Connect with us

News

NBS Rebases January Inflation Basket to 24.48%

The bureau put food inflation at 26.08 percent year-on-year.

Published

on

496 Views

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

Nigeria Welcomes African Games Bid Evaluation Committee

Published

on

3 Views

Nigeria officially welcomed the African Games Bid Evaluation Committee on Monday, marking a significant step in the nation’s quest to host the 2031 African Games.

The delegation, led by Dr. Decius Chipande, was received by top officials of the National Sports Commission (NSC) and treated to a comprehensive and compelling presentation showcasing Nigeria’s readiness, capacity, and vision to host a memorable Games.

Chairman of the NSC, Mallam Shehu Dikko, in his remarks, reaffirmed the solid support of the Federal Government for the bid.

He emphasized that hosting the African Games remains a national priority, backed by strong political will and a commitment to deliver world-class infrastructure, seamless organization, and a lasting legacy for African sports.

Director General of the Commission, Hon. Bukola Olopade, presented Nigeria’s strategic sponsorship and marketing framework, outlining innovative approaches to funding and commercial partnerships.

He noted that Nigeria’s large market, vibrant sports culture, and growing private sector interest provide a solid foundation for a financially successful Games.

Providing further depth to the bid, ace broadcaster and Bid Coordinator, Mainasara Ilo, delivered an engaging presentation on legacy, highlighting how the Games would catalyze youth development, infrastructure expansion, and community impact across the country.

On the technical front, former Director of Medicine at the Commission, Dr. Paul Onyedo, detailed Nigeria’s preparedness in sports medicine and its scientific approach to anti-doping, testing, and athlete health management, aligning with international best practices.

In addition, Dr. Emmanuel Igbinosa presented the country’s comprehensive welfare framework, assuring the Committee of Nigeria’s readiness to provide a safe, secure, and athlete-centered environment throughout the Games.

The Evaluation Committee commended Nigeria’s presentation, noting the clarity of vision, depth of planning, and strong alignment between government and private sector stakeholders.

The Committee commenced inspection of key facilities on Monday, with further assessments on Tuesday.

Nigeria remains confident that its compelling bid, backed by experience, infrastructure, and national commitment, positions the country strongly to host a historic and impactful African Games.

Continue Reading

News

NELFUND Debunks Claims of ₦25,000 Student Upkeep Allowance

Published

on

6 Views

The Nigerian Education Loan Fund (NELFUND) has clarified reports circulating about an increase in the monthly upkeep allowance for student beneficiaries, describing such claims as inaccurate.

According to the Fund, the officially approved monthly upkeep allowance remains ₦20,000, not ₦25,000 as widely reported in some quarters.

NELFUND urged students and the general public to disregard any misleading information and rely solely on its verified communication channels for updates and announcements.

The Fund reaffirmed its commitment to transparency, efficiency, and delivering student-centered financial support across the country, urging students seeking further clarification or assistance to contact NELFUND via its official email and social media platforms for prompt and accurate responses.

Continue Reading

News

Tinubu Appoints CAC, NPC, Officials, Names Adviser on Political Economy

Published

on

10 Views

President Bola Ahmed Tinubu has approved a fresh round of strategic appointments, naming Senator Ibrahim Ida as Chairman of the Corporate Affairs Commission (CAC) and nominating seven new Federal Commissioners for the National Population Commission (NPC).

In a statement by the Presidential Special Adviser on Information and Strategy, Bayo Onanuga, Senator Ida, a former lawmaker who represented Katsina Central in the Senate, holds a Master’s degree in Banking and Finance from the University of Ibadan and a Law degree from the University of Abuja.

His career spans roles as Commissioner of Finance in Katsina State and Permanent Secretary in the Federal Civil Service.

According to the statement, the NPC nominees include Kolawole Oladipupo Alabi for Ekiti, Nasiru Mu’azu for Zamfara, and Usman Abubakar Tuggar for Bauchi State.

Also nominated are Dr Isiaka Alada Yahaya representing Kwara, Professor Sadiq Isah Radda for Katsina, Suleiman Umar for Jigawa, and Honourable Chiso Abdullahi Dattijo for Sokoto State.

Their appointments are subject to confirmation by the National Assembly.In a related development, President Tinubu has confirmed the appointment of Bala Mohammed Bello as Special Adviser on Political Economy. Bello, a former Deputy Governor of the Central Bank of Nigeria, previously served as Executive Director at the Nigerian Export-Import Bank.

Meanwhile, Dr Yusuf Mohammed from Kano State has been appointed Chairman of the Federal Polytechnic, Kaltungo.

The President expressed confidence that all appointees will effectively deliver on their mandates and contribute to improving the quality of life for Nigerians.

Continue Reading

Trending