News
NBS Rebases January Inflation Basket to 24.48%
The bureau put food inflation at 26.08 percent year-on-year.
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.”
• King Wasiu Ayinde Marshall
News
Alleged N2.2bn fraud: Ngige gets bail, trials continue on January 28
The EFCC alleges that Ngige used his ministerial position between 2015 and 2023 to award contracts unfairly, divert funds, and enrich himself and associates.
Former Minister of Labour and Employment, Chris Ngige, has been granted bail by the High Court of the Federal Capital Territory in Gwarimpa.
He faces eight counts of charges bordering on abuse of office, contract fraud, and acceptance of kickbacks from contractors linked to the Nigeria Social Insurance Trust Fund.
In Thursday’s ruling, Justice Maryam Hassan adopted the terms of the administrative bail earlier granted by the EFCC.
The court ordered Ngige to produce a surety who must be a serving Federal Government director.
The surety is required to deposit travel documents with the court registrar, as Ngige claims his passport was lost.
The surety must also present landed property with a valid certificate of occupancy within the Federal Capital Territory.
The EFCC alleges that Ngige used his ministerial position between 2015 and 2023 to award contracts unfairly, divert funds, and enrich himself and associates.
The trial is scheduled to commence on January 28, 2026.
News
BREAKING: Senate Confirms Former INEC Chairman Mahmood Yakubu, Reno Omokri, Femi Fani-Kayode, and Others as Ambassadors
#The Nigerian Senate has confirmed a list of high-profile non-career ambassadorial nominees submitted by President Bola Tinubu, including former Independent National Electoral Commission (INEC) Chairman Prof. Mahmood Yakubu, social media influencer and former presidential aide Reno Omokri, and ex-Minister of Aviation Chief Femi Fani-Kayode (FFK).
The confirmations followed screenings by the Senate Committee on Foreign Affairs, which cleared the nominees amid some procedural debates but ultimately recommended their approval.
Other prominent figures confirmed include former Minister of Interior Abdulrahman Dambazau, ex-governors Ifeanyi Ugwuanyi (Enugu) and Okezie Ikpeazu (Abia), and several former senators and political allies.
The approvals form part of a broader diplomatic restructuring by the Tinubu administration, with the nominees expected to be deployed to key missions abroad to strengthen Nigeria’s international relations.
Sources indicate that the list, which includes a mix of career and non-career diplomats totaling around 68, addresses long-standing vacancies in Nigeria’s foreign missions.
The nominations had sparked public debate earlier, with critics questioning the inclusion of politically controversial figures, while supporters highlighted their experience in public service and loyalty to national interests.
The confirmed ambassadors-designate will receive their specific postings after formal letters of credence from the president.
This development marks a significant step in revitalizing Nigeria’s diplomatic presence globally.
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