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Bayo Onanuga, Special Adviser on information and strategy to President Tinubu, has revealed that food inflation in Nigeria has declined massively.

He said this in a tweet on Monday, August 12, 2024 while reacting to a report by Cable Newspaper that the prices of a basket of tomatoes has dropped from N150,000 to N60,000 amid new harvests.

According to the report by TheCable, traders in Ketu and Berger markets gave the new prices. A trader at Ketu market said a big basket of tomatoes is currently selling for about N55,000 to N60,000 — down from an average of N150,000 a few months ago.

Additionally, a crate of tomatoes that previously cost N55,000 is now being sold for N30,000. He said a large basket of habanero pepper (rodo) is now selling for an average of N25,000, compared to N55,000 at the peak of the price surge.

It is the season. Hausa tomatoes and peppers are already coming out,” the trader said, providing reasons for the decline. Another trader in Ketu market said a small basket of tomatoes now costs between N20,000 and N25,000, lower than the previous price range of N30,000 to N34,000. She also said a small sack of pepper is currently selling for about N15,000 to N20,000. This previously cost N50,000.

Traders at Berger market told TheCable that a big basket of tomatoes has dropped from between N150,000 and N200,000 to about N50,000-N60,000; adding that a crate of the commodity has decreased from N35,000 to N15,000.

In the same market, the largest sack of habanero pepper now sells for N19,500 — down from between N200,000 and N230,000, the traders said. They said the price of a medium sack fell from N130,000 to N17,500.

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Crossdresser Bobrisky has gone the extra mile to resurrect his career after their six months sojourn in KiriKiri correctional Centre.

He did this while uploading a picture of himself wearing p@nt and br@.

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Nigeria Immigration service are set to investigate a woman who tore her husband’s international passport at the airport.

The Nigeria Immigration Service (NIS) has launched a formal investigation following the circulation of a video on social media, showing a female traveler destrOying a Nigerian Standard Passport at the Murtala Mohammed International Airport (MMIA), Lagos. The individual involved has been identified as Mrs. Favour Igiebor, holding passport number A11990869.

In response to this incident, the Comptroller General of Immigration, KN Nandap, pcc, mmis, fsm, has directed that Mrs. Favour Igiebor be invited for further investigation.

If the allegations are substantiated, her actions would constitute a breach of Section 10(b) of the Immigration Act 2015 (as amended), with corresponding penalties outlined under Section 10(h) of the same Act.

The Nigeria Immigration Service remains steadfast in its commitment to upholding the provisions of the Immigration Act in the interest of national security, and to preserving the dignity and integrity of the nation’s legal instruments.

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The S&P 500 and the Nasdaq added around 0.5% on Friday, wrapping up a volatile trading week as economic uncertainties pressured stocks. The Dow was up 0.1% on the day.

Akamai Technologies (AKAM) shares popped 10.9% higher, marking the best daily performance in the S&P 500 after the company posted better-than-expected sales and profits for the second quarter, boosted by strong demand for cloud computing and security products. Akamai also lifted its full-year earnings per share (EPS) guidance, pointing to a successful product launch and continued momentum in the first half of 2024.

Online travel platform operator Expedia Group (EXPE) also exceeded top- and bottom-line expectations for the recently completed quarter, citing positive demand in international markets, and its shares jumped 10.2%. However, Expedia expressed concerns about macroeconomic challenges and softening travel demand, echoing recent comments from other online travel firms.

Eli Lilly (LLY) shares were up 5.5% on Friday, adding to gains posted in the prior session following the pharma giant's strong set of earnings results. Lilly benefitted from booming sales of weight-loss and diabetes treatments Zepbound and Mounjaro, and the company said it's making progress on boosting supply to keep pace with growing demand.

Shares of Insulet (PODD) suffered the heaviest losses of any S&P 500 stock, dropping 8.8% after the maker of insulin management devices suggested new user growth could be lower than previously expected in the second half of 2024, despite topping second-quarter sales estimates. Revenue gains were boosted by a 26.3% year-over-year jump in sales of the company's Omnipod device.

Intel (INTC) shares sank 3.8%, extending an August downdraft the stock has endured since the chipmaker reported a wider-than-expected quarterly loss last week. Along with the results, Intel announced a $10 billion cost-saving plan that includes laying off 15% of its workforce, but analysts questioned whether the initiatives will be sufficient to spur a recovery. On Friday, reports emerged that Intel postponed its "Innovation" event, originally scheduled for September.

Deutsche Bank trimmed its price target for shares of Estee Lauder (EL), and the cosmetic company's shares fell 2.8%. The maker of makeup and other beauty products is navigating a tough competitive environment in the U.S. and a challenging economic outlook in China.

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