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2024: World Bank Forecasts Nigeria’s Inflation to Drop to 24.8%

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The World Bank, on Monday, released projections indicating a significant drop in Nigeria’s inflation rate to 24.8 percent year-on-year (YoY) in 2024.

 

This revelation follows recent data from the Nigerian Bureau of Statistics (NBS), which reported a current inflation rate of 31.7 percent in February, up from 29.9 percent recorded in January.

 

“Inflation is cooling in most Sub-Saharan African economies but remains high,” the World Bank stated. “The median inflation in the region is projected to fall from 7.1 per cent in 2023 to 5.1 per cent in 2024 and 5 per cent in 2025–26.”

 

The report highlighted various factors contributing to this decline, including the normalization of global supply chains, a steady decline in commodity prices, and the effects of monetary tightening and fiscal consolidation.

 

While acknowledging the reduction in inflation across most African countries compared to 2023, the report emphasized that it remains high compared to pre-pandemic levels.

 

It noted that 14 countries in the region still experience persistently high levels of inflation, with a median inflation rate dropping modestly from 25.9 percent in 2023 to 24.8 percent in 2024.

Nigerians open one million bank accounts monthly, NIBSS reveals

The World Bank also reaffirmed its projection of 3.3 percent economic growth for Nigeria in 2024, with a slight adjustment in the projections for 2025 to 2026. It stressed the importance of macroeconomic and fiscal reforms in driving sustainable growth, particularly in the non-oil sector.

 

Continuing, the report highlighted the challenges of poverty reduction in the region. It stated that the speed of poverty reduction has decreased significantly since 2014, with Nigeria and the Democratic Republic of Congo accounting for a significant portion of those living in extreme poverty.

 

To address these challenges, the World Bank noted the need to tackle structural inequality, stating that the region can accelerate growth and poverty reduction substantially by addressing this issue.

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Kano Assembly Moves to Impeach Deputy Governor Gwarzo Over ₦1.6bn Alleged Fraud

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Deputy Governor of Kano State Aminu Gwarzo

The Kano State House of Assembly has initiated impeachment proceedings against Deputy Governor Aminu Abdussalam Gwarzo over allegations of gross misconduct, abuse of office, and breach of public trust.

The notice was presented yesterday during plenary by the Majority Leader, Lawan Hussaini Dala, who said the action follows Section 188 of the 1999 Constitution of the Federal Republic of Nigeria.

Dala said the allegations stem from Abdussalam’s tenure as Commissioner for Local Government (2023–2024) and his current role as deputy governor. He accused the deputy governor of diverting funds meant for the 44 local government councils.

According to the majority leader, Abdussalam allegedly received N1.5 million monthly from each council between June 2023 and January 2024, totaling N462 million. Between February and July 2024, he allegedly collected N3.255 million monthly from each council under the guise of special assignments, amounting to N726 million.

Dala also accused the deputy governor of abuse of office, claiming he facilitated payments of N10 million from each council to NovoMed Pharmaceuticals Limited, totaling N440 million, in violation of state procurement laws.

“The misuse of official capacity to confer undue advantage constitutes abuse of power and undermines public trust,” Dala told lawmakers, adding that the allegations amount to gross misconduct under the Constitution.

The impeachment notice was reportedly endorsed by 38 lawmakers, meeting the constitutional threshold to proceed. The Speaker has acknowledged receipt, and the House is expected to serve the allegations on the deputy governor.

If approved, a panel may be constituted by the state Chief Judge to investigate the claims.

As of filing, Abdussalam had yet to respond publicly to the allegations.

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IGP Inaugurates State Police Committee, Gives Four-Week Deadline

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State policing has been on the frontburner in Nigeria in recent years. Photo: X@PoliceNG

The Inspector-General of Police, Tunji Disu, on Wednesday inaugurated a seven-member committee on the establishment of state police, giving it four weeks to submit its report.

The inauguration was held during his maiden conference with senior police officers at the Peacekeeping Conference Centre, Force Headquarters, Abuja.

Charging members of the panel to discharge their duties with professionalism and objectivity, Disu described the assignment as “both significant and timely,” noting that it would shape the framework through which state policing may operate in Nigeria.

“In carrying out this assignment, your deliberations must be guided by professionalism, objectivity, and a clear appreciation of the unique complexities of policing a diverse nation such as our own,” the IGP said.

He stated that if properly designed and effectively implemented, state policing holds significant potential benefits for the country.

“By bringing law enforcement closer to communities, state police institutions can deepen local knowledge of security dynamics and enable quicker and more targeted responses to emerging threats,” he added.

The committee is expected to review existing policing models within and outside Nigeria, assess community security needs and emerging risks, and propose an operational framework for the establishment and coordination of state police structures.

It will also address issues relating to recruitment, training, standards and resource allocation, as well as develop accountability and oversight mechanisms to ensure professionalism and public trust.

The panel is chaired by Olu Ogunsakin, with Bode Ojajuni as secretary. Other members are Emmanuel Ojukwu, Okebechi Agora, Suleyman Gulma, Ikechukwu Okafor and Tolulope Ipinmisho.

Disu said the committee had about four weeks to conclude its assignment and submit a comprehensive report.
The move marks one of the first major steps taken by the new police chief since his appointment and confirmation a few days ago.

The development comes amid rising security concerns across the country, with several stakeholders advocating state policing as part of measures to tackle insecurity.

President Bola Tinubu had earlier asked the National Assembly to commence the process of amending relevant laws to pave the way for the creation of state police.

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Tinubu swears in Disu as IGP, inaugurates RMAFC, FCSC commissioners

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President Bola Tinubu on Wednesday swore in Olatunji Disu as the Inspector-General of Police (IGP).

Disu took the oath of office at the Council Chamber of the Presidential Villa, Abuja, shortly before the commencement of the Federal Executive Council (FEC) meeting.

The President also administered the oath of office to six commissioners of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) and two commissioners of the Federal Civil Service Commission (FCSC).

The ceremonies were witnessed by ministers, senior government officials and family members of the appointees.
The council meeting began shortly after the swearing-in.

In attendance were Vice President Kashim Shettima; the Secretary to the Government of the Federation, Senator George Akume; the Chief of Staff to the President, Femi Gbajabiamila; the National Security Adviser (NSA), Nuhu Ribadu; and the Head of the Civil Service of the Federation, Mrs EsthMrs.Walson-Jack.

Disu was appointed acting IGP on February 25, 2026, by President Tinubu, following the resignation of former IGP Kayode Egbetokun.

His appointment was subsequently endorsed by the Nigeria Police Council (NPC).

The former Assistant Inspector-General of Police assumed office last Wednesday.

He previously served as Assistant Inspector-General in charge of the Force Criminal Investigation Department (FCID) Annex, Alagbon, Lagos, after his promotion to the rank last year.

A former head of the Lagos Rapid Response Squad (RRS), Disu has pledged to deliver accountable, modern and professional policing.

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