Connect with us

News

NBS Rebases January Inflation Basket to 24.48%

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

Published

on

435 Views

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.”

News

Senate postpones plenary resumption to March 10

The leadership of the Senate urged all Distinguished Senators to take note of the new date and time for resumption, while expressing regret over any inconvenience the change might have caused.

Published

on

By

2 Views

The Senate has postponed the resumption of its plenary session earlier scheduled for Thursday, March 5, 2026.

The development was contained in a notice issued on the directive of the President of the Senate, Godswill Obot Akpabio.

In the notice, signed by the Clerk to the Senate, Emmanuel Odo, the plenary will now reconvene in the Senate Chamber on Tuesday, March 10, 2026, at 11:00 a.m.

The leadership of the Senate urged all Distinguished Senators to take note of the new date and time for resumption, while expressing regret over any inconvenience the change might have caused.

Continue Reading

News

National Police Council Ratifies Disu’s Appointment

Disu is now expected to proceed to the senate for confirmation as the last hurdle before attaining a substantive position as the IGP.

Published

on

By

21 Views

The National Police Council has ratified the appointment of Olatunji Disu as the acting Inspector General of Police.

The decision was taken at a meeting presided over by President Bola Tinubu , the third National Police Council session under his administration since taking office.

Disu was nominated by the president last week following the resignation of Kayode Egbetokun .

Disu is now expected to proceed to the senate for confirmation as the last hurdle before attaining a substantive position as the IGP

The National Police Council is responsible for the organisation, administration and operational oversight of the Nigeria Police Force, including the appointment and discipline of senior officers.Governors of Kwara, Ogun, Lagos, Ondo, Enugu and Plateau states attended the meeting, alongside the ministers of Police Affairs, the Federal Capital Territory and Interior.

Continue Reading

News

DSS Arrests Suspect Over Edo Attack on Peter Obi, Others

Stephen stated online that Obi was lucky to have escaped in Benin, and vowed that the former presidential candidate wouldn’t be that lucky next time.

Published

on

By

23 Views

• Suspect Udeme Monday Stephen, posted on his X account @stevetom788.

The Department of State Services (DSS) has arrested a man suspected of being behind the recent attempt to assassinate the 2023 presidential candidate of the Labour Party (LP), Mr. Peter Obi, in Benin, the Edo State capital.

Obi, a former governor of Edo State, Chief John Oyegun, and several chieftains and members of the opposition All Democratic Congress (ADC), on February 24, escaped death by the whiskers when armed men fired several gunshots at them at their party’s meeting in Benin.

Shortly after the attack, one Udeme Monday Stephen, posted on his X account @stevetom788.

He claimed responsibility for the attack and threatened further attacks on Obi.

Stephen stated online that Obi was lucky to have escaped in Benin, and vowed that the former presidential candidate wouldn’t be that lucky next time.

“We warned Obi against his entrance into Edo State, but he mistook our resolve for his Obidiots online noise. Thank his stars he (Obi) survived this one…

“I learned that he’s going to my Rivers State… Na my men go handle that one and dem no dey miss target… Speak no peace to a bastard and wish him no long life, for he’s destined to die,” posted Udeme.

A top security source disclosed that, no sooner had Stephen issued the threat than DSS operatives began covert investigation, deploying forensic analysis to track and arrest him.

The source disclosed that the suspect is 26 year old called Udeme Monday Stephen, and teaches at Jessica High School in Eliozu, Rivers State, at Umuehere Community, in Obio-Akpor LGA of the state.

“I strongly believe that the outcome of the agency’s forensic investigations implicated the suspect,” the source stressed”

You know that, as a responsible security organisation saddled with the task of counter-espionage, VIP protection, among other asset protection duties, the DSS is always alive to its responsibility of investigating credible intelligence, irrespective of tribe or religion.

“They swiftly deployed operatives and the man who threatened Peter Obi was nabbed and is in custody,” the source declared, adding that Stephen would soon be charged to court.

Continue Reading

Trending