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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.”
News
Tinubu renews determination to conquer insecurity nationwide
Tinubu revealed that security cooperation formed a major part of his recent engagements abroad, particularly during his visit to the United Kingdom, adding that his government was prepared to leverage Nigeria’s goodwill and existing credit lines to acquire the needed support.
President Bola Ahmed Tinubu said on Sunday that his administration is intensifying diplomatic engagements with world leaders to secure critical equipment and training support for Nigeria’s security and intelligence agencies as part of a renewed push to end insecurity across the country.
He disclosed this while receiving state governors who paid him a courtesy visit his Ikoyi residence in Lagos, where he observed the Eid-el-Fitr holidays after returning from his two-day state visit to the United Kingdom.
President Tinubu said that the discussions with international partners, including recent talks with French President Emmanuel Macron, were already yielding prospects for collaboration in strengthening Nigeria’s security architecture.
Tinubu revealed that security cooperation formed a major part of his recent engagements abroad, particularly during his visit to the United Kingdom, adding that his government was prepared to leverage Nigeria’s goodwill and existing credit lines to acquire the needed support.
“One of the major discussions in the UK is equipment and support. I can report to you that yesterday again, I had a lengthy discussion with Emmanuel Macron on their collaboration with us for equipment and support,” the President said.
He added that efforts were ongoing to reach out to other countries willing to assist Nigeria in combating insecurity through provision of modern tools and capacity building for security personnel.
“If we have to spend our goodwill and line of credit, we have those who are willing to support us with equipment and training,” Tinubu stated.
Describing insecurity as a direct threat to national development, the President stressed that tackling the menace remained a top priority for his administration, calling for collective action by all levels of government.
“Insecurity is an enemy of development, progress and prosperity. The next phase of our struggle is staring us in the face, and it is the challenge of insecurity in this country,” he said.
News
Why I returned to school – Emir Sanusi
“A king who acquires education attains greater dignity, but a king without education—his entire kingship is worthless.”
The 16th Emir of Kano, Muhammadu Sanusi II, has explained that his decision for returning to school to pursue an LL.B in Common Law and Shariah at Northwest University is aimed at inspiring others, rather than practicing law.
Emir Sanusi spoke during the traditional Sallah homage, Hawan Nassarawa, at the Kano Government House, emphasising that education should precede kingship.
“A king who acquires education attains greater dignity, but a king without education—his entire kingship is worthless,” he said.
The monarch praised the Kano State Government for prioritizing education, noting that 30 percent of the state budget has been allocated to the sector.
He also encouraged citizens to pursue further studies and support educational ambitions within their families, including those of their spouses.
” We appreciate the Governor for giving top priority to education. We have seen the impact through students’ performance in NECO, JAMB, and tertiary institutions. Whoever has not completed tertiary education should go back and do so,” he said.
Kano State Governor, Abba Yusuf, represented by Speaker Rt. Hon. Jibrin Falgore, commended Emir Sanusi for his support, describing him as a pillar of strength for the administration.
News
Tinubu Returns to Lagos After Historic UK State Visit, to Spend Sallah Break
President Bola Ahmed Tinubu has returned to Nigeria following a successful two-day state visit to the United Kingdom, arriving in Lagos alongside First Lady Senator Oluremi Tinubu.
The President is expected to spend the upcoming Sallah break in the city.
He received a warm welcome at the airport from senior government officials, including Chief of Staff Femi Gbajabiamila, with applause from gathered supporters and well-wishers.
The visit, hailed as historic and the first full state visit by a Nigerian president to the UK in nearly 40 years, aimed to deepen diplomatic, economic, and trade relations between the two countries.
Key engagements included a royal reception and state banquet hosted by King Charles III and Queen Camilla at Windsor Castle, as well as high-level bilateral talks with Prime Minister Keir Starmer at Downing Street.
A major achievement was President Tinubu witnessing the signing of a £746 million financing agreement backed by UK Export Finance (UKEF).
The deal, involving Nigeria’s Ministry of Finance, the Nigerian Ports Authority, Citi Bank, and other partners, will fund the modernization and refurbishment of two vital Lagos seaports: the Lagos Port Complex (Apapa) and the Tin Can Island Port Complex.
The project is designed to reduce congestion, improve efficiency with modern systems, boost Nigeria’s role as a leading maritime hub in West and Central Africa, and include commitments to sourcing components from the UK.
The engagements highlighted strengthened bilateral cooperation, record trade levels, and mutual interests in infrastructure development and sustainable growth.
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