, said the events of the last few months were accurate indicators that the inflation rate would increase further.

BIG STORY

FG Revokes 1,263 Mineral Licenses For Annual Service Fees Default

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Not less than 1,263 mineral licenses will be deleted from the portal of the Electronic Mining Cadastral system of the Nigerian Mining Cadastral Office, MCO following their revocation by the Federal Government.

These include 584 exploration licenses, 65 mining leases, 144 quarry licenses, and 470 small-scale mining leases.

By opening up the areas formerly covered by these licenses, the revocation is expected to spur fresh applications by investors looking for fresh opportunities.

Approving the revocation following the recommendation of the MCO, the Minister of Solid Minerals Development, Dr. Dele Alake said applying the law to keep speculators and unserious investors away from the mining sector would make way for diligent investors and grow the sector.

“The era of obtaining licences and keeping them in drawers for the highest bidder while financially capable and industrious businessmen are complaining of access to good sites is over. The annual service fee is the minimum evidence that you are interested in mining. You don’t have to wait for us to revoke the license because the law allows you to return the license if you change your mind,” the minister said.

He warned that the revocation does not mean the Federal Government has pardoned the annual service debt owed by licensees, adding that the list will be forwarded to the Economic & Financial Crimes Commission to ensure that debtors pay or face the wrath of the law.

“This is to encourage due diligence and emphasise the consequences of inundating the license application processes with speculative activities.”

In the recommendation to the minister, the Director-General of the MCO, Engr Simon Nkom disclosed that there were 1,957 initial defaulters when the MCO published the intention to revoke licences in the Federal Government Gazette on June 19, 2025.

He informed the minister that the gazette was distributed to MCO offices nationwide to sensitise licencees and encourage them to comply within 30 days in compliance with the Minerals and Mining Act 2007 and relevant regulations.

He observed that the delay in the final recommendation was due to complaints of several licensees who claimed to have paid to the Federal Government through Remita and had to be reconciled.

The latest revocation brings the total mineral titles revoked under the current administration to 3, 794 including,619 mineral titles revoked for defaulting in paying annual service fees and 912 for dormancy last year.

This is part of ongoing efforts at sanitizing the sector since the inception of the Tinubu administration and the salutary effects of the reforms are massive and manifest despite the attempts to push back by defaulters and their agents.

Segun Tomori, anipr, FSCA

Special Assistant on Media
to the Honourable Minister of Solid Minerals Development.

21st September, 2025.

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BIG STORY

Lagos Commissioner Tokunbo Wahab Highlights Coastal Challenges, Waste Management Reforms At Harvard Climate Panel

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Lagos State Commissioner for the Environment and Water Resources, Tokunbo Wahab, presented the state’s environmental strategies at Harvard, emphasizing the distinct challenges Lagos faces in managing climate change, coastal erosion, and waste in the midst of rapid urban development.

Speaking at Harvard Business School during the panel session titled “Rising Seas, Resilient Communities: Climate Adaptation Strategies in West Africa”, Wahab highlighted that Lagos’ position along the continental shelf, combined with a dense population exceeding 22 million, makes it especially vulnerable to rising sea levels, flash floods, and ecological degradation.

He noted that Lagos has expanded its landmass from 3,577 to 4,050 square kilometres, largely due to the reclamation of wetlands and lagoon areas for housing and commercial development. While acknowledging the necessity of urban growth, he stressed the importance of conducting environmental impact assessments and implementing drainage master plans prior to such projects to avoid long-term environmental disasters.

Wahab detailed the state’s shift from a traditional landfill-dependent waste system to a sustainable, circular model that repurposes waste for energy and economic use. He revealed that Lagos has partnered with a waste management firm in Accra, Ghana, through a Memorandum of Understanding aimed at turning part of the city’s 13,000 metric tonnes of daily waste into compost and recyclable materials.

He added that this collaboration would enable Lagos to shut down the long-operating Olusosun landfill within the next 18 months, calling it a significant achievement in subnational environmental cooperation.

The Commissioner emphasized the state’s enforcement of environmental regulations, particularly in protecting wetlands and mangrove forests. He said Lagos is taking legal action against individuals who destroy these natural flood barriers and is actively educating the public on the dangers of dumping waste into drainage systems.

In discussing climate adaptation efforts, Wahab referenced the loss of coastal communities like Idotun and Okun Ajah due to rising sea levels. He also cited Eko Atlantic City—constructed on the former Bar Beach site—as a key sea defense project now shielding Victoria Island from coastal erosion.

“Climate change is not a distant threat for Lagos; it is an everyday reality,” Wahab said. He explained that prolonged rainfall can cause stormwater backups due to tidal locks, triggering flash floods. In response, the state has invested in resilient infrastructure, crafted a climate adaptation and resilience strategy, and formed regional partnerships across the Gulf of Guinea to bolster coastal defenses. “Our approach is to transform adversity into opportunity,” he concluded.

 

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BIG STORY

Two Criminals Who Robbed, Attempted To Kill Lil-Kesh In Lagos Arrested In Kano

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The Kano State Police Command has confirmed the arrest of two suspects linked to an armed robbery and attempted murder case in Lagos.

In a statement issued on Saturday, the command’s spokesperson, SP Abdullahi Haruna, described the arrests as a major breakthrough made possible through intelligence gathering and community collaboration.

According to Haruna, the suspects — Mathew Adewole, 25, of Na’ibawa Quarters, and Mukhtar Muhammad, 31, of Unguwa Uku Quarters, Kano — were apprehended on September 11, 2025, at Na’ibawa Quarters.

During interrogation, Adewole reportedly confessed to assaulting one Lil-Kesh, a resident of Bera Estate, Chevron, Lagos, on August 19, 2025. The attack left the victim with severe injuries, including a deep neck wound.

Haruna further disclosed that the suspect compelled the victim to transfer ₦2,120,000 from his bank account via mobile phone to Muhammad’s account.

He added that, in line with directives from the Inspector-General of Police, Kayode Egbetokun, the Kano Command has been strengthening its intelligence network and deepening community policing to outpace criminal elements.

The police spokesperson noted that the suspects have since been transferred to the Lagos State Police Command for further investigation and prosecution.

Kano State Commissioner of Police, Ibrahim Bakori, praised the officers for their professionalism and acknowledged the role of the public in supporting police operations. He assured that the command will sustain efforts to maintain law and order across the state.

“The command remains committed to maintaining law and order, working closely with other security agencies and stakeholders to ensure a coordinated approach to combating crime,” the statement concluded.

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