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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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BREAKING: Governor Soludo Orders One-Week Closure of Onitsha Main Market Over Non-Compliance with Anti-Sit-at-Home

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In a decisive move to enforce the abolition of the long-standing Monday “sit-at-home” order in Anambra State, Governor Professor Chukwuma Charles Soludo has directed the immediate closure of the iconic Onitsha Main Market for one full week.

The governor’s action stems from reports that traders at the bustling market failed to open for business on Monday, January 26, 2026, in defiance of repeated state government directives mandating full resumption of commercial activities every Monday. The sit-at-home practice, originally linked to security concerns and separatist agitations in the Southeast, has been officially abolished by the Anambra State Government as part of broader efforts to restore normalcy, boost economic activity, and improve security.

Governor Soludo, who has consistently warned that non-compliant markets, shops, or plazas would face sealing for one week (and potentially longer for repeated violations), invoked this penalty following the apparent non-compliance at Onitsha Main Market—one of Nigeria’s largest and most economically vital commercial hubs.

The closure is expected to remain in effect for seven days, during which trading activities will be suspended. State authorities have emphasized that the measure aims to send a strong message against any lingering adherence to the sit-at-home order, which has previously crippled commerce across parts of the region.

Details on enforcement mechanisms, potential extensions of the closure, and reactions from market leaders and traders are still emerging. The state government has reiterated its commitment to ensuring Mondays are fully operational business days statewide, with similar warnings issued to other markets, schools, and civil servants (including threats of salary deductions for non-compliance).

This development comes amid ongoing efforts by the Soludo administration to end the sit-at-home phenomenon, which has seen varying levels of observance despite improved security in recent times.

Further updates will follow as more information becomes available.

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President Tinubu’s visiting Turkiye tomorrow

The visit is aimed at strengthening the existing cordial relations between the two countries and exploring further areas of cooperation in security, education, social development, innovation, and aviation.

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President Bola Ahmed Tinubu will depart Abuja on Monday, January 26, for a state visit to the Republic of Türkiye.

The visit is aimed at strengthening the existing cordial relations between the two countries and exploring further areas of cooperation in security, education, social development, innovation, and aviation.

Turkish President Recep Tayyip Erdogan paid an official visit to Nigeria from October 19 to 20, 2021.

Bayo Onanuga , Special Adviser to the President(Information & Strategy), said that during President Tinubu’s visit, both countries will engage in strategic political and diplomatic discussions on shared values in finance, communication, trade and investment.

The agenda will include meetings between high-ranking officials of both nations and the signing of memoranda of understanding (MoUs) in scientific research, energy, technical cooperation, media and communications, military cooperation and protocol, among others.

A business forum will bring together investors from both countries to explore areas of interest during the visit.

Members of the President’s entourage participating in the bilateral discussions include: Minister of Foreign Affairs, Ambassador Yusuf Tuggar; Attorney General and Minister of Justice, Prince Lateef Fagbemi SAN; Minister of Defence, General Christopher Musa (rtd) and Chairman, House Committee on Defence, Hon. Jimi Benson.

Others are: Minister of Women Affairs and Social Development, Hajiya Imaan Suleiman-Ibrahim; Minister of Interior, Olubunmi Tunji-Ojo; Minister of Culture and Creative Economy, Hannatu Musawa; National Security Adviser, Malam Nuhu Ribadu; and Director-General of the National Intelligence Agency, Ambassador Mohammed Mohammed.

President Tinubu is expected to return to the country at the conclusion of the visit.

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Lagos Fire Service Contains Warehouse Fire at Amuwo-Odofin Industrial Area (Photos)

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The Lagos State Fire and Rescue Service (LSFRS) responded to a distress call at 20:29 hours regarding a fire outbreak at an expansive warehouse located on Coker Market Road, Amuwo-Odofin Industrial Layout, Mile 2, Lagos.

Firefighting crews arrived the scene promptly at 20:40 hours. Firefighters from the Ajegunle, Sari Iganmu, Okota, and Alausa Fire Stations were immediately mobilised to combat the blaze.

The affected warehouse was stocked with chemical materials stored in hundreds of 200-litre drums, posing significant risk.

Through swift and coordinated intervention, the fire was brought under control, preventing further escalation and damage to adjoining facilities. Fortunately, no casualties were recorded.

The cause of the fire outbreak is yet to be ascertained, as investigations are currently ongoing to determine the circumstances surrounding the incident.

The Lagos State Fire and Rescue Service reiterates its commitment to safeguarding lives and property and urges residents and business owners to adhere strictly to fire safety regulations at all times.

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