Business

Nigeria’s Inflation Rate Rises to 15.69% in April 2026 – NBS

Published

4 months ago

May 16, 2026

Preport

BY NKECHI NAECHE-ESEZOBOR—The National Bureau of Statistics (NBS), has said that Nigeria’s headline inflation rate increased to 15.69% in April 2026, when compared to 15.38% recorded in March.

This was contained its Consumer Price Index (CPI) Report April 2026.

According to NBS report Consumer costs continued to increase across key sectors of the economy, even though the pace of monthly price growth slowed and remained lower than levels recorded in the same period last year.

The NBS noted that the year-on-year movement reflects ongoing pressure from elevated food costs, higher energy expenses, and continued disruptions in supply chains.

It noted that on a month-on-month basis, the Headline inflation rate in April 2026 was 2.13%, which was 2.05% lower than the rate recorded in March 2026 (4.18%).

“This means that in April 2026, the rate of increase in the average price level was lower than the rate of increase in the average price level in March 2026.”

Urban inflation was recorded at 15.40 percent, while rural inflation stood higher at 16.36 percent, with food prices rising by 16.06 percent year-on-year, though lower than 24.68 percent in April 2025 due to changes in the cost of major staples.

Core inflation, which excludes volatile food items and energy costs, stood at 15.86 percent in April 2026, significantly lower than 26.05 percent recorded in the corresponding period of the previous year.

The post Nigeria’s Inflation Rate Rises to 15.69% in April 2026 – NBS appeared first on Business Today NG.

Related Topics:April Inflation NBS Nigerias Rate Rises

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EFCC Begins Investigation of Suspect Arrested with Counterfeit $212,200 in Kano

Published

7 hours ago

September 17, 2026

Preport

The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, has commenced investigation of a suspect, Usaini Ibrahim, arrested with counterfeit currency totaling $212,200( Two hundred and Twelve Thousand, Two Hundred United States Dollar)

The suspect was arrested on September 3, 2026, by operatives of the National Drug Law Enforcement Agency, NDLEA, along Maiduguri Road in Kano following the discovery of the counterfeit currency. The NDLEA subsequently handed over the suspect and the fake currency to the EFCC for further investigation and possible prosecution.
The formal handover took place at the Kano Directorate of the EFCC, where the Acting Zonal Director, Assistant Commander of the EFCC, ACE1 Friday S. Ebelo, received both the suspect and the exhibits. A representative of the NDLEA, Deputy Superintendent of Narcotics, Yahaya Labaran, while handing over the case, expressed appreciation for the continued strategic collaboration between the two agencies in sanitizing Nigeria’s financial system.
Ebelo, acknowledging the handover, reiterated the EFCC’s commitment to cleansing the financial ecosystem of counterfeit currencies and fraudulent schemes. He specifically warned members of the public to be wary of “money doubling” scams, which often involves using counterfeit notes as tools to defraud unsuspecting victims.
“Such fake currencies coming into the economy do not paint a good picture of us,” he said. He called on the public to remain vigilant and avoid falling victim to individuals offering to “double” money and other financial crimes through questionable means.
The suspect, Usaini Ibrahim, is currently in the custody of the EFCC and will be arraigned in court upon the conclusion of investigations.

The post EFCC Begins Investigation of Suspect Arrested with Counterfeit $212,200 in Kano appeared first on Business Today NG.

Business

FG moves ‌‌‍‌‍⁠⁠‌⁠‌⁠‌⁠⁠‌to clear export grant backlog, reform EEG scheme

Published

15 hours ago

September 17, 2026

Preport

The Federal Government has begun processes to clear the backlog of Export Expansion Grant (EEG) payments and reform the scheme for sustainability.

The Minister of Industry, Trade and Investment, Jumoke Oduwole, said this at a stakeholders engagement on the EEG scheme in Abuja on Thursday.

Mrs Oduwole said the scheme had faced difficulties, with payments outstanding since 2020, leaving the current administration with significant payment backlogs.

She said the backlog required validation and verification of claims submitted by exporters, involving several government agencies.

According to her, the Federal Ministry of Finance, Central Bank of Nigeria (CBN) and other relevant agencies are involved in the process.

The minister said the Federal Ministry of Industry, Trade and Investment anchored the EEG as an export promotion tool under the Nigerian Export Promotion Council (NEPC).

She said the government was pursuing two pathways: clearing outstanding payments and restructuring the scheme to make it sustainable.

The minister said the reforms aligned with President Bola Tinubu’s Renewed Hope Agenda and the goal of building a one trillion dollar economy.

She said the agenda prioritised economic diversification and non-oil exports as part of efforts to strengthen Nigeria’s productive capacity.

Mrs Oduwole said Nigerian non-oil exporters had recorded growth in both volume and value over the past two years.

She said the government would continue to incentivise exporters sustainably because the sector could create jobs and expand the global market for Nigerian products.

The minister said the government had also been working to improve market access through trade agreements, including the African Continental Free Trade Area (AfCFTA).
She said payments already approved in May 2023 would be transmitted to the 10th National Assembly for consideration and approval.

Mrs Oduwole explained that the National Assembly would carry out its duties legislative before the Federal Government could issue the necessary instruments for payment.

READ ALSO: CBN, trade ministry speak on AfCFTA trade reforms at Citibank forum

“President Tinubu has also approved earmarking 40 per cent of the NEST Fund toward a trade facilitation fund.
“The independently managed fund will provide a sustainable pathway for settling EEG obligations and supporting trade facilitation.
“Once the National Assembly approves the payments, government can issue promissory notes through the Debt Management Office to clear the backlog.
“The government will thereafter establish a reformed framework for export expansion incentives,” she said.

According to Mrs Oduwole, the current EEG structure is unsustainable because it is too expensive and has no closing date.
She said the reformed scheme would discourage the export of raw materials and place greater emphasis on value-added and finished products.

The minister said the scheme would also support emerging businesses and target sectors requiring assistance to improve their export competitiveness.

Mrs Oduwole said the government had engaged stakeholders, including the NEPC and the Manufacturers Association of Nigeria Export Group, to develop a sustainable way forward for the scheme.

(NAN)