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
GNI Building Fire: Sanwo-Olu calls for calm
Governor Sanwo-Olu said:“Our priority is the safety of lives. I have directed that the building and its surroundings be thoroughly secured and that emergency personnel must ensure that no one is left inside.
The Lagos State Governor, Mr Babajide Sanwo-Olu, has called for calm following the fire incident that engulfed the 25-storey Great Nigeria Insurance (GNI) Building on Martins Street, Lagos Island, yesterday.
In a press statement this morning , Gbenga Omotoso Commissioner for Information and Strategy, said that the Governor has been personally monitoring the situation since the incident was reported.
He assures residents that the government remains fully on top of the situation and will continue to provide updates as necessary.
Governor Sanwo-Olu said:“Our priority is the safety of lives. I have directed that the building and its surroundings be thoroughly secured and that emergency personnel must ensure that no one is left inside.
” I commend our firefighters and first responders for their swift and courageous response. Lagosians should remain calm; the situation is under control.”
Crime
Deadly Explosion Rocks Mosque in Maiduguri, Killing Several Worshippers
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.
News
LASEMA gives update on Lagos Island Inferno
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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