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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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President Tinubu Designates Joseph Tegbe New Minister of Power

Mr Tegbe’s experience includes significant engagements within the power sector, particularly in regulatory and institutional reform involving agencies such as the Nigerian Electricity Regulatory Commission (NERC) and the Nigerian Bulk Electricity Trading Company (NBET).

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President Bola Ahmed Tinubu has nominated Mr Joseph Olasunkanmi Tegbe as Minister of Power, subject to confirmation by the Senate.

The nomination has been transmitted to the Senate for screening and confirmation in accordance with the Constitution.

The nomination follows the resignation of the former Minister, Adebayo Adelabu, who stepped down from office to pursue elective office.

Mr Tegbe, from Oyo State, is a fiscal and economic reform expert with over 35 years of experience spanning the public and private sectors.

He is a former Senior Partner and Head of Advisory Services at KPMG Africa, where he led wide-ranging initiatives in fiscal policy reform, institutional transformation, and governance.

He has also advised key government institutions and private sector organisations on strategic reforms, regulatory frameworks, and investment structuring.

He is at present the Director General and Global Liaison for the Nigeria-China Strategic Partnership (NCSP), where he is responsible for strengthening bilateral development cooperation between Nigeria and the People’s Republic of China.

The NCSP also coordinates engagements with public sector stakeholders to advance economic and social development in line with FOCAC objectives.

Mr Tegbe’s experience includes significant engagements within the power sector, particularly in regulatory and institutional reform involving agencies such as the Nigerian Electricity Regulatory Commission (NERC) and the Nigerian Bulk Electricity Trading Company (NBET).

His nomination is expected to strengthen further ongoing efforts to reform the power sector, enhance grid stability, and attract sustainable investment in line with the Renewed Hope Agenda.

The President expects the Minister-Designate, upon confirmation, to bring his extensive expertise to bear to advance critical reforms and deliver improved outcomes for Nigerians in the power sector.

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Egbin Shutdown Throws Lagos Into Darkness, says NISO

Egbin Power Station, which is the largest electricity-generating plant on the national grid and a major contributor to daily power supply in Nigeria, experienced a major operational disturbance.

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The Nigerian Independent System Operator (NISO) said on Thursday power supply to the Lagos region is currently restricted due to a sudden shutdown of the Egbin Power Station and the forced outage of the Osogbo–Ikeja West 330kV transmission line, thereby limiting the evacuation of available generation into the Lagos load centre.

NISO said that the dual disruptions has created a significant supply gap, forcing authorities to ration electricity to prevent a total system collapse.

NISO explained that at approximately 8:21 p.m. on April 28, 2026, Egbin Power Station recorded a total loss of generation, dropping from about 641MW to zero output.

This incident was caused by the failure of the plant’s central compressor, in addition to a malfunction of the circulating water pump system, which necessitated an immediate shutdown of all generating units to safeguard the facility.

Egbin Power Station, which is the largest electricity-generating plant on the national grid and a major contributor to daily power supply in Nigeria, experienced a major operational disturbance.

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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..

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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.

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