Veteran Nollywood actor and filmmaker Jide Kosoko has said he is in debt after his film, Eleko: Oba Esugbayi, failed to recoup its production cost of over N300m in cinemas.

Kosoko disclosed this in a now trending clip from his interview on African A-List published on October 17, where he explained that the money used to produce the film came from investors who expected returns on their investment.

According to him, the film which premiered in the cinemas in March, failed to generate enough revenue to recover its production cost, while the little money earned was shared among those involved.

“My film ‘Eleko: Oba Esugbayi’ that recently came out and we took to the cinemas, cost us over N300 million. Do I have 300 million? You should know that some people gave it to me and it was not that they dashed me, they invested in it and we took the film to the cinemas,” he said.

He added, “Different things happened and we did not earn our money back. The little that was earned was split. As I am, if you hear someone with debt dancing around their neck, it is me.”

PUNCH Online had earlier reported that Kosoko revealed he had been living with diabetes since 1996, saying his decades-long experience with the condition had given him a better understanding of his health.

The actor made this known in an interview on African A-List, uploaded to YouTube on Saturday.

“I became diabetic in 1996; I understand my health better than some doctors do. Do not misquote me. I am not saying I know how to do everything, I just do not want to die,” Kosoko said.

He also spoke about his personal life, disclosing that he had lost three wives, including the mother of his daughter, Bidemi Kosoko, who died during childbirth.

“I lost my wife during childbirth; that’s Bidemi’s mother. I have lost three wives,” he said.

State governors have rejected deductions from allocations due to the states from the Federation Account in the September 2026 revenue-sharing cycle, arguing that the deductions would further squeeze their finances, The PUNCH reports.

The states also called for the suspension of deductions linked to the Paris Club refund to local government councils, alleging that the payments were resumed without prior communication and reconciliation with affected states.

Their opposition comes after the three tiers of government shared N668.4bn less of August 2026 revenue distributed in September, heightening concerns over the impact of lower revenue receipts on states’ ability to meet their financial obligations.

The governors also demanded the redistribution of the proposed N240bn savings, insisting that the funds should be shared among the federal, state and local governments rather than deducted or retained under the proposed arrangement.

The complaints were raised by several state Accountants-General during the technical session of the Federation Account Allocation Committee meeting, according to a report by the committee’s technical sub-committee, dated 14 October, 2026, obtained by The PUNCH on Thursday.

The meeting, held at the Federal Ministry of Finance headquarters in Abuja, considered revenue accounts for August and the amounts available for distribution in September.

The report showed that the total amount recommended for distribution to the federal, state and local governments stood at N2.339tn, compared with N3.007tn shared in the previous month, representing a decline of N668.4bn.

The statutory revenue available for distribution dropped more sharply, falling from N2.283tn in the previous month to N1.566tn in August, a decrease of N717.08bn.

However, revenue from Value Added Tax increased to N773.23bn from N724.46bn, providing some relief amid the decline in statutory revenue.

The Director of the Federation Account Department, Okolie Rita, who presented the accounts, told the committee that the statutory revenue available for distribution was calculated after deducting N85.71bn and N36.83bn as four per cent costs of collection for the Nigeria Revenue Service and the Nigerian Upstream Petroleum Regulatory Commission, respectively.

The revenue decline triggered calls from state representatives for the Federal Government to release additional funds and reconsider deductions that they said were putting pressure on state finances.

The Accountant-General of Akwa Ibom State, Andrew Essien, observed that August revenue had dropped considerably compared with July and appealed for the proposed N240bn savings to be returned to the distributable pool.

The Accountant-General of Jigawa State, Abdullahi Shehu, recalled an earlier proposal to augment the previous month’s revenue with N250bn, which he said had not been implemented. He urged the committee to combine the promised N250bn with the proposed N240bn savings and redistribute the funds to the three tiers of government.

The Accountant-General of Bayelsa State, Tokoni Ifidi, supported the demands and raised concerns about deductions for the Paris Club refund to local government councils.

She said the deductions were introduced without prior communication to the states, despite what she described as an earlier commitment in 2025 concerning the deductions, which began in February that year and were stopped by a court order in April 2026.

The document read, “AG Akwa Ibom observed a considerable drop in the revenue of August, 2026 compared to July, 2026 and appealed for the proposed savings of N240bn to, instead, be redistributed. AG Jigawa recalled that there was a proposal to augment the previous month’s revenue with the sum of N250bn but it had not been done. He suggested that the N250bn promised in the previous month should be added to the proposed savings of N240bn and be redistributed.”

The Director of the Federation Account Department explained that the Paris Club deductions were not new, noting that they had previously been suspended following a court order.

The Bayelsa representative, however, maintained that the deductions should continue to be suspended pending reconciliation. She said the Economic and Financial Crimes Commission had held reconciliation sessions with local government councils and was awaiting feedback from the Office of the Accountant-General of the Federation on the commencement and continuation of the deductions.

The Accountant-General of Niger State, Saidu Abdullahi, criticised the handling of the deductions, arguing that the ministry had made a mistake from the beginning by distributing funds without adequate planning and proper communication.

He insisted that previous agreements should be honoured, particularly the proposed N250bn augmentation, while supporting calls for the redistribution of the N240bn savings.

The Accountant-General of Cross River State, Glory Effiong, also backed the demand for the savings to be redistributed, observing that deductions had consumed a substantial portion of the earnings of many states.

She said she had not been invited to any reconciliation meeting on the Paris Club debt since joining the committee and urged the Office of the Accountant-General of the Federation to improve its communication with state representatives.

The Accountant-General of Jigawa State further questioned the amount deducted under security-related expenditure, describing the quantum of deductions as alarming and calling for a review.

The Accountant-General of Nasarawa State, Musa Mohammed, stressed that states should be properly informed and invited to reconciliation meetings before decisions affecting their allocations were implemented.

Source: punchng.com

FOLLOW US ON:

FACEBOOK

WHATSAPP CHANNEL

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

Nigeria’s annual average inflation is projected to decline significantly to 15.6 per cent in 2026 before easing further to 14.7 per cent in 2027, according to the latest economic assessment by the International Monetary Fund.

This expected slowdown marks a noticeable deceleration from the elevated 23.0 per cent average inflation recorded in 2025.

Economic analysts at Coronation Research highlight that key macro stabilisation measures are actively contributing to this cooling trend. Specifically, increased exchange rate stability alongside growing domestic refining capacity is playing a central role in moderating persistent domestic price pressures across supply chains.

Despite this encouraging downward trajectory, persistent risks could temper the speed of relief for businesses and consumers.

In its evaluation of the macroeconomic environment, Coronation Research noted, “Exchange rate stability and increased domestic refining capacity could help moderate price pressures. However, higher energy and fertiliser costs, alongside election-related spending, may slow the pace of disinflation”.

High input expenses and local food insecurity continue to present direct risks to overall household welfare, threatening to constrain how effectively macro disinflation translates into immediate improvements in daily living standards.

Looking ahead, the IMF projects Nigeria’s gross domestic product to grow by 4.2 per cent in 2026 and 4.3 per cent in 2027, driven by continued foreign exchange reforms and strong performance in the non-oil sector.

Analysts from Coronation Asset Management broadly backed these projections, pointing out that their internal estimate for 2027 annual average inflation sits very close to the multilateral lender’s forecast at 14.56 per cent. “While structural headwinds remain, the ongoing economic policy reforms and expanded refining operations provide a strong foundation for steady, long-term price moderation”, an analyst said.

In recent years, Nigeria has grappled with elevated price pressures, fuelled by macroeconomic imbalances, foreign exchange volatility, and external supply chain disruptions. Following a period of aggressive policy interventions, including foreign exchange market adjustments and structural economic reforms aimed at stimulating non-oil production, the focus has shifted toward restoring price stability and stabilising the local currency.

The latest October 2026 World Economic Outlook update by the International Monetary Fund and companion analyses from Coronation Research offer an updated projection on the country’s macroeconomic path.

After headline annual-average inflation climbed to an estimated 23.0 per cent in 2025, persistent tight monetary policy, combined with a gradually stabilising foreign exchange regime, has begun easing price pressures across major consumer categories.

“Increased local refining capacity has further aimed to reduce energy import dependency and temper transportation fuel costs. However, lingering supply risks, higher agricultural input costs, and fiscal pressures continue to pose potential risks to the broader disinflation trend”, the report added.

Source: punchng.com

FOLLOW US ON:

FACEBOOK

WHATSAPP CHANNEL

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM