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.”
The Federal High Court sitting in Abuja has found the detained leader of the Indigenous People of Biafra, IPOB, Nnamdi Kanu, guilty on count-1 of the terrorism charge the Federal Government preferred against him.
The court said it was satisfied that Kanu made series of broadcasts to incite violence and killings, in furtherance of his separatist agitation for Biafra.
Trial Justice James Omotosho based his decision on what he described as “uncontroverted evidence” that was adduced before the court by the prosecution.
News
Judge Expels Kanu from courtroom
As the court prepared to deliver judgment, Kanu objected, insisting he had not filed his final written address.
Justice James Omotosho of the Federal High Court this morning, ordered Nnamdi Kanu out of the courtroom for unruly behaviour midway through Thursday’s proceedings.
The trial judge is set to deliver judgment in a case spanning ten years.
The judge had earlier dismissed three fresh motions filed by Kanu, ruling them unmeritorious.
As the court prepared to deliver judgment, Kanu objected, insisting he had not filed his final written address.
He raised his voice, accused the judge of bias, and declared that the court “did not know the law.”
Following the outburst, security operatives escorted Kanu from the courtroom. Justice Omotosho is now set to proceed with reading the final judgment in the long‑running terrorism case.
A serious accident on Thursday morning caused heavy traffic at the Otedola Bridge, just before the Lagos State Secretariat, leaving hundreds of commuters stranded.
The gridlock has severely slowed movement, disrupting the morning rush as motorists struggle to navigate the heavily congested route.
As of now, no emergency team has arrived at the scene to manage the situation or restore traffic flow.
Details later…
BREAKING: Court Convicts Nnamdi Kanu of FG’s Terrorism Charge
Judge Expels Kanu from courtroom
BREAKING: Early Morning Accident Causes Major Traffic on Otedola Bridge
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