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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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Atiku’s Media Aide, Ifeanyi Izeze is Dead

The media office said that further details about Izeze’s burial would be made public by his family.

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Atiku Media Office has announced the death of Ifeanyi Izeze, a member of the media team of former Vice President Atiku Abubakar.

In the statement , Izeze a prominent and pioneer member of the ex-VP’s media team died on Sunday.

“Ifeanyi Izeze joined the media team of the then Vice President Atiku Abubakar in 2006, from Aluminium Smelter Company of Nigeria (ALSCON), Ikot-Abasi as the Office Manager.

He brought to bear on the work of the media team at that critical stage of Atiku’s political career, his wealth of experience in the media, Niger Delta and Nigeria’s oil and gas industry.

Izeze trained as a geologist at the University of Port Harcourt up to postgraduate level, but carved a niche in journalism where he reported and wrote extensively on oil and gas industry in Nigeria for many years in the defunct Sunray, Anchor, and NewAge newspapers among others, before he joined ALSCON.

In the Atiku Media Office, Ifeanyi was a senior member of the team and its pioneer Office Manager who helped shape the campaign policies of the Atiku Presidential Campaigns in the Niger Delta, particularly in the oil and gas sectors,” the statement further reads.

Atiku Media Office described the deceased as a man with a prodigious sense of humour and a born-again Christian of the Christ Embassy.

The media office said that further details about Izeze’s burial would be made public by his family.

He left behind children, grandchildren and an elder and only surviving brother, Pastor Emeka Izeze of the Guardian Newspapers fame

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Tinubu Pledges Support for Nigerian Media in Battle Against Big Tech.

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...Vows Tariff Relief on Newsprint and Equipment. President Bola Ahmed Tinubu has thrown the full weight of his administration behind Nigeria’s media industry in its escalating fight against Big Tech’s dominance, unfair content usage, and crippling economic pressures, while promising to slash or eliminate import tariffs on essential production materials.

Speaking at a high-level interfaith dinner held at the State House on Friday, March 13, 2026, the President described the Nigerian press as an “indispensable partner” in the country’s drive for economic recovery, democratic consolidation, and national unity.

“We will help dismantle the fiscal hurdles and digital cannibalisation currently threatening the survival of the press,” Tinubu declared, assuring the delegation that his government is actively reviewing the national tariff exemption list.

Among the items under consideration for zero or reduced duty (currently 5–10%) are newsprint, printing plates, chemicals, and broadcast equipment for radio and television—materials the media sector has long argued should receive the same preferential treatment as educational and research imports.

“You have the government’s full support, because we know how important your work is to the sustenance of democracy,” the President told representatives of the Nigerian Press Organisation (NPO) and other leading industry bodies.

The closed-door meeting brought together a powerful cross-section of Nigeria’s media leadership, including:

– Lady Maiden Alex-Ibru, NPO President and Publisher of The Guardian

– Frank Aigbogun, NPAN Deputy President and Publisher of BusinessDay (who delivered the industry’s joint address)

– Aremo Olusegun Osoba (Vanguard)

– Sam Amuka (THISDAY/ARISE News)

– Prince Nduka Obaigbena (Channels Television)

– Dr John Momoh, Director-General of the Nigerian Television Authority (NTA)

– Leaders of the Nigerian Guild of Editors, Guild of Corporate Online Publishers (GOCOP), and Nigeria Union of Journalists (NUJ), among others.

In his presentation, Aigbogun accused unnamed global tech platforms widely understood to include Google and Meta of systematically “scraping” Nigerian journalistic content, frequently breaching paywalls, to train artificial intelligence models without compensation.

He claimed these practices are depriving local media houses of up to 70% of their legitimate advertising and syndication revenue losses running into hundreds of millions of dollars annually while triggering widespread job losses across newsrooms.

Aigbogun called on the President to instruct the Federal Competition and Consumer Protection Commission (FCCPC) to launch a formal investigation, in partnership with media stakeholders, into Big Tech’s alleged anti-competitive behaviour.

Minister of Information and National Orientation, Alhaji Mohammed Idris, told the gathering that preliminary engagements with major tech companies, including Meta and Google, are already in progress.

“The government will not allow anybody to come here, reap from our economy, and go away without giving back,” Idris said firmly.Vice President Kashim Shettima, together with several senior presidential aides, also attended the event.

The State House meeting follows an earlier January 2026 letter and public statement from the NPO highlighting the existential threat posed by unregulated digital platforms to Nigeria’s independent media ecosystem.

Industry observers view the President’s commitments as a potential turning point, offering both short-term cost relief through tariff adjustments and longer-term policy backing in the global push for fair revenue sharing between traditional media and dominant tech intermediaries.

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Senate confirms Oyedele as minister

During the screening, Oyedele proffered solutions to getting out of the various economic issues in the country.

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The Senate has confirmed the nomination of Taiwo Oyedele as Minister of State for Finance.

His confirmation comes after two hours of screening as lawmakers grilled him on various aspects of the economy.

Oyedele’s screening followed a motion moved by Opeyemi Bamidele, the Senate leader, after he called for the suspension of the Senate rule to allow strangers to come into the chamber.

During the screening, Oyedele proffered solutions to getting out of the various economic issues in the country.

Oyedele was escorted to the chamber by Bashir Lado, the Special Adviser to the President on the National Assembly ( Senate), alongside others.

His screening followed President Bola Tinubu’s letter to the Senate on Tuesday, requesting his confirmation as a minister.

Tinubu had, on March 3, nominated Oyedele, who currently serves as chairman of the presidential committee on fiscal policy and tax reforms, as Minister of State for Finance.

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