Witty Global blog

  As prices of school bags soar, parents now turn to locally made backpacks . Every day in Nigeria, unsettling news of rising prices for essential goods and services comes to the fore, and the latest spike has hit parents particularly hard. The cost of children's school bags has skyrocketed, making it increasingly difficult for families to afford quality backpacks for their children to carry books, food, and water to school. Soaring Prices of School Bags Previously, a standard school backpack could be purchased for less than N5,000. However, prices have surged dramatically, with many bags costing around N35,000 or more. This steep increase and rising school fees create a financial burden that many parents find unbearable. For instance, the cost of school fees has also seen significant hikes, with reports indicating increases of up to 86% in some institutions. Parents are now faced with the painful reality of managing these escalating costs, which are compounded by the overall infla...

  The lending landscape in Nigeria's banking sector is undergoing significant changes as banks increasingly withdraw from financing the real sector. This shift comes amid rising threats to the business environment, including insecurity, supply chain disruptions, inflation, and declining purchasing power. As a result, banks' deposits with the Central Bank of Nigeria (CBN) surged to N17.83 trillion in April 2025, marking a staggering 243% increase from N5.2 trillion in March 2025. Key Developments Surge in Deposits: Financial data from the CBN indicates that banks and merchant banks deposited a total of N37.05 trillion with the central bank in the first four months of 2025. This represents a dramatic year-on-year increase of 1549% compared to N2.25 trillion during the same period in 2024. The increase in deposits reflects a growing trend among banks to prioritize liquidity over lending amid economic uncertainty. Monetary Policy Impact: The CBN's Standing Deposit Facility (SDF...

 In a recent episode of Forbes Talks, Stephanie Liu, cofounder of the innovative health startup Nourish, shared insights into building a $100 million AI-powered health company. Nourish, which emerged during the pandemic, is driven by a commitment to preventative health and aims to make dietitian services accessible. Origins of Nourish Liu explained that the inception of Nourish was rooted in the realization that many individuals have access to dietitian services through their insurance yet remain unaware of it. ""Insurance companies have been covering medical nutrition therapy since the early 2000s," she noted, emphasizing that the challenge lies in awareness and access. This insight led Liu and her cofounders, Sam Perkins and Aidan Dewar, to create a platform that connects licensed dietitians with patients through virtual consultations, directly billing insurance companies for their services. Growth and Impact Since its launch in 2021, Nourish has made significant strid...

  Taiwo Oyedele, the Chairman of the Presidential Fiscal Policy & Tax Reforms Committee, has recently assured Nigerians that the tax reform bills proposed by President Bola Tinubu will significantly enhance workers' net income and alleviate the financial burdens many face. In a message shared on his X account to commemorate Workers' Day, Oyedele emphasized that these reforms are designed to benefit Nigerian workers and should be supported by all stakeholders, including organized labour groups like the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) Key Features of the Tax Reform Bills Increased Disposable Income: The proposed reforms aim to lower taxes, increasing workers' disposable incomes. Notably, the bills include a full exemption from the Pay As You Earn (PAYE) tax for workers earning up to ₦1.3 million annually (over ₦100,000 per month), representing about 35% of all public and private sector workers. Additionally, armed forces members will benef...

  Since President Bola Ahmed Tinubu declared a state of emergency in Rivers State on March 18, 2025, the political landscape has been tumultuous. The suspension of Governor Siminalayi Fubara, his deputy Prof. Ngozi Odu, and the entire legislative arm has raised concerns about the state's governance and economic stability. This emergency rule, which was implemented to address what Tinubu described as "months of intense political instability," has led to a significant power vacuum and unrest in the region. Political Dynamics and Attempts at Reconciliation In the wake of his suspension, Fubara has actively sought to mend fences with his political mentor, Nyesom Wike, the current Minister of the Federal Capital Territory. Reports indicate that on April 18, Fubara met with Wike in Abuja, accompanied by notable Yoruba political leaders, including Governor Dapo Abiodun of Ogun State and former Governor Segun Osoba. This strategic choice to involve Yoruba leaders rather than loca...

  As the political landscape in Nigeria heats up ahead of the 2027 elections, former Vice President Atiku Abubakar and former Kaduna State Governor Nasir el-Rufai have emerged as prominent figures, drawing significant media attention for their controversial statements and actions. Their recent manoeuvres reflect a complex interplay of ambition, rivalry, and the quest for political relevance in a rapidly changing environment. Atiku Abubakar's Coalition Aspirations Atiku Abubakar, who has faced challenges in consolidating a coalition since his defeat in the 2023 presidential election, is actively seeking alliances to strengthen his political position. His recent efforts to form a coalition with other opposition leaders, including el-Rufai, have been met with scepticism. Critics, including former presidential candidate Omoyele Sowore, have questioned the credibility of such alliances, arguing that many involved lack the integrity necessary to drive meaningful change. Sowore's rema...

  The Securities and Exchange Commission (SEC) has recently raised an alarm regarding a suspected illegal investment platform known as  TOFRO.COM  (Tofro). In a public notice issued on Thursday, the SEC warned Nigerians to exercise caution and avoid falling victim to the platform's fraudulent schemes, which promise unusually high investment returns. SEC's Findings on  TOFRO.COM The SEC's investigation revealed that Tofro operates as an unregistered cryptocurrency trading platform, lacking the legal authorization to solicit investments from the public. The commission highlighted several red flags indicative of a Ponzi scheme, including: Promises of High Returns: Tofro claims to offer returns significantly higher than market standards, a tactic used by fraudulent schemes to attract investors. Referral System Reliance: The platform relies heavily on a referral system for payouts, which is not based on actual investment returns but on new investors joining the scheme. Wi...