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NBS Rebases January Inflation Basket to 24.48%

The bureau put food inflation at 26.08 percent year-on-year.

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The National Bureau of Statistics (NBS) has stated that Nigeria’s Headline Inflation dropped to 24.48 percent for the month of January 2025, from 34.80 percent in December 2024.

The bureau put food inflation at 26.08 percent year-on-year.

Speaking during a press briefing on Tuesday in Abuja, the Statistician of the Federation and the CEO of NBS, Prince Adeyemi Adeniran, said the new figure was as result of the rebasing of Nigeria’s inflation basket to keep it updated to international standard.

He stated that the country last rebased its inflation in 2009, thus using prices of goods prominent during the period.

“This rebasing process also allows Statistical Offices to introduce methodological enhancements to their computation procedures and align with global best practices.”

“Under this process, NBS is not only bringing the base year closer to the current period, from 2009 to 2024, but we have also introduced some critical methodology changes to improve the computation processes and quality of the estimates.

“Under the CPI, important enhancements have been made to the methodology.

Some of the improvements include the transition to the latest version of the classification method, the Classification of Individual Consumption.

According to Purpose (COICOP) 2018 version, from the 1999 version of COICOP, the new version has 13 divisions, bringing in household expenditure on Insurance and Financial Services, which now has a weight of 0.5% relative to the total household expenditure.

Another important improvement is the exclusion of own-production, imputed rents, and gifted items from the aggregates used to come up with the weights.

This is because CPI is a monetary phenomenon. Hence, the computations should only include monetary expenditure.

Also implemented under this rebasing is the movement of expenditures on meals away from home to the appropriate divisional class.

These changes are quite significant and appropriately align expenditures to their respective classes, enabling price changes to be measured properly.”

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JUST IN: 1 Dead, 3 Rescued in Fadeyi Building Collapse, Lagos

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A two-storey building has collapsed in the Fadeyi area of Lagos, resulting in one fatality and the rescue of three people, emergency officials confirmed on Friday morning.

The incident occurred in the early hours, sending residents and nearby traders into panic as the structure suddenly gave way. Rescue teams from the Lagos State Emergency Management Agency (LASEMA) and other first responders quickly arrived at the scene and began extracting victims from the rubble.

According to preliminary reports, one person was confirmed dead at the site, while three others were pulled out alive and rushed to a nearby hospital for treatment. Their conditions have not yet been disclosed.

Security personnel have cordoned off the area to allow rescue operations to continue and to prevent further access by onlookers. Officials are still assessing whether any other persons remain trapped under the debris.

The cause of the collapse has not been established. Authorities have not ruled out structural failure, but investigations are ongoing.

Further updates are expected as the rescue operation progresses and more details become available from emergency services.

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UNILAG School Teachers Begin Work-to-Rule Over Unpaid Arrears

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Teachers at the International School, University of Lagos (ISL), on Wednesday commenced a work-to-rule action over unpaid salary arrears, their removal from the university’s payroll, and delays in implementing a National Industrial Court judgment.

The staff are demanding the payment of outstanding Consolidated Tertiary Institutions Teaching Allowance (CONTTA) arrears, as well as arrears from the 25 per cent and 35 per cent salary adjustments approved in 2024. They also want full restoration to the university’s payroll.

Comrade Razak Yusuf, Chairman of the Senior Staff Association of Nigerian Universities (SSANU), University of Lagos branch, said the industrial action followed prolonged delays in resolving the teachers’ employment status and financial entitlements.

The teachers had approached the National Industrial Court of Nigeria, which ruled in their favour on May 11, 2026. Despite the judgment, they claim the university has yet to fully restore their names to the payroll or settle outstanding benefits.

Protesters carried placards with messages such as “Equal Work, Equal Rights,” “ISL tutors deserve their due,” and “Other UNILAG staff paid, ISL tutors still owed.” The action disrupted teaching and a scheduled mid-term examination at the school.

The teachers called on the university management to restore the affected staff to the payroll, settle all outstanding financial obligations, and provide a clear payment plan with timelines.

They rejected suggestions that any interim arrangement under the university’s Council protocol amounted to goodwill, insisting they were only seeking recognition of their employment rights.

The development continues a pattern of industrial disputes at the University of Lagos over salary and allowance issues.

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JUST IN: Gas Emissions Hit Ogun Schools, Hundreds of Pupils Hospitalised

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Hundreds of students were hospitalised on Wednesday morning after fresh gaseous emissions hit parts of Ogun State, including Ijebu-Ode, Ijebu-Igbo and Ago-Iwoye.

The incident affected pupils at Anglican Girls Grammar School, Obalende, Ijebu-Ode, and Ijebu-Igbo Girls Grammar School. Several schools in Ago-Iwoye suspended academic activities and sent students home as a precaution.

Kehinde Bello, General Manager of the Ogun State Environmental Protection Agency (OGEPA), visited the affected areas and linked the emissions to underground gas previously recorded in Ijebu-Ode since April 2026. He said the situation was under control and attributed the releases to natural geological and tectonic fault lines, ruling out sabotage or a gas pipeline leak.

Bello assured residents that the state government was working on a lasting solution. He advised anyone exposed to the odour to cover their noses and mouths with wet handkerchiefs.

The recurring emissions have renewed concerns about the safety of students and residents in the affected communities.

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