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
FG launches new digital postcodes
The code is designed to provide a precise, GIS-enabled reference for identifying locations.
• Image credit: NIPOST
The Federal Government has launched the National Digital Alphanumeric Postcode System, urging Nigerians to find and begin using their postcodes.
The National Digital Alphanumeric Postcode, operated by the Nigerian Postal Service, gives every addressable building a unique 11-character code — the code is designed to provide a precise, GIS-enabled reference for identifying locations.system. Easier to find, share and use.
The Minister of Communications, Innovation and Digital Economy, Bosun Tijani announced the launch in a post on X on Thursday.
Tijani described the system as a step towards making locations across the country easier to identify and connecting people and businesses to services and opportunities.
Tijani said the system could help businesses reach customers beyond their immediate neighbourhoods, enable families to provide accurate locations during emergencies and help government agencies reach communities with essential services.
The minister encouraged Nigerians to search for their postcodes through the official Digital Postcode website, postcode.gov.ng, and share them with family members, friends and businesses.
News
Nigeria @ 66: President Tinubu says next phase of reforms’ll cut cost of living
“Our reforms did not create the weaknesses in our economy. They confronted them,” he said, while warning against attempts to reverse the policies and return to what he described as the “abuse of addictive subsidies”.
President Bola Tinubu has declared that the next phase of his administration’s reform will be focused on reducing the cost of living, creating jobs and ensuring that the benefits of economic growth were widely shared.
President Tinubu gave the assurance in his Independence Day address to mark Nigeria’s 66th anniversary, titled “From Reform to Prosperity”, in which he defended the economic policies of his administration and urged Nigerians to stay the course.
Tinubu said the reforms undertaken since his assumption of office had corrected the country’s economic direction, describing them as painful but necessary treatment for longstanding structural problems.
Using a cancer patient as an analogy, the President said Nigeria had for too long treated the symptoms of its economic problems rather than confronting their underlying causes.
“By 2023, poverty was rising, and hope was nearly gone. The country’s situation was darker than ever. We had no choice but to act,” he said.
Tinubu said previous administrations had chosen “morphine” by sustaining inefficient arrangements and postponing difficult decisions, while his administration chose to “excise the cancer”.
He acknowledged that the reforms had produced painful “side effects”, but argued that the hardship should not be confused with the underlying economic problems they were designed to address.
“Our reforms did not create the weaknesses in our economy. They confronted them,” he said, while warning against attempts to reverse the policies and return to what he described as the “abuse of addictive subsidies”.
The President’s speech came as some stakeholders and analysts regretted that, despite various reforms embarked upon by successive Federal Governments, the country was yet to come out of the woods economically and socially.
News
Atiku Demands Release of 5 Arrested Over ‘Tinubu Must Go’ T-Shirts
Former Vice President Atiku Abubakar has demanded the immediate release of five men arrested in Borno State for wearing T-shirts bearing the slogan “Tinubu Must Go.”
In a statement issued on Wednesday, the African Democratic Congress (ADC) presidential candidate condemned the arrests, describing the slogan as a legitimate political expression rather than a crime. He argued that wearing a T-shirt with a political message should not lead to detention in a democracy.
The five men — identified as Baba Aji Gremami, Mustapha Abba Yemen, Abacha Mohammed Ali, Adam Umar Gubio and Abdulhamid Mohammed — were reportedly arrested by the Borno State Police Command in Maiduguri and charged with offences including criminal conspiracy and inciting disturbance.
Atiku recalled that President Bola Tinubu had previously protested against the fuel pricing policies of the Goodluck Jonathan administration. He insisted that Nigerians must equally be free to express dissatisfaction with current government policies.
“‘Tinubu Must Go’ is a demand for political change. It is not a weapon, a threat or a crime,” Atiku said. “Tinubu was free to tell Jonathan that his policies were hurting Nigerians. Nigerians must be free to tell Tinubu that his policies are hurting them. Release these five citizens now.”
He called on the authorities to disclose the detainees’ whereabouts, grant them access to their families and lawyers, and free them if the political slogan was the sole basis for their arrest.
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