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
VP Shettima Representing Nigeria At G20 Leaders’ Summit
President Tinubu would have been there in person for participation but shelved the plan owing to the recent abduction incidents in Kebbi, Kwara and Niger State.
Vice President Kashim Shettima departed Abuja today to represent President Bola Tinubu at the G20 Leaders’ Summit in Johannesburg, South Africa.
The Summit, scheduled to take place from Saturday, November 22nd, to Sunday, November 23rd, at the Johannesburg Expo Centre, brings together leaders from the world’s top 20 economies, including the European Union, the African Union, financial institutions, among others.
President Tinubu would have been there in person for participation but shelved the plan owing to the recent abduction incidents in Kebbi, Kwara and Niger State.
Stanley Nkwocha, Senior Special Assistant to the President on Media & Communications (Office of TheVice President), disclosed that President Cyril Ramaphosa, the South African leader who also serves as the current President of the G20 group had invited his Nigerian counterpart to participate in this year’s edition.
The Vice President will return to Nigeria at the end of the engagements.
News
Governor Soludo consoles Awolowo’s family over Segun’s death
In July 2021, Mr. Awolowo was unanimously elected President of the National Trade Promotion Organisations for ECOWAS member states, proving that his untiring passion for advancing Nigeria’s position in global markets will be sorely missed.
The Governor of Anambra State Government, Professor Chukwuma Charles Soludo, has conveyed his sincere condolences to the Awolowo family, friends, and associates of Mr. Segun Awolowo Jnr, who died the previous day at the age of 62.
In his condolence message, Governor Soludo extolled Mr. Segun Awolowo as a renowned lawyer, national patriot and prominent figure within the investment and export sector of Nigeria and Africa, who stood for excellence and dedication in public service.
As a grandson of the sage and illustrious Chief Obafemi Awolowo, he embodied the principles of integrity, service, and leadership that his grandfather championed throughout his life.
He was not only a proud scion of the Awolowo dynasty but also a vital contributor to Nigeria’s economic landscape, working tirelessly to elevate the standards of trade and investment across the continent.
The Governor noted that throughout his distinguished career, Segun Awolowo Jnr, who served diligently as the Executive Director of the Nigerian Export Promotion Council from 2013 to 2021, championed initiatives aimed at fostering economic growth and sustainable development in Nigeria.
His commitment to entrepreneurship and innovation inspired countless individuals and businesses, reinforcing the role of the private sector in driving national progress.
In July 2021, Mr. Awolowo was unanimously elected President of the National Trade Promotion Organisations for ECOWAS member states, proving that his untiring passion for advancing Nigeria’s position in global markets will be sorely missed.
Thus his passing is a significant loss, not only for his family but for our nation and Africa at large.
Therefore, Governor Soludo condoles with the Awolowo family, Ogun State government, friends and associates of Mr. Segun Awolowo Jnr on his painful death.
Crime
JUST IN: Terrorists kidnap students, teachers from Niger boarding school
Terrorists have attacked St Mary’s School, a Catholic-owned institution in Papiri community, Agwara Local Government Area of Niger State, and abducted an unconfirmed number of students and staff.
The attack took place in the early hours of Friday.
Local officials said the school was compiling its records and could not yet determine the number of people taken.
A source in one of the Catholic churches in Niger State confirmed the incident, stating that the church would issue an official statement after completing its investigation.
The Head of Department for Disaster and Relief in Agwara Local Government, Ahmed Rofia, also confirmed the attack.
He said the gunmen invaded the school between 2 a.m. and 3 a.m. and that authorities were still assessing the scale of the abductions.
Spokesperson of the Niger State Police Command, Wasiu Abiodun said he was aware of the enquiry and would provide details when available. “I know what you are calling. I will get the details and get back to you,” he said.

When pressed to confirm the incident, he added, “I need to get the details before. I will get back to you. Just give me time.
”Papiri is about 70 kilometers from Babana axis, where Jama’at Nusrat al-Islam wal-Muslimin (JNIM), an al-Qaeda affiliate in the Sahel, announced its presence in July.
The abduction happened less than a week after a similar abduction of schoolgirls in Kebbi State.Papiri town is one of the 10 political wards in the Agwara Local Government Area of Niger State.
A source in Rofia, a town 30 kilometres away from where the incident happened, also confirmed the incident.
The source whose name has been withheld for security reasons said residents of the town estimated that the terrorists came with 60 motorcycles and a van.
“They packed the students and their teachers in the van and went away with them,” he said.
Bello Gidi, the spokesperson for Agwara Local Government Chairperson Ilyasu Zakari, confirmed the attack, stating that efforts are ongoing to gather “factual details of the incident.
”The raid occurred days after 25 students were kidnapped in Maga, Kebbi State, adding to rising concern over attacks on schools in the region.
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