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
JUST IN: Former Power Minister Mamman Convicted of N33.8bn Fraud
Justice James Omotosho held that the Economic and Financial Crimes Commission (EFCC) proved its case beyond reasonable doubt, finding Mamman guilty of illegally diverting public funds linked to the Mambilla and Zungeru Hydroelectric Power projects.
[File photo] : former Minister of Power, Saleh Mamman
A Federal High Court in Abuja has convicted former Minister of Power, Saleh Mamman, on a 12‑count charge of fraud and money laundering involving about ₦33.8 billion.
Mamman, who served in the administration of former President Muhammadu Buhari, was found complicit in the illegal diversion of public funds totalling about ₦33.8 billion.
The court found that he made a cash payment of $655,700 (equivalent to ₦200 million) for landed property in Abuja, without recourse to a financial institution.
Justice James Omotosho held that the Economic and Financial Crimes Commission (EFCC) proved its case beyond reasonable doubt, finding Mamman guilty of illegally diverting public funds linked to the Mambilla and Zungeru Hydroelectric Power projects.
The court also found that Mamman used the funds for personal gain, including paying $655,700 (about ₦200 million) in cash for landed property in Abuja—beyond the legal limit—and acquiring luxury assets in Nigeria and abroad.
Justice Omotosho described the prosecution’s evidence as “overwhelming,” saying Mamman failed to offer any credible defence, while the EFCC presented 17 witnesses and 43 exhibits to support the case.
The court noted that most of the funds were siphoned through Bureau de Change operators (BDCs), who converted the money into foreign currencies and handed it over to the defendant.
“The evidence of the prosecution is overwhelming as against the scanty and almost absent defence of the defendant.
“The defendant did not offer any credible evidence to rebut the prosecution’s case,” Justice Omotosho held.
News
Kogi Commissioner confirms release of remaining abducted orphanage victims
The operation, carried out in the Agbaja Forest axis of Lokoja Local Government Area, resulted in the safe recovery of five boys, two girls, and two adult females.
Kogi State Commissioner for Information and Communications, Kingsley Fanwo has confirmed the safe return of all those kidnapped from the Daarul-Kitab Islamic Orphanage in Lokoja.
Gunmen stormed the orphanage on April 26 and abducted 23 children, including the proprietor’s wife. Following intervention by security operatives, 15 victims were rescued on April 27.
In a statement Commissioner Fanwo said that the remaining nine victims regained freedom during a rescue operation conducted in the early hours of yesterday.
He described the development as a breakthrough against criminal elements operating within the state and a relief to affected families.
According to him, troops of the 12 Brigade of the Nigerian Army led the coordinated search-and-rescue mission with support from other security agencies.
The operation, carried out in the Agbaja Forest axis of Lokoja Local Government Area, resulted in the safe recovery of five boys, two girls, and two adult females.
Fanwo said the remaining nine victims regained freedom during a rescue operation conducted in the early hours of Wednesday.
He described the development as a breakthrough against criminal elements operating within the state and a relief to affected families.
News
FCCPC, NAFDAC sign consumer protection MoU
The Memorandum of Understanding (MoU) was signed on Wednesday at the FCCPC headquarters in Abuja.
The Federal Competition and Consumer Protection Commission (FCCPC) and the National Agency for Food and Drug Administration and Control (NAFDAC) have signed a partnership agreement aimed at improving consumer experiences and ensuring value for money.
The Memorandum of Understanding (MoU) was signed on Wednesday at the FCCPC headquarters in Abuja.
The Executive Vice-Chairman of FCCPC, Mr Tunji Bello, described the partnership as a deliberate step towards strengthening collaboration in the interest of Nigerian consumers, particularly in areas where product safety and consumer protection intersect and require coordinated action.
In her remarks, the Director-General of NAFDAC, Prof. Mojisola Adeyeye, described the MoU as a step in the right direction.
“We have had similar arrangements in the past, but this represents an improved version of the partnership,” she said.
She commended the FCCPC leadership for its commitment to protecting Nigerian consumers and reaffirmed NAFDAC’s dedication to fully implementing the provisions of the agreement.
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