News
141 million Nigerian households to live in poverty this year – Report
The projection is contained in PwC’s Nigeria Economic Outlook 2026, titled “Turning macroeconomic stability into sustainable growth.”
• Nigerians
Are most Nigerians poor because they are lazy? What is your opinion? Well, a report by the PwC has projects that the poverty rate in Nigeria will likely rise sharply to 62 percent this year, with about 141 million people expected to be living below the poverty line.
The projection is contained in PwC’s Nigeria Economic Outlook 2026, titled “Turning macroeconomic stability into sustainable growth.”
The report notes that despite recent policy actions aimed at restoring macroeconomic stability, weak growth in real incomes and persistently high living costs are likely to push more households into poverty over the next two years.
PwC estimates that most Nigerians will struggle to record income gains strong enough to offset rising prices in the near term, particularly as inflation continues to erode purchasing power.
“Poverty is projected to rise to 62 per cent (141 million people) by 2026, reflecting weak real income growth and lingering inflation effects
While inflation is expected to ease gradually, the firm warned that the underlying cost structure of the economy would limit meaningful affordability gains for households,” PwC noted.
News
NNPCL Faults NISO’s Claim of No Gas To Power Generating Plants
It, however, maintained that gas production had increased by about 10 per cent in 2026 so far, as the company pursued the Federal Government’s gas development and monetisation agenda.
The Nigerian National Petroleum Company Limited has dismissed claims by the Nigerian Independent System Operator (NISO) blaming the nationwide power supply outages on partly to limited gas availability and reduced water inflows to hydroelectric power stations.
In a statement issued on Saturday in Abuja by its Chief Corporate Communications Officer, Andy Odeh, NNPC said that its pipelines remain available to deliver gas to power plants across the country.
The national oil company said its operational records did not indicate any transportation-related constraints within the network operated by its subsidiary, NNPC Gas Infrastructure Company Limited, that could explain the current drop in power generation.
It, however, maintained that gas production had increased by about 10 per cent in 2026 so far, as the company pursued the Federal Government’s gas development and monetisation agenda.
News
NMDPRA, EFCC Storm Illegal Chinese Refinery in Ogun (Video)
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and operatives of the Economic and Financial Crimes Commission (EFCC) on Tuesday stormed an illegal Chinese-operated refinery in Ogere-Remo, Ikenne Local Government Area of Ogun State.
The joint operation followed intelligence reports that revealed a well-fenced but crude yet technically sophisticated facility occupying more than three hectares of land.
During the inspection, officials observed underground tanks believed to have been used for heating and processing sludge oil, refining waste products, and substances suspected to be Automotive Gas Oil (AGO), popularly known as diesel. NMDPRA officials immediately sealed the facility.
Ogun State Coordinator of NMDPRA, Dr. Atilola Akinyemi, described the plant as a complete illegality operating without any permit from regulatory authorities.
“The underground storage facility behind the site has an estimated capacity of more than 90,000 litres, complete with underground heating systems, water hydrants for cooling, locally fabricated tanks and silos for separation,” Akinyemi told journalists.
He warned that if such adulterated products entered the market, they would pose serious risks to vehicles and engines. All recovered products have been confiscated by the Federal Government.
Director of the Department of Proceeds of Crime Management at the EFCC, Gbolahan Latona, stressed the need for collective patriotism in tackling economic crimes.
“Upon conclusion of investigation, the suspects will have their day in court and the proceeds of crime will be put to meaningful use,” Latona said.
Watch video below:
News
Sanusi: Critics Are Not Enemies Of The Govt
” It’s not every time people talk about poverty or talk about difficulty that they’re just enemies of the government or making an attack on the president. That is not how to respond to economic distress,” he said.
The Emir of Kano, Alhaji Muhammadu Sanusi II, has advised the Federal Government against treating every comment about the administration as an attack on President Bola Tinubu.
The royal father gave the advise on the occasion of the Oxford Global Think Tank Leadership Conference, organised by the Oxford Global Think Tan.
Speaking virtually to the audience at the event, on Tuesday, Sanusi advised the government to tolerate constructive criticism.
“It’s not every time people talk about poverty or talk about difficulty that they’re just enemies of the government or making an attack on the president. That is not how to respond to economic distress,” he said.
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