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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
President Tinubu Cheers US, Nigerian troops elimination of ISIS top leaders, Lauds Trump (Video)
“I commend the personnel involved on both sides for their professionalism and courage, and I look forward to more decisive strikes against all terrorist enclaves across the nation.
President Bola Tinubu, strengthened by the US military Command vows more decisive strikes against all terrorist enclaves across the nation.
President Tinubu was reacting to Saturday’s overnight successful joint counterterrorism operation carried out by Nigerian and United States forces against an Islamic State hideout in the Lake Chad Basin which resulted in the elimination of a wanted Islamic State senior leader, Abu-Bilal Al-Manuki, also known as Abu-Mainok, alongside several of his lieutenants.
In a State House statement issued on Saturday by Bayo Onanuga, the president’s aide, Tinubu said “Our determined Nigerian Armed Forces, working closely with the Armed Forces of the United States conducted a daring joint operation that dealt a heavy blow to the ranks of the Islamic State.
The president stated that early assessments confirmed that the strike targeted the terrorist leader’s compound in the Lake Chad Basin.
Tinubu however expressed appreciation to the United States for supporting Nigeria’s counterterrorism efforts and advancing shared security objectives.
The president also thanked Donald Trump for what he described as leadership and unwavering support in the operation, saying, “I extend my sincere gratitude to President Trump for his leadership and unwavering support in this effort.”
He further commended military personnel from both countries for their professionalism and courage during the operation.
“I commend the personnel involved on both sides for their professionalism and courage, and I look forward to more decisive strikes against all terrorist enclaves across the nation.
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News
Many Trapped in Abuja Collapsed Building , 3 Dead (Video)
Eyewitnesses said that about 70 workers were on site at the time of the incident at the building located around Gaduwa Estate in the Gudu area.
Tragedy struck in the Durumi 3 area near Gudu Market, Abuja, after a three-storey building under construction collapsed on Saturday moring leaving at least three persons dead.
Eyewitnesses said that about 70 workers were on site at the time of the incident at the building located around Gaduwa Estate in the Gudu area.
Three bodies had been evacuated as of the time of filing this report, while rescue efforts were still ongoing to save other victims trapped beneath the rubble.
Officials and emergency responders were seen at the scene carrying out search-and-rescue operations as anxious residents gathered around the area.
The cause of the collapse is yet to be officially confirmed at the time of this report.
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News
President Tinubu returns to Lagos ahead of APC primaries tomorrow (Video)
Tinubu’s aircraft touched down at about 7:12 p.m. at the Presidential Wing of the Murtala Muhammed International Airport, Ikeja.
• President Tinubu chats with African business leaders during the African CEO Forum in Nairobi, Kenya.
President Bola Tinubu on Friday arrived in Lagos after a three-nation visit to France, Kenya and Rwanda.
Tinubu’s aircraft touched down at about 7:12 p.m. at the Presidential Wing of the Murtala Muhammed International Airport, Ikeja.
A statement issued by his special adviser on information and strategy, Bayo Onanuga, said that the president was received by Lagos State Governor, Babajide Sanwo-Olu; Deputy Governor, Femi Hamzat; Chief of Staff to the President, Femi Gbajabiamila; Speaker of the Lagos State House of Assembly, Mudashiru Obasa; and other government officials.
President Tinubu, while in France, met with global investors, emphasising transparency and fiscal discipline and explaining the rationale for the swift implementation of the bold economic reforms his administration has instituted.
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