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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.”

Crime

Deadly Explosion Rocks Mosque in Maiduguri, Killing Several Worshippers

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A suspected improvised explosive device (IED) detonated inside a mosque at Gamboru Market in Maiduguri, the capital of Borno State, on Wednesday evening, killing several worshippers and injuring others during Maghrib prayers.

The blast occurred around 6:00 p.m. local time, ripping through the crowded mosque and sparking widespread panic in the bustling market area.

Eyewitnesses described thick smoke billowing from the site as traders and residents fled, while others rushed to aid the victims.

Reports indicate at least seven people were killed, though official casualty figures are yet to be confirmed as rescue operations continue. Security forces, including the Police Explosive Ordnance Disposal (EOD) unit, quickly cordoned off the area for sweeping operations and investigations.

No group has claimed responsibility, but the attack bears the hallmarks of previous incidents linked to Boko Haram or its offshoot, Islamic State West Africa Province (ISWAP), which have targeted mosques and crowded places in the region despite relative calm in Maiduguri in recent years.

The incident, occurring on Christmas Eve, has heightened fears among residents amid ongoing insurgency challenges in northeast Nigeria.

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LASEMA gives update on Lagos Island Inferno

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Emergency responders are battling an intense inferno that has engulfed the 22-storey Great Nigeria Insurance House on Martins Street, Lagos Island, on Christmas Eve, with the blaze showing rapid upward momentum.

According to a situation report from the Lagos State Emergency Management Agency (LASEMA), the fire originated in an apartment on the 4th floor and quickly spread across that level before escalating upwards to the 6th floor.

LASEMA’s Permanent Secretary, Dr. Olufemi Damilola Oke-Osanyintolu, stated that the Shark Response Team found the building fully engulfed upon arrival.

The number of casualties remains unascertained as firefighting and recovery operations are ongoing.

Multiple agencies are on the ground in a coordinated effort, including LASEMA Response Team, Lagos State Fire and Rescue Service, Federal Fire Service, Lagos Neighbourhood Safety Corps (LNSC), Nigeria Police, Red Cross, and LRU Paramedics. The Lagos Rescue Unit (LRU) Fire has also been activated.

A total of six fire trucks and a skylift are deployed to combat the blaze and bring it under control.

This incident disrupts festive activities in the commercial hub, raising fresh concerns about fire safety in high-rise buildings across Lagos.

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President Tinubu Inaugurates High-Powered APC Committee to Resolve Internal Conflicts Ahead of 2027 Elections

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President Bola Ahmed Tinubu on Wednesday inaugurated a strategic Committee on Strategy, Conflict Resolution and Mobilisation for the All Progressives Congress (APC), aimed at fostering unity and addressing internal disputes as the ruling party gears up for the 2027 general elections.

The committee, comprising prominent APC governors, federal ministers, and key stakeholders, is chaired by Yobe State Governor Mai Mala Buni, with former APC National Legal Adviser Muiz Banire serving as Member/Secretary.

Members include Senator Adamu Aliero; Nigeria Governors’ Forum Chairman and Kwara State Governor Abdulrahman AbdulRazaq; Progressive Governors’ Forum Chairman and Imo State Governor Hope Uzodimma; Governors Hyacinth Alia (Benue), Umar Namadi (Jigawa), Bassey Otu (Cross River), Abiodun Oyebanji (Ekiti), Sheriff Oborevwori (Delta), and Uba Sani (Kaduna); Rivers State Governor Siminalayi Fubara; Minister of Marine and Blue Economy Adegboyega Oyetola; Minister of State for Defence Bello Matawalle; and former Kogi State Governor Yahaya Bello.

Speaking at the inauguration in Lagos, Governor Buni thanked President Tinubu for the appointment and pledged the committee’s commitment to inclusive consultations and proactive conflict resolution.

He emphasised developing strategies that ensure aggrieved parties feel included while urging members to prioritise party interests over personal sentiments.

The move follows President Tinubu’s remarks at the APC’s 15th National Executive Committee meeting on December 19 in Abuja, where he stressed the importance of tolerance, accommodation, and cohesion to sustain the party’s progressive ideals.

This initiative signals the APC’s proactive efforts to strengthen internal harmony and mobilisation in preparation for future electoral challenges.

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