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Nigerians Suffering Increased Under Tinubu – Shari’ah Council Laments

Published

2 years ago

January 17, 2024

The Supreme Council for Shari’ah in Nigeria has raised concerns over the rising cost of foodstuffs and other valuables across the country, saying suffering escalated under President Bola Tinubu.

The President of the Council, Sheikh AbdurRasheed Hadiyatullah, who stated this at the SCSN’s National Conference in Abuja on Tuesday, lamented that Nigerians are currently battling unemployment and an economic quagmire.

He spoke on the theme: “Matters Arising from the 2023 Election and Associated Socio-Economic Challenges”.

”The suffering of Nigerians has escalated since President Tinubu assumed office.

“What used to cost N200 is now being sold at N2,000. Nigeria’s current state is marked by cash scarcity, unemployment, and economic challenges,” he said.

Nigeria is facing its worst cost of living crisis, with year-on-year inflation refusing to slow down in 2023. While inflation didn’t hit 30 per cent as predicted by many experts, it has been blamed for rising poverty rates in the county.

Inflation closed 2023 at a 21-year high of 28.92 per cent, according to the National Bureau of Statistics.

Major contributors to inflation were food and non-alcoholic beverages (14.98 per cent), housing, water, electricity, gas and other fuel (4.84 per cent), clothing and footwear (2.21 per cent), transport (1.88 per cent), furnishings and household equipment and maintenance (1.45 per cent), and education (1.14 per cent).

Food inflation continues to outperform general inflation. In December 2023, the food inflation rate was 33.93 per cent.

Between January and May 2023, inflation pushed an estimated four million people into poverty in the country, according to the World Bank.

In a November report, the Bretton Woods institution disclosed that the continued spike in inflation would push a further 2.8 million people into poverty by 2023’s end.

The removal of fuel subsidy and the foreign exchange rate unification policy have been blamed for the surge in the country’s inflation. In the December update of its Nigeria Development Update report, the global agency revealed that since May, petrol prices had increased by an average of 163 per cent and the naira had depreciated against the US dollar by 41 per cent in the official market and by 30 per cent in the parallel market.

News

Transfer: Premier League Clubs Scramble For Dele-Bashiru

Published

4 hours ago

May 6, 2026

Editor

Lazio midfielder, Fisayo Dele-Bashiru is a subject of interest from three Premier League clubs, according to Sky Sports.

Lazio reportedly rejected offers from Nottingham Forest and Bournemouth for the Nigeria international in January.

La Biancolesti are bracing for more interest in Dele-Bashiru ahead of the summer transfer window, according to Sky Sports.

The 24-year-old has two years left on his contract with the Serie A club.

The attacking midfielder joined the Rome-based club from Turkish Super Lig outfit Hatayspor in 2024.

He has been a regular feature for Lazio this season.

News

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

4 hours ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

News

N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

6 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.