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.”
News
Tinubu designates Rabiu Umar new CEO of NMDPRA
Umar is a seasoned executive with over 25 years of experience across the energy, manufacturing, and infrastructure sectors, and a proven track record in strategic leadership, operational transformation, and large-scale project delivery..
President Bola Ahmed Tinubu has approved the removal of Mr Saidu Mohammed as the Authority Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
In a State House statement issued on Wednesday signed by Special Adviser to the President on Information and Strategy, Bayo Onanuga, the President also approved the nomination of Rabiu Abdullahi Umar as the new Chief Executive of the NMDPRA, with the appointment subject to Senate confirmation.
The decision, according to the statement, was made pursuant to the Petroleum Industry Act 2021 and is aimed at strengthening regulatory effectiveness in the midstream and downstream petroleum sector in line with the Renewed Hope Agenda.
Umar is a seasoned executive with over 25 years of experience across the energy, manufacturing, and infrastructure sectors, and a proven track record in strategic leadership, operational transformation, and large-scale project delivery.
He is a graduate of Accounting from Bayero University and an alumnus of Harvard Business School.
News
Tinubu moves Bianca Ojukwu to foreign minister
Odumegwu-Ojukwu replaces Yusuf Tuggar who recently resigned to pursue the Bauchi governorship election in 2027.
•Odumegwu-Ojukwu
President Bola Tinubu has named Bianca Odumegwu-Ojukwu as the new Minister of Foreign Affairs.
Odumegwu-Ojukwu replaces Yusuf Tuggar who recently resigned to pursue the Bauchi governorship election in 2027.
Sola Enikanolaiye has been appointed as the new minister of state in the foreign ministry.
News
FG declares May 1 public holiday to mark Workers’ Day
The minister emphasised that the dedication of Nigerian workers remains vital to the country’s growth and economic progress, urging them to sustain values of patriotism, productivity and diligence.
Friday, May 1, has been declared a public holiday to commemorate this year’s International Workers’ Day.
The Minister of Interior, Olubunmi Tunji-Ojo, made the announcement on behalf of the federal government in a statement signed by the Permanent Secretary of the ministry, Magdalene Ajani
The minister congratulates workers nationwide, commending their commitments and contributions to national development.
The minister emphasised that the dedication of Nigerian workers remains vital to the country’s growth and economic progress, urging them to sustain values of patriotism, productivity and diligence.
Tunji-Ojo also reaffirmed the government’s commitment to improving workers’ welfare, enhancing security and creating an enabling environment for economic expansion.
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