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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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BREAKING: Grandson of Chief Obafemi Awolowo, Olusegun Awolowo, is dead.

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The grandson of Late Chief Obafemi Awolowo, known as Olusegun Awolowo is dead.

His passing was announced today by the Awolowo family in a statement.

The statement reads:

Statement on the Passing of Olusegun Awolowo

“With extremely heavy hearts, we announce the passing of our beloved husband, father and grandfather- Olusegun Awolowo.

“He was the world’s most phenomenal husband, father and grandfather — steady, wise, endlessly loving, and the constant anchor of our family.

A painfully loyal servant to Nigeria, he dedicated his life to the service of his country with vision, integrity, passion, and unwavering commitment.

He was a true family man, a great friend, a wonderful servant of God, and a deeply beautiful human being.

“He loved his family.
He loved his work.
He loved his country.
And he lived every day with purpose, humility, and a generous spirit that touched everyone who knew him.

“We are shattered by this loss, but forever grateful for his life, his legacy, and the love he poured into all of us. May his gentle soul rest in perfect peace.”

The statement added that “THE FAMILY WILL RECEIVE CONDOLENCES AT HIS RESIDENCE BETWEEN 2 – 4 PM DAILY.”

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Crime

UPDATE: Nnamdi Kanu to face Life imprisonment

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……Kanu’s Lawyer Ejimakor reveals next move after court judgment

Nnamdi Kanu’s legal team has vowed to appeal his life imprisonment sentence, insisting that the judgment delivered by Justice James Omotosho of the Federal High Court “does not hold water.

”Speaking to reporters shortly after the verdict, Kanu’s lawyer, Aloy Ejimakor, a consultant on the case, said they would take the matter to the Court of Appeal.

Ejimakor questioned the basis of the conviction, arguing that a man cannot be jailed for mere spoken words.

“What kind of precedent is being laid here? We are heading to the Court of Appeal,” he said.

“The Court of Appeal is the next forum in this country that sits as a jury. We will approach the justices to review what happened today, and we are confident they will see this as a travesty of justice.

”He added that if the Court of Appeal rules against them, they would proceed to the Supreme Court.

“Nnamdi Kanu is not going to stand convicted. The decision will be overturned,” he said.Ejimakor criticised the ruling as inconsistent with the evidence presented.

“This is the only day I have witnessed a man being convicted for mere pronouncements, for what he said, not for any act he committed.

“The sentence is overbroad, cruel, and unusual. How can someone be convicted for a broadcast from a location that was never named, without linking it to any act of violence or terrorism?,” he questioned.

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Crime

BREAKING: (UPDATED ) Court Sends Nnamdi Kanu Back to Jail for Life

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The Federal High Court in Abuja has sentenced the leader of the Indigenous People of Biafra, Nnamdi Kanu, to life imprisonment.

The presiding judge, Justice James Omotosho, handed down the sentence on counts one, four, five, and six, opting for life imprisonment instead of the death penalty.

The court said it was satisfied that Kanu made series of broadcasts to incite violence and killings, in furtherance of his separatist agitation for Biafra.

Trial Justice James Omotosho based his decision on what he described as “uncontroverted evidence” that was adduced before the court by the prosecution.

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