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President Ilham Aliyev addresses participants of international scientific and practical conference

President of the Republic of Azerbaijan Ilham Aliyev addressed the participants of the international scientific and practical conference on “Development stages of audit: the path from compliance to strategic partnership and trust.”

AzerNEWS presents the address:

“Dear conference participants,

I cordially greet you in Baku at the international scientific and practical conference on ‘Development stages of audit: the path from compliance to strategic partnership and trust,’ dedicated to the 30th anniversary of the Chamber of Auditors of the Republic of Azerbaijan.

Within the framework of large-scale reforms implemented toward the progress of the independent state of Azerbaijan and the strengthening of its economic power, the formation and development of a modern audit institution have been of special importance. The adoption of the Law of the Republic of Azerbaijan ‘On Audit Service’ was an important manifestation of the high value attached by National Leader Heydar Aliyev to the principles of democratic governance and the formation of the institutional foundations of a market economy, as well as of a visionary and purposeful state policy aimed at ensuring financial discipline, transparency and accountability in the country.

The Chamber of Auditors of the Republic of Azerbaijan, established in accordance with that Law, has undertaken important and necessary work over the past period to strengthen the institutional foundations of the independent audit system in the country, train professional audit personnel, develop an environment of transparency and accountability, and establish a modern audit model in line with advanced international practices. Consequently, the coverage of audit services has expanded significantly, and the role of the audit institution in ensuring the reliability of financial statements, increasing transparency, strengthening the fight against corruption and reducing the shadow economy has grown further.

The international conference organized to mark the anniversary of the Chamber of Auditors is particularly important as a platform for analyzing the development path traversed by the audit profession in our country over the past thirty years from both scientific and practical perspectives, improving the legal and regulatory framework governing audit activities, strengthening the professional self-governance institution, developing quality control mechanisms and discussing key issues related to the application of international audit standards.

Within the framework of the conference, the discussion of new areas for the development of audit activities in the context of digital transformation, the integration of big data analytics and artificial intelligence technologies into the audit process, the expansion of the role of audit beyond its traditional compliance function to that of a strategic partner and value-creating institution, as well as the strengthening of professional ethics and public trust are of particular significance in meeting modern requirements.

In an environment in which the global economy is rapidly digitalizing and technological transformation is gaining momentum, bringing audit activities to a new qualitative level is one of the important tasks facing every country. In this regard, consistent efforts to establish audit activities on digital foundations, expand the use of artificial intelligence and modern data analytics tools, increase transparency and efficiency in audit processes, and develop innovative audit methodologies in line with international professional standards are particularly important for enhancing the effectiveness of the Chamber of Auditors. At the same time, preserving the prestige of the audit profession and public trust in it, further strengthening the principles of high professionalism and ethical conduct, as well as developing professional human resources are among the main priorities ahead.

I am confident that the discussions to be held and the initiatives to be put forward during the conference will contribute to the further improvement of audit activity in our country, the application of digital transformation and artificial intelligence in auditing, the expansion of international cooperation, and enhancing the prestige of the audit institution.

On the occasion of this significant anniversary, I once again congratulate the staff of the Chamber of Auditors and the conference participants and wish the event every success.”

Peter Obi encourages Nigerians to invest in Dangote Refinery IPO

Presidential candidate of the Nigerian Democratic Congress (NDC), Peter Obi, has encouraged Nigerians to consider investing in the ongoing Initial Public Offering (IPO) of the Dangote Petroleum Refinery, describing the project as a significant investment in Nigeria’s productive economy.

Obi made the remarks in a message shared on his X handle, responding to questions he said Nigerians at home and in the diaspora sent about the refinery’s public offering.

While encouraging Nigerians to participate in the offer, Obi expressed pride in Alhaji Aliko Dangote’s investment in Nigeria’s real sector and across different areas of the economy.

He said the development reinforced his long-standing position that Nigeria needed to move from a consumption-driven economy towards greater production.

‘I remain very proud of the commitment and breakthrough of Alhaji Aliko Dangote’s investment in the real sector of our country’s economy, across different sectors. This validates my position that we should move Nigeria from consumption to production,’ Obi said.

The former Anambra State governor also called on other Nigerian businesses to increase investment in productive sectors of the economy.

He urged companies with the capacity to do so to give Nigerians opportunities to participate in business ownership by offering shares to the public through public offerings.

‘I, therefore, encourage other Nigerian businesses to invest in the productive sectors of the Nigerian economy and also give fellow Nigerian citizens the opportunity to be part of the re-industrialisation of the country by offering their shares to the public through public offerings,’ he said.

The Dangote Petroleum Refinery and Petrochemicals public offer was approved by the Securities and Exchange Commission (SEC) in September 2026. The SEC has advised prospective investors to use only officially designated and approved subscription channels and to carefully review the approved prospectus before investing.

The official Dangote IPO platform currently lists the offer price at ?525 per share, with a minimum subscription of 10 shares, while subscription dates are subject to the official timetable.

Anambra: Obi Left 8 External Loans, No Record Of N2.1bn Ecological Fund

The Anambra State Government has escalated its dispute with former governor Peter Obi over the state’s financial inheritance.

It put the balance of eight external loans it says were contracted under his administration at N127.4 billion as of June 30, 2026.

The government also disputed Obi’s claim that he left about N2.1 billion in an ecological fund account for his successor.

It said it could not find records showing that the state received such money during his eight years in office.

The latest claims were contained in a statement issued on Wednesday by the Commissioner for Information and Value Reorientation, Law Mefor.

This comes days after the former governor rejected an earlier assertion that Anambra was still servicing loans inherited from past administrations.

Mefor said the external loans attributed to the Obi administration were obtained for projects covering malaria control, education, healthcare, erosion management, community development and value-chain development.

According to him, the loans were among eight separate external borrowings that remained outstanding when Obi handed over power to Willie Obiano on March 17, 2014.

‘As at the date HE Peter Obi left office (17th March 2014), there were and still are 8 different external borrowings his administration left for his successors,’ Mefor said.

He said the balance on the facilities stood at N127.4 billion at the official exchange rate as of June 30, 2026, adding that the state had continued to make debt-service payments on the obligations.

Mefor also put the total value of expenditure attributed to Obi’s eight-year administration at about $4.05 billion.

He said the figure was derived by converting audited and published expenditures using the average official exchange rates applicable during the period.

The commissioner stressed that the state was not arguing that borrowing was inherently wrong, but questioned the scale and outcomes of the loans allegedly inherited from Obi.

‘Let’s be clear: hardly any government in the world has zero debt stock. The issue is not whether or not borrowing is good: no business or government can scale significantly without some debt,’ he said.

Mefor said the government would have had no objection to borrowing for productive investments, including schools, hospitals, water projects and infrastructure, if the facilities were properly utilised.

He, however, alleged that several basic services remained deficient at the end of Obi’s tenure, including public water schemes, schools and hospitals.

He also accused the former administration of leaving unresolved challenges in insecurity and poverty.

‘We are convinced that many Ndi Anambra would not have minded if HE Peter Obi had borrowed to fix public schools and hospitals, water schemes, infrastructure, or even to reduce poverty and insecurity; debt, especially for bankable projects and human capital development, is justifiable,’ Mefor said.

The reaction represents a fresh escalation of a dispute that dates back to the 2014 transfer of power from Obi to Obiano.

In 2015, the Obiano administration said it inherited project liabilities worth about N185.1 billion from Obi’s government.

It said Obi’s administration had paid N78.9 billion on the projects before leaving office, leaving a balance of about N106.2 billion at handover.

The figures were disputed by Obi’s representatives, who maintained that the former governor did not leave unpaid contractors.

The same dispute involved claims about the assets transferred to Obiano.

The Obiano administration said it inherited about N9 billion in cash and N26 billion in near-cash assets, while Obi’s camp maintained that substantially more had been left in cash and investments.

The Debt Management Office reported that Anambra had external debt of $30.32 million as of December 31, 2013, less than three months before Obi left office, alongside domestic debt of about N3.03 billion.

That DMO figure, however, predates the current government’s calculation of $123.77 million in external borrowings and does not by itself establish the amount now being claimed by the Anambra government.

The present dispute was triggered earlier this week when Finance Commissioner Izuchukwu Okafor said deductions were still being made from the state’s Federation Account allocation to service loans obtained by previous administrations, including those of Obi and Obiano.

Obi subsequently rejected the claim, saying he left office without unpaid salaries, pensions, gratuities or processed obligations to contractors.

The former governor also said about N2.1 billion in ecological funds was sitting in a First Bank account at the Nnamdi Azikiwe University branch when he handed over to Obiano.

He said the money had been released by the Federal Government for a specific erosion-control project and was deliberately left untouched to allow his successor to continue the work.

Mefor has challenged that account, saying the state government found no records showing that such an ecological fund was received during Obi’s tenure.

The dispute over Obi’s financial record has persisted despite the passage of more than a decade since he left office.

The renewed exchange also comes as Obi, now the presidential candidate of the Nigeria Democratic Congress, campaigns ahead of the 2027 presidential election.

Golf: Oando boosts Lakowe Lakes Classic purse

The Lakowe Lakes Golf Classic will receive a major boost this year with Oando Nigeria Plc coming on board as main sponsor, an enhanced prize purse that has raised the profile of the event and drawn top professionals from across Africa’s Sunshine Development Tour and other regional circuits.

The championship will be staged in two phases at Lakowe Lakes Golf and Country Estate, Lagos. The Nigeria Closed runs from 28-30 September, open to Nigerian professionals competing for a N30 million purse.

Attention then shifts to the international phase, from 2-4 October, featuring an expanded field of African professionals competing for $50,000 in prize money and World Ranking points.

Lakowe Lakes Manager, Femi Olagbenro, said Oando’s involvement reinforces the championship’s long-term objective of creating stronger competitive opportunities for Nigerian professionals.

‘The Lakowe Lakes Classic continues to champion the development of professional golf in Nigeria. Oando shares our vision of creating opportunities that allow our local stars to compete at a higher level, test themselves against Africa’s best and earn the recognition their talent deserves,’ he said.

Other partners in the event include GAC Motors, ARM Investment Managers, and Providus Bank, among others.

The international field is expected to feature leading Nigerian professionals alongside players from Ghana, Côte d’Ivoire, Cameroon, Uganda, Kenya and other African golfing nations.

Nigeria’s headline entrants include Olapade Sunday, Godwin Okoko, Andrew Odoh, Solomon Ideria, Francis Epe and Tajudeen Ajayi, several of whom have gained international experience on the Sunshine Development Tour.

Nigerian professional golfer Olapade Sunday said hosting an international-ranking event on home soil marks a major shift for the domestic game.

‘There is always something special about competing at home, but this is bigger than just playing in Nigeria,’ he said. ‘Events like this give our players the opportunity to compete internationally, earn ranking points and put Nigeria more firmly on the world golf map. We are excited about the quality of the field and what this means for professional golf in the country.’

With increased prize money, international participation and World Ranking points at stake, the Oando-backed Lakowe Lakes Classic is positioning itself as a key platform connecting Nigeria’s leading professionals with the wider African and global golf ecosystem.

Shettima inaugurates 4,000-job garment factory, Revenue House in Kwara

Vice President Kashim Shettima on Wednesday inaugurated the Kwara State Garment Factory, designed to provide at least 4,000 jobs when operating at full capacity, as part of efforts to expand employment and industrial activity in the state.

Shettima also commissioned the 11-storey Kwara Revenue Service (KWRS) House in Ilorin, describing the projects and other investments by the administration of Governor AbdulRahman AbdulRazaq as initiatives that should be sustained for future generations.

The commissioning formed part of activities marking AbdulRazaq’s turbaning as the Sardauna of Ilorin by the Emir of Ilorin, Alhaji Ibrahim Kolapo Sulu-Gambari.

AbdulRazaq became the first person to hold the traditional title, which translates as Defence Minister of the Ilorin Emirate.

Speaking at the turbaning ceremony at the Emir’s Palace, Shettima said the governor’s investments in education, healthcare, infrastructure, and economic development reflected the importance of building projects that can serve generations beyond an administration’s tenure.

In a statement issued by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications (Office of the Vice President), Shettima said, ‘These are chapters in the story of a state as its people encounter it: the lesson a child can attend, the treatment a household can seek, and the market a farmer can reach.

‘Such investments must be sustained so that those who inherit them can build upon them. A legacy takes its fullest measure in the generations it continues to serve’, he said.

The Vice President also praised what he described as the AbdulRazaq family’s longstanding relationship with the Ilorin Emirate, recalling that the governor’s late father, Alhaji AbdulGaniyu Folorunsho AbdulRazaq, was Northern Nigeria’s first lawyer and the first Mutawalle of Ilorin.

According to him, the conferment of the Sardauna title on the governor represented another chapter in the family’s relationship with the emirate.

‘His father, Alhaji AbdulGaniyu Folorunsho AbdulRazaq, SAN, OFR, carried an Ilorin name into history as Northern Nigeria’s first lawyer. Every path begins with someone willing to walk without familiar footprints. Through law and diplomacy, his story became part of Nigeria’s own.

‘The branch may reach towards another horizon, yet it carries within itself the memory of the root. His father was the first Mutawalle of Ilorin, a title that remains in the family in celebration of their bond with the Emirate. Today, another chapter enters the family’s relationship with this palace’, Shettima said.

The Vice President said the continuity of the AbdulRazaq family’s legacy demonstrated that while a surname could be inherited at birth, the responsibilities associated with it had to be undertaken afresh by each generation.

‘As Governor AbdulRazaq receives his turban, we remember those who preceded him, and we offer prayers for the generations who will encounter this occasion through the stories their elders preserve’, he added.

Shettima also spoke about his personal friendship and working relationship with the governor, saying both regularly engaged on matters of governance beyond ceremonial occasions.

He said their responsibilities frequently converged at the National Economic Council, where the Federal Government and states deliberate on economic proposals, implementation, financing and the circumstances confronting communities across the country.

‘At the National Economic Council, our responsibilities meet in discussions concerning the federation and its states. We consider how economic proposals connect with implementation, financing and the circumstances of communities.

‘That work requires listening across different experiences and respecting the obligations each government carries. A federation is sustained through the patient conversation between those who share responsibility for its people. No boundary on an administrative map can divide the dignity Nigerians are entitled to expect’, he said.

Shettima noted that AbdulRazaq, as Chairman of the Nigeria Governors’ Forum, also participates in engagements with the Federal Government and development partners, saying such institutional responsibilities ultimately centred on meeting the needs of farmers, households and businesses.

He said, ‘There is something sobering about celebrating a friend while both of you remain answerable to the demands of public office. Titles will eventually pass into the record of our lives. The human bonds formed along the way should endure beyond the appointments through which other people first came to know us’.

The Vice President identified renewed classrooms, expanded medical coverage and roads connecting communities among areas in which the Kwara administration had invested, stressing the need to preserve and build on such interventions.

The ceremony was attended by the governors of Imo, Kebbi, Plateau, Ekiti, Ogun, Niger, Bayelsa and Kaduna states.

First Lady Senator Oluremi Tinubu was represented by the wife of the Vice President, Hajiya Nana Shettima.

Also present were Minister of Industry, Trade and Investment, Dr Jumoke Oduwole; Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN); Emir of Zazzau, Nuhu Bamali; and the Soun of Ogbomoso, Oba Ghandi Afolabi Olaoye, Orumogege III, among other dignitaries.

FG Mourns Olu Jacobs, Says His Legacy Will Never Fade

The Federal Government has mourned the death of veteran Nollywood actor and cultural icon, Olu Jacobs, describing his passing as a monumental loss to Nigeria’s creative industry.

Jacobs died on Wednesday at the age of 84.

The Minister of Art, Culture, Tourism and the Creative Economy, Hannatu Musa Musawa, expressed the government’s condolences in a statement issued by the ministry.

Musawa described the late actor as a national institution whose career helped shape Nigeria’s entertainment industry and promote the country’s stories on the global stage.

‘Olu Jacobs was not just an actor, he was a national institution. He was one of the most important pillars of Nigeria’s entertainment industry and one of Africa’s greatest actors,’ she said.

‘For over five decades, his voice, his presence and his craft gave life to our stories and gave dignity to our industry.’

The minister said Jacobs’ contributions extended beyond acting, noting his role in mentoring and developing talents through the Lufodo Academy.

According to her, the academy had trained hundreds of actors, directors and filmmakers who are now contributing to the growth of Nollywood.

‘Through the Lufodo Academy, which has trained hundreds of actors, directors and filmmakers who are now leading Nollywood, and the countless lives he touched, his legacy will continue to live on stage, on screen and in the hearts of millions of Nigerians,’ Musawa said.

‘Nigeria has lost a Lion, but his light will never fade.’

The ministry said Jacobs’ death had left a significant gap in Nigeria’s cultural and creative sector but maintained that his influence would endure through his body of work, his students and the generations of artists inspired by his career.

It also extended condolences to his wife, Dame Joke Silva, their children and other members of the family.

‘On behalf of the Federal Government of Nigeria and the entire creative community, the Ministry extends heartfelt condolences to Dame Joke Silva, his children, and other family members,’ the statement added.

Jacobs was widely recognised for his contributions to Nigerian theatre, film and television over a career spanning more than five decades.

His work established him as one of the most respected figures in the country’s entertainment industry.

Mo Abudu mourns Olu Jacobs, calls him giant of African cinema

Filmmaker Mo Abudu has paid tribute to veteran actor Olu Jacobs following his death at 84.

Jacobs, whose death his family announced on Wednesday, September 16, 2026, was celebrated for a career spanning theatre, television, international productions and Nollywood.

His family described him as ‘The Lion of Lufodo’ and asked the public to respect their privacy as they mourn his passing.

Reacting to the news, Abudu described Jacobs as one of the ‘true giants’ of African cinema, theatre and television, reflecting on his remarkable contribution to the entertainment industry.

She wrote, ‘A legend has passed. Uncle Olu Jacobs. Today, we mourn the passing of one of the true giants of African cinema, theatre and television.

‘Uncle Olu was more than an extraordinary actor. He was a presence, a voice and a master of his craft. From the stage to Nigerian cinema and television, and onto international screens, he brought a rare depth, dignity and humanity to every role he inhabited.

‘He lit up screens around the world and became one of the most recognisable and respected faces of African storytelling, inspiring generations of actors and filmmakers along the way.

‘I feel privileged to have witnessed his brilliance and to have known the warmth, dignity and grace he brought to those around him.

‘His contribution to our industry and to global storytelling can never be forgotten. His work will continue to live on, and so will the memories of the man behind the legend.

‘Thank you, Uncle Olu, for the years of magic, for the stories, for the inspiration and for the legacy you leave behind. You will be deeply missed. May your soul rest in perfect peace. Rest well, Legend,’ she said.

Jacobs was one of Nigeria’s most recognised veteran actors, with an extensive career across theatre, television and film.

He trained at the Royal Academy of Dramatic Art in London before working in British theatre and television, and later became a major figure in Nollywood.

Over the years, he received several honours for his contribution to the arts, including the national honour of Member of the Order of the Federal Republic (MFR), the Africa Movie Academy Award for Best Actor in a Leading Role, and other industry recognition.

Abudu’s tribute added to the growing number of messages from colleagues and industry figures mourning the veteran actor and celebrating the legacy he leaves behind.

Suspected Kidnapper Picked From A Hotel In Edo

Operatives of the Edo State Police Command have arrested a suspected kidnapper, identified as Sunday Irabor, and recovered cash, including dollars, from him.

The suspect was arrested at a hotel near Oluku Market, near Benin City.

The command’s spokesperson, ASP Eno Ikoedem, said the suspect was arrested on September 8 following credible intelligence received by operatives of the Ekiadolor Division.

She said N897,500 cash and $1,500, comprising 15 $100 bills, were recovered from him.

Other items recovered from the suspect, she added, included multiple phones, a Samsung tablet and a Cartier wristwatch.

According to her, the suspect had been handed over to the Violent Crime Response Unit of the command for further investigation and prosecution.

George Zakarashvili appointed Georgia’s ambassador to Azerbaijan

George Zakarashvili has been appointed Ambassador Extraordinary and Plenipotentiary of Georgia to the Republic of Azerbaijan.

According to the Georgian Foreign Ministry, Zakarashvili has held various positions at Georgia’s Foreign Ministry headquarters and in the country’s diplomatic missions over the years.

Since 2021, he has served as Georgia’s Ambassador Extraordinary and Plenipotentiary to Ukraine, as well as the country’s Permanent Representative to GUAM.

From 2016 to 2019, Zakarashvili served as Minister Plenipotentiary at the Section of Interests of Georgia at the Embassy of the Swiss Confederation in Russia. Between 2012 and 2016, he was Minister Plenipotentiary at the Embassy of Georgia in Ukraine and the Permanent Representation of Georgia to GUAM.

At various times, George Zakharashvili also served as Director of the Political Department of the Ministry of Foreign Affairs and Head of the Division for Relations with the Countries of Central Asia.

Inflation Eases To 15.39% Amid Rising Cost Of Living

Nigeria’s headline inflation dropped marginally to 15.39 percent in the month of August, a report by the National Bureau of Statistics has shown.

The report said the figure was down from 15.43% in July 2026 and stood at 23.14% in the same month of the preceding year (August 2025).

Looking at the movement, it explained the August 2026 Headline inflation rate showed a decrease of 0.04% compared to the July 2026 Headline inflation rate.

On a month-on-month basis, the inflation rate in August 2026 was 0.71%, which was 0.86% lower than the rate recorded in July 2026 (1.57%).

‘This means that in August 2026, the rate of increase in the average price level was lower than the rate of increase in the average price level in July 2026.’

It added that Food inflation rate in August 2026 was 19.57% on a year-on-year basis and stood at 25.30% in the same month of the preceding year (August 2025).

Also, on a month-on-month basis, the Food inflation rate in August 2026 was 1.02%, down by 4.55% points from July 2026 (5.56%).

‘This shows that the average prices of food items are increasing at a decreasing rate in August 2026.’

It said the drop in food inflation rate was attributed mainly to changes in the average prices of Palm Oil, Carrots, Pepper, Onions, Cassava Flour, Beef, Yam Flour, Water Yam, Melon (Egusi), Fresh Ginger Fresh Fish, Irish Potatoes, Wheat Grain, Frozen Chicken, Turkey Meat, Yam Flour, among others.

‘The average annual rate of Food inflation for the twelve months ending August 2026 over the previous twelve-month average was 15.70%, which was 14.15% points lower compared with the average annual rate of change recorded in August 2025 (29.86%).’

In states, it said all Items rate on a year-on-year basis was highest in Lagos (23.68%), Zamfara (22.56%), and Enugu (22.06%), while Sokoto (2.11%), Kebbi (3.72%) and Jigawa (3.81%) recorded the lowest rise in Headline inflation on a Year-on-Year basis.

On a Month-on-Month basis, the highest increases in Rivers (6.92%), Osun (5.61%) and Kano (5.59%), while Anambra (-8.83%), Bauchi (-7.13%), and Borno (-7.09%) recorded the lowest rise in the Month-on-Month inflation.

For Food Inflation, increase on year-on-year basis was highest in Adamawa (38.85%), Zamfara (37.96%), and Bayelsa (36.20%), while Borno (-4.04%), Jigawa (-0.23%) and Kebbi (3.47%) recorded the slowest rise in Food inflation on a Year-on-Year basis.

‘On a Month-on-Month basis, however, August 2026 Food inflation was highest in Katsina (9.48%), Rivers (8.86%) and Osun (8.32%), while Taraba (-12.42%), Borno (-12.15%), and Bauchi (-8.88%) recorded the slowest rise.’

…Inflation still high – Report

Inflation remained a major concern for households and businesses in August 2026, according to a recent inflation expectations survey report by the Central Bank of Nigeria (CBN).

The Inflation Perception Index stood at 39.6 points in August, down slightly from 40.0 points recorded in July.

While the decline was modest, respondents appeared increasingly hopeful that inflationary pressures would moderate in the months ahead, with expectations projected to fall to 19.9 index points next month.

Among households, the proportion of respondents who considered inflation to be high edged down marginally, from 67.3 per cent in July to 67.2 per cent in August. Businesses recorded a more noticeable improvement, with the share perceiving inflation as high falling from 65.4 per cent to 61.8 per cent during the review period.

The experience of inflation, however, varied considerably across different categories of businesses and households.

By business size, micro enterprises recorded the highest inflation perception index at 101.4, followed by medium-sized businesses at 63.3, large businesses at 63.1, and small businesses at 57.4. On the other hand, small businesses recorded the highest perception of moderate inflation at 32.3 per cent, followed closely by large businesses at 31.8 per cent, medium enterprises at 27.8 per cent, and micro businesses at 24.7 per cent.

Geography also played a role in how households experienced rising prices. Rural households were more likely to perceive inflation as high, with 65.7 per cent reporting a high perception of inflation, compared with 63.2 per cent among their urban counterparts.

Income differences were even more pronounced. Households earning below N70,000 recorded the highest perception of inflation at 68.4 per cent, while those earning above N450,000 recorded the lowest at 30.8 per cent. The figures highlight how rising prices continue to weigh more heavily on households with lower incomes.

Despite these pressures, respondents expressed greater optimism about the future. The survey showed that both households and businesses anticipate a gradual decline in inflation over the next three and six months.

Among businesses, 16.9 per cent expected inflation to moderate over the next month, while the proportion rose to 29.4 per cent when respondents considered the next six months. Similarly, 23.2 per cent of households expected inflation to moderate over the six-month period.

The survey also captured the continuing impact of inflation on expenditure. In August, 60.1 per cent of firms reported that inflation had increased their expenditure, compared with 51.9 per cent of households.

Inflation remains a significant burden, particularly for low-income and rural households, while businesses continue to face higher operating costs. Nevertheless, the stronger expectations of moderation over the medium term suggest that respondents are beginning to see the possibility of some relief ahead.

Many Nigerians who spoke to Daily Trust insist that despite the drop the inflation remains very high. ‘This one is a mere statistics,’ said a Lagos resident, Mr. Ayodele Segun, adding, ‘Prices of food items are still costly and the truth is I don’t even believe in this figure.’

…Inflation may ease while prices remain elevated – Expert

A financial analyst, Asalu Adegboyega Yinka stated that there is ‘difference between macroeconomic performance and household welfare.’

He explained that economic growth does not automatically translate into higher living standards.

He said, ‘What matters to households is whether their real disposable income is growing faster than the cost of food, housing, transportation, healthcare, education and other essential goods and services.

‘Even when inflation is decelerating, prices may still be rising-only at a slower rate. Therefore, a decline in the inflation rate does not mean that the cost of living has fallen.

‘Nigeria also faces structural challenges, including weak real wage growth, high unemployment and underemployment, low productivity, infrastructure deficits, elevated energy and transportation costs, housing shortages, income inequality and limited access to affordable credit.

‘Therefore, the real test of Nigeria’s economic recovery should not be limited to GDP growth, rising reserves or exchange-rate stability.

A stronger macroeconomic balance sheet is important, but economic stability is only meaningful when it eventually translates into improved purchasing power and a better quality of life for ordinary Nigerians.’