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

966 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.”

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

UNN Mourns 4 Students Dead After Party

Published

on

99 Views

The management of the University of Nigeria, Nsukka (UNN), has declared a three-day period of mourning following the tragic deaths of four students at an off-campus house party in Nsukka.

Vice-Chancellor Prof. Simon Ortuanya addressed the media on the incident, which occurred on 11 November 2026. He clarified that ten UNN students attended the party, organised to celebrate a friend who had completed his final-year examinations. Four of them died after consuming substances suspected to be alcohol and drugs. The remaining six are currently receiving treatment and recovering in hospital at various stages.

Prof. Ortuanya announced the three-day mourning period, during which all social and academic activities on campus will be suspended. He also cancelled a previously scheduled town-hall meeting between the university community and the Governor of Enugu State.

Describing the loss as “a death too many,” the Vice-Chancellor extended heartfelt condolences to the families, friends and colleagues of the deceased. “The Management, staff and the students of the University of Nigeria share in their grief at this difficult moment and pray for the repose of the souls of the departed,” he said.

He further clarified that the students involved came from different departments, contrary to widespread speculation that they were from the Faculty of Pharmaceutical Sciences.

Prof. Ortuanya reiterated the university’s ban on all forms of sign-out celebrations and urged students to refrain from activities that endanger their lives. He added that the university is cooperating fully with security agencies to determine the exact cause of the deaths.

Continue Reading

News

Seven UNN Pharmacy Graduates Die After Private Sign-Out Ceremony (Photos)

Published

on

121 Views

Seven recent graduates of the Department of Pharmacy at the University of Nigeria, Nsukka (UNN) have been reported dead under controversial circumstances after a private signing-out ceremony held following their graduation on Wednesday.

The incident is said to have occurred at the Hilltop off-campus area of the university in Nsukka.

The Vice Chancellor of the University, Professor Simon Ortuanya, the university spokesperson, and the Enugu State Police Public Relations Officer, Daniel Ndukwe, had yet to respond to messages as of the time of this report.

Two lecturers at the university, who declined to appear on camera or be named, confirmed the deaths, but stated that the cause of death had not yet been ascertained.

Continue Reading

News

Panic as Fully Loaded CNG Passenger Bus Explodes in Lagos

Published

on

121 Views

A fully loaded Compressed Natural Gas (CNG)-powered commercial bus exploded and burst into flames along the Lagos-Ibadan Expressway on Wednesday, triggering panic among passengers and motorists.

The incident occurred at Berger Bus Stop on the Lagos-bound section of the expressway. The Toyota Hiace bus, registration number EKY 798 YK, was carrying 18 occupants, including the driver, from the Mowe-Ibafo axis toward Lagos when it suddenly erupted into flames following a reported gas explosion.

Seventeen people, including the driver, were safely evacuated by personnel of the Lagos State Traffic Management Authority (LASTMA). One male passenger seated at the rear of the vehicle sustained severe burn injuries and was rushed to the Lagos State Trauma and Emergency Centre at Toll Gate for treatment.

Officers of the Lagos State Fire and Rescue Service quickly extinguished the blaze, while police from the Ojodu Division secured the scene and maintained order.

LASTMA General Manager Olalekan Bakare-Oki praised the swift response by emergency teams that prevented further casualties. He urged operators of CNG-powered commercial vehicles to prioritise regular professional inspections and proper maintenance of gas storage and delivery systems to avoid similar incidents.

Continue Reading

Trending