Connect with us

News

NBS Rebases January Inflation Basket to 24.48%

The bureau put food inflation at 26.08 percent year-on-year.

Published

on

108 Views

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.”

Business

Tanker Owners Accuse NUPENG of Extortion, Excessive Levies

Published

on

6 Views

… As PTD Passes Vote of No Confidence on NUPENG Leaders

The Association of Distributors and Transporters of Petroleum Products (ADITOP) has levelled serious allegations against the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG), accusing it of extortion and excessive levy collections within the downstream petroleum sector.

In a statement released on Monday in Abuja, ADITOP’s National President, Alhaji Lawal Dan-zaki, strongly dissociated the association from the purported strike action by NUPENG, declaring that ADITOP was originally established to counter what he described as the “excesses” of NUPENG, Petroleum Tanker Drivers (PTD), and other groups allegedly collecting illegal levies under NUPENG’s cover.

Dan-zaki alleged that for the past five years, ADITOP had submitted several petitions to top government agencies—including the Office of the National Security Adviser, the Department of State Services, the Inspector-General of Police, and the Secretary to the Government of the Federation—accusing NUPENG of extortion and illegal financial practices.

According to him, NUPENG and its affiliates impose unauthorized levies on petroleum product distributors, including a charge of ₦1 per litre on every product loaded at depots, and an additional ₦1 per litre by marketers, alongside loading fees ranging between ₦80,000 and ₦100,000 per truck.

“This is outright extortion and economic sabotage by NUPENG, PTD, and their affiliated unions and associations,” Dan-zaki stated.

The allegations surfaced just days after the Lagos Zone of the Petroleum Tanker Drivers (PTD) branch of NUPENG passed a vote of no confidence on the union’s national leadership. The vote targeted NUPENG National President, Comrade (Prince) Williams Akporeha, and General Secretary, Comrade Afolabi Olawale, accusing them of “greed, impunity, manipulation, and gross incompetence.”

The internal dissent follows rising tensions over reported resistance by Dangote Refinery and MRS Holdings Limited to unionize their drivers and the rollout of 4,000 Compressed Natural Gas (CNG)-powered trucks for nationwide fuel distribution.

Dan-zaki concluded that while NUPENG continues to feed off these alleged illegal levies, it remits no tax revenue to the federal government, further exacerbating challenges in the downstream sector.

Continue Reading

News

New Seme Customs Chief Pledges Improved Trade Flow

Published

on

17 Views

The Nigeria Customs Service has appointed Comptroller Wale Adenuga as the new Area Controller for the Seme Command, following the redeployment of Dr. Benedict Oramalugo, who was recently promoted to Assistant Comptroller General.

The development was announced in a statement issued by the Command’s Public Relations Officer, CSC Isah Sulaiman, on Tuesday in Lagos.

Speaking during the official handover, Comptroller Adenuga commended his predecessor for laying a solid foundation and pledged to focus his leadership on trade facilitation, enhanced security collaboration, and improved stakeholder engagement.

“Trade facilitation is my keyword,” he said. “With accurate declarations from stakeholders, cargo clearance can happen quickly. When trade flows smoothly, we boost revenue and reduce smuggling activities.”

Adenuga also assured that the Command would intensify collaboration with key government agencies including the DSS, Police, Immigration, NDLEA, NAFDAC, and the military to strengthen border security and foster a more conducive environment for legitimate trade.

He emphasized the importance of stakeholder relationships, pledging open lines of communication with traditional leaders, youth groups in Badagry, and the media. He also reaffirmed his commitment to discipline and professionalism within the service.

“My doors are open. I will lead by example to ensure that officers stay focused, disciplined, and committed. Together, we will uphold the values of the Nigeria Customs Service and make the Comptroller General, Mr. Adewale Adeniyi, proud,” he stated.

Adenuga praised CGC Adewale Adeniyi, who also serves as the President of the World Customs Organisation Council, describing him as an exemplary leader whose standards will guide the Seme Command’s operations.

In his farewell address, Dr. Oramalugo expressed appreciation for the opportunity to serve at the Seme border, calling the handover a moment of “mixed emotions”—relief at a successful tenure and sadness at leaving a team he had grown fond of.

He listed some of his key achievements, including:

  • Effective suppression of smuggling with major seizures
  • Improved revenue collection
  • Smoother trade processes for legitimate businesses
  • Stronger ties with security and regulatory agencies

Oramalugo also thanked the Customs management and stakeholders for their support and encouraged continued cooperation with the new controller.

Continue Reading

Crime

Police Investigate Body Discovered in Vehicle at National Assembly Complex

Published

on

15 Views

The Federal Capital Territory (FCT) Police Command has begun an investigation following the discovery of a lifeless body inside a vehicle at the National Assembly Complex in Abuja.

Preliminary reports suggest the deceased may be a 55-year-old construction worker identified as Gaddafi Iwar, although police have not officially confirmed his identity. Sources indicate the vehicle had been parked in the same location for several days before the body was found.

In a statement issued on Monday by the Command’s spokesperson, SP Josephine Adeh, the police confirmed that the body was discovered around 9:00 a.m. on Sunday inside a red Peugeot 406 parked at a construction site within the complex.

“On September 7, 2025, at about 09:00 hours, the FCT Police Command received a distress call reporting the discovery of an unidentified male, suspected to be a labourer, found lifeless at a construction site within the National Assembly Complex,” the statement read.

Officers from the National Assembly Police Division responded to the scene and found the body inside the vehicle, which bore the registration number BWR-577 BF. The body was evacuated to Asokoro General Hospital, where medical personnel confirmed it was already in an advanced state of decomposition.

The Commissioner of Police, Ajao Adewale, has directed a discreet investigation into the circumstances surrounding the incident and has instructed that efforts be intensified to identify the deceased.

Further updates are expected as the investigation progresses.

Continue Reading

Trending