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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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FG Approves U.S airstrikes on Terrorists , says foreign minister Tuggar

Tuggar said the strikes had been planned “for quite some time” using intelligence provided by Nigeria. He also did not rule out further strikes.

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• President Donald Trump and President Bola Tinubu

The Nigeria government has confirmed that the US bombing of terrorists camps linked to the Islamic State group (IS) in north-western Nigeria, was a joint operation with the Nigerian army.

On Thursday Christmas night, camps run by the Lakurawa terrorists group in Sokoto state were hit near the border with Niger, the US military said.

Nigerian Foreign Minister Yusuf Maitama Tuggar told the BBC that it was a “joint operation” and had “nothing to do with a particular religion”.

Tuggar said the strikes had been planned “for quite some time” using intelligence provided by Nigeria. He also did not rule out further strikes.

Referencing the timing of strikes – which took place late on Thursday – he said they did not have “anything to do with Christmas”.

The US military said an “initial assessment” suggested “multiple” fatalities in Sokoto state.

A local official in the Tangaza area of Sokoto state, Isa Salihu Bashir, told the BBC the strikes had “hit some Lakurawa terrorist camps”. He said many fighters had been killed but the death toll was unclear

US President Donald Trump said the Christmas Day strikes had been “deadly” and labelled the group “terrorist scum”, saying they had been “targeting and viciously killing, primarily, innocent Christians”.

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University lecturers to Get 40% Salary Increase – Tinubu

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The Federal Government under President Bola Ahmed Tinubu has approved a 40% salary increase for university lecturers as part of a landmark renegotiated agreement with the Academic Staff Union of Universities (ASUU), ending an eight-year review process of the 2009 FGN-ASUU pact.

The agreement, concluded on December 23, 2025, was announced by ASUU in a circular dated December 24, 2025, describing it as a comprehensive framework aimed at revitalizing Nigeria’s public university system.

Key highlights of the deal include:

– A 40% upward review of academic staff salaries under improved conditions of service.

– Reaffirmation of pension benefits, allowing professors to retire at age 70 with a pension equivalent to their final annual salary, subject to service requirements.

– Introduction of a tailored budgeting template to address universities’ specific funding needs.

– Provisions for enhanced university autonomy, academic freedom, and systemic reforms to curb brain drain and underfunding.

– Commitments to innovation, research funding through a proposed National Research Council, and duty-free imports for educational materials.

ASUU expressed optimism that the government would commence prompt implementation, with the new salary structure expected to take effect from January 1, 2026.

The breakthrough averts potential industrial action, following months of tense negotiations that began in 2017. Earlier reports in November and early December indicated the government’s proposal of the 40% increment as a key offer to resolve lingering disputes over withheld salaries, earned allowances, and revitalization funds.

Multiple outlets, including Politics Nigeria, The Star, Legit.ng, and The Guardian, confirmed the agreement, noting its potential to stabilize the tertiary education sector amid ongoing challenges like inflation and emigration of academics.

Education stakeholders have welcomed the development, viewing it as a significant step toward addressing long-standing grievances in Nigeria’s public universities.

The Ministry of Education is yet to issue an official statement, but sources indicate alignment with President Tinubu’s directive to avoid disruptions in the academic calendar.

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Invictus Obi Released from U.S. Prison After Serving Time in $11 Million Fraud Case

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Obinwanne Okeke, the Nigerian businessman popularly known as Invictus Obi, has been released from United States federal prison after serving approximately six years for his involvement in an $11 million internet fraud scheme, multiple reports confirmed on Thursday.

Records from the U.S. Federal Bureau of Prisons (BOP) inmate locator indicate that Okeke is listed as “Not in BOP Custody as of: 12/23/2025,” signaling his exit from federal incarceration ahead of his original projected release date of September 3, 2028.

Okeke, 38, was sentenced to 10 years in prison in February 2021 after pleading guilty to conspiracy to commit wire fraud. The charges stemmed from a sophisticated business email compromise (BEC) scheme between 2015 and 2019, where he and associates used phishing tactics to divert funds, including a major interception targeting Unatrac Holding Limited, a UK-based exporter linked to Caterpillar Inc.

Prosecutors described the operation as causing “staggering losses of about $11 million” to victims through impersonation and computer hacking.

His early release is widely attributed to good conduct credits and provisions under the First Step Act, a U.S. criminal justice reform law that allows sentence reductions for certain non-violent offenders.

Reports from outlets including Linda Ikeji’s Blog, Peoples Gazette, and BusinessDay indicate that deportation proceedings to Nigeria are underway, consistent with his non-U.S. citizen status and the terms of his plea agreement. As his crimes were federal, a transfer to state custody is considered unlikely.

Once hailed as a rising star in African entrepreneurship, Okeke founded the Invictus Group, claiming investments in construction, agriculture, oil and gas, telecommunications, and real estate across Nigeria, South Africa, and Zambia.

In 2016, he was featured on Forbes Africa’s 30 Under 30 list, celebrated for his purported success story from humble beginnings.

His 2019 arrest by the FBI at Dulles International Airport as he attempted to leave the U.S. marked a dramatic fall, sparking widespread discussions on cybercrime, the allure of quick wealth, and scrutiny of young Nigerian entrepreneurs.

With his release, questions now focus on Okeke’s future: potential supervised release conditions in the U.S., his return to Nigeria, and any ongoing restrictions.

No official statement has been issued by U.S. authorities or Okeke’s representatives regarding the exact terms of his release.

The case continues to highlight global efforts to combat BEC scams, which remain a significant threat to businesses worldwide.

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