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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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NIPOST Intercepts Cannabis By Post

The shipment originated from Bangkok, Thailand, and was addressed to a recipient in Lagos.

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The Nigerian Postal Service has intercepted a consignment containing seven pouches of cannabis concealed inside a duvet cover that arrived in Lagos from Thailand.

The shipment originated from Bangkok, Thailand, and was addressed to a recipient in Lagos.

Details of the sender and receiver have been withheld as investigations are ongoing by the appropriate Security Agencies.

This interception underscores NIPOST’s commitment to transforming the postal industry into a secure, reliable, and trusted channel of communication and commerce.

The agency is determined to protect the public from the dangers of illicit substances while safeguarding the integrity of the postal network.

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BREAKING: Fire Outbreak at Afriland Tower on Broad Street, Lagos Island (Photos)

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A fire outbreak is currently raging at the six-storey Afriland Tower on Broad Street, Lagos Island.

According to the Deputy Controller General of the Lagos State Fire and Rescue Service, Ogabi Olajide, the emergency call was received at exactly 1:38 PM today.

Firefighters from the Ebute Elefun and Sari Iganmu Fire Stations swiftly responded to the scene.

The blaze reportedly started in the inverter room located in the basement of the building. Thick smoke has since spread throughout multiple floors, shrouding the entire structure.

Evacuation of occupants is actively underway. Firefighting crews have successfully brought the flames under control, helping to restore calm after initial panic gripped the area.

More updates to follow.

Video link below: https://www.instagram.com/reel/DOqok93jsE8/?utm_source=ig_web_copy_link

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UPDATE: LASEMA Promises Swift Action Following Ebute Meta Building Collapse

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Lagos State Emergency Management Agency (LASEMA) has reaffirmed its dedication to protecting lives and property following the recent building collapse in Ebute Meta.

At the site on Monday evening, LASEMA’s Permanent Secretary, Dr. Olufemi Oke-Osanyintolu, announced that a thorough investigation is underway to determine the cause of the collapse. The probe will include material testing and other technical assessments by relevant authorities.

“Our top priority is safeguarding lives, and we are committed to preventing similar incidents in the future,” Oke-Osanyintolu stated. “We have mobilized all necessary agencies for a comprehensive investigation.”

He urged residents to support government efforts by complying with building regulations and reporting unsafe structures, emphasizing that enforcement requires community cooperation.

Regarding casualties, Oke-Osanyintolu said the numbers are still being confirmed. So far, six people have been rescued alive, while four have been confirmed dead. Emergency teams remain on site, conducting rescue operations with caution and professionalism.

Heavy-duty equipment has been deployed, and efforts have continued nonstop since the collapse on Friday evening.

The Permanent Secretary stressed that Governor Babajide Sanwo-Olu’s administration is committed to enforcing building codes strictly but called on residents to adhere to approved standards for their safety.

“We urge everyone to stay calm and allow rescue teams to work without disruption,” he added.

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