The NBS disclosed this in its Consumer Price Index, CPI, and Inflation Report for February 2026, released in Abuja on Monday.

According to the report, the February headline inflation showed a decrease of 0.04 per cent compared to the 15.10 per cent recorded in  January.

It said that on a year-on-year basis, the headline inflation rate in February was 11.21  per cent lower than the rate recorded in February 2025 at 26.27 per cent.

The report said on a month-on-month basis, the headline inflation rate in February was 2.01  per cent, which was 4.89  per cent higher than the rate recorded in January at -2.88  per cent.

“This means that in  February, the rate of increase in the average price level was higher than the rate of increase in the average price level in January.”

It said that the three major contributors to the headline inflation year-on-year were food and non-alcoholic beverages at 6.03 per cent, restaurants and accommodation services at 1.95 per cent, and transport at 1.61 per cent.

The report said that the least contributors were recreation, sports, and culture at 0.05 per cent, alcoholic beverages, tobacco, and narcotics at  0.06 per cent, and insurance and financial services at 0.07 per cent.

It said that the CPI increased to 130.0 in February, and reflected a 2.6-point increase from the 127.4 recorded in January.

The report said the food inflation rate in February was 12.12  per cent on a year-on-year basis, which was 14.86  percentage points lower compared to the rate recorded in February 2025 at 26.98 per cent.

However, it said on a month-on-month basis,  the food inflation rate in February was 4.69 per cent, which increased by 10.70 per cent compared to the -6.02 per cent recorded in January.

The NBS attributed the increase in food inflation on a month- on- month basis to the increase in the average prices of beans, carrots, okapi leaf, cassava tuber, and crayfish.

“Others are millet flour, yam flour, snails, avenger(ogbono/apon)-dried ungrinded, cow peas, among others.”

The report said, “All items less farm produces and energy” or Core inflation, which excludes the prices of volatile agricultural produce and energy,  stood at 15.88 per cent in February, on a year-on-year basis.

“This shows a decline of 9.78 per cent  when compared to the 25.66 per cent  recorded in February 2025.

“On a month-on-month basis, the core inflation rate was 0.89 per cent in February, which increased  by 2.58 per cent compared to the -1.69 per cent recorded in January.”

The report said that the inflation rate of the sub-indices on a month-on-month basis for February showed that farm produce stood at 3.7 per cent, an increase from the -5.10 per cent recorded in January.

It said energy and services recorded a decline at -0.2 per cent and -0.3 per cent, respectively, from the -3.13 per cent and 0.48 per cent recorded in January, respectively.

The report said goods and imported foods recorded an increase at 2.8 per cent and 0.6 per cent, respectively, from the -4.63 per cent and -6.81 per cent recorded in January.

It said that on a year-on-year basis in February, the urban inflation rate was 15.53 per cent, which was 12.96 percentage points lower than 28.49 per cent in  February 2025.

“On a month-on-month basis, the urban inflation rate was 2.55 per cent, which increased by 5.27  per cent compared to January  at -2.72  per cent.”

The report said that in February, rural inflation rate was 13.93 per cent on a year-on-year basis, which was 8.80  percentage points lower than the 22.73 per cent in February 2025.

“On a month-on-month basis, the rural inflation rate was 0.71  per cent, which increased  by 4.00  per cent compared to January  at -3.29 per cent.”

On states’ profile analysis, the report showed that in February, the all-items index inflation rate on a year-on-year basis was highest in Kogi at 23.57 per cent, followed by Benue at 22.85  and Anambra at 22.09 per cent.

It said that the lowest rise in headline inflation on a year-on-year basis was recorded in Katsina at 7.78  per cent, followed by  Imo at 11.66 per cent and Ebonyi at 11.71 per cent.

However, the report said that in February, the inflation rate on a month-on-month basis was highest in Enugu at 5.92 per cent, followed by Ogun at 4.39 per cent and Anambra at 4.11 per cent.

“Zamfara at -2.14  per cent, followed by Bauchi at -1.23  per cent  and Katsina  at -1.06 per cent  recorded a decline  in month-on-month inflation.”

It said that on a year-on-year basis, food inflation was highest in Kogi at 26.91 per cent, followed by Adamawa at 23.12 per cent, and Benue at 21.89 per cent.

“Katsina is at 5.09  per cent, followed by Bauchi  at 7.09  per and Imo at 7.65 per cent recorded the slowest rise in food inflation on a year-on-year basis.’’

However, it said that on a month-on-month basis, food inflation was highest in Bayelsa at 8.81 per cent, followed by Ebonyi at 8.51 per cent, and Edo at 7.72 per cent.

“Katsina  at -0.70 per cent, followed by Nasarawa at 0.17  per cent and Kano at 1.39 per cent, recorded a decline in food inflation on a month-on-month basis.”

Source: NAN

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The NBS disclosed this in its Consumer Price Index, CPI, and Inflation Report for January, released in Abuja on Monday.

According to the report, the January headline inflation showed a decrease of 0.05 per cent compared to the 15.15 per cent recorded in December 2025.

It said that on a year-on-year basis, the headline inflation rate in January was 12.51  per cent lower than the rate recorded in January 2025 at 27.61 per cent.

Furthermore, the report said that on a month-on-month basis, the headline inflation rate in January was -2.88 per cent , which was 3.42 per cent lower than the rate recorded in December 2025  at 0.54  per cent.

“This means that in January,  the rate of increase in the average price level was lower than the rate of increase in the average price level in December 2025.”

It said that the three major contributors to the headline inflation year- on- year were food and non-alcoholic beverages at 6.04 per cent, restaurants and accommodation services at 1.95 per cent, and transport at 1.61 per cent.

The report said that the least contributors were recreation, sports, and culture at 0.05 per cent, alcoholic beverages, tobacco, and narcotics at  0.06 per cent, and insurance and financial services at 0.07 per cent.

It said that the CPI declined to 127.4 in January, and reflected a 3.8-point decrease from the 131.2 recorded in December 2025.

The report said the food inflation rate in January was 8.89  per cent on a year-on-year basis, which was 20.73 percentage points lower compared to the rate recorded in January 2025 at 29.63 per cent.

It said that on a month-on-month basis, the food inflation rate in January was -6.02 per cent, which decreased by 5.66 per cent compared to the -0.36 per cent recorded in December 2025.

The NBS attributed the decrease in food inflation on a month- on- month basis to the decrease in the average prices of water yam, eggs, green peas, groundnut oil, soya beans, and palm oil.

“Others are maize (Corn) grains, guinea corn, beans, beef meat, melon (Egusi) unshelled, cassava tuber, cow peas (White), among others.”

“All items less farm produces and energy, or Core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 17.72 per cent in January 2026, on a year-on-year basis.

“This shows a decline of 7.55 per cent when compared to the 25.27 per cent recorded in January 2025.

“On a month-on-month basis, the core inflation rate was -1.69 per cent in January, which decreased by 2.26 per cent compared to the 0.58  per cent recorded in December 2025.”

The report said that the inflation rate of the sub-indices for January 2026 showed that energy stood at -3.13 per cent.

It also said that farm produce stood at -5.10 per cent,  services at 0.48 per cent, goods at -4.63 per cent and imported food at -6.81per cent.

It said that on a year-on-year basis in January, the urban inflation rate was 15.36 per cent, which was 14.09 percentage points lower than 29.45 per cent in January 2025.

“On a month-on-month basis, the urban inflation rate was -2.72 per cent, which decreased by 3.71  per cent compared to December 2025  at 0.99  per cent.”

The report said that in January, rural inflation rate was 14.44 per cent on a year-on-year basis, which was 10.60 percentage points lower than the 25.04 per cent in January 2025.

“On a month-on-month basis, the rural inflation rate was -3.29  per cent, which decreased  by 2.74  per cent compared to December 2025 at -0.55 per cent.”

On states’ profile analysis, the report showed that in January, the all-items index inflation rate on a year-on-year basis was highest in Benue at 22.48 per cent.

This was followed by Kogi at 20.98 and Abuja at 19.25 per cent.

It said that the lowest rise in headline inflation on a year-on-year basis was recorded in Ebonyi at 8.72 per cent, followed by  Katsina at 8.94 per cent and Imo at 10.61 per cent.

However, the report said that in January, the inflation rate on a month-on-month basis was highest in Imo at 1.93 per cent, followed by  Ondo at 1.93 per cent and Kaduna at 0.67 per cent.

“Cross Rivers at -6.34 per cent, followed by Ogun  at -6.30  per cent  and Kogi  at -6.03 per cent and  Plateau at -2.54 per cent all recorded a decline  in month-on-month inflation.”

The report said that on a year-on-year basis, food inflation was highest in Kogi at 19.84  per cent, followed by Benue at 18.38 per cent, and Adamawa at 17.29 per cent.

“Ebonyi at 1.69  per cent, followed by Abia at 3.23  per cent and Imo at 3.74  per cent recorded the slowest rise in food inflation on a year-on-year basis.’’

It also said that on a month-on-month basis, food inflation was highest in Imo at -1.26   per cent, followed by Akwa Ibom at -2.21 per cent, and Zamfara at -2.96 per cent.

“Yobe at -11.88 per cent, followed by Nasarawa at -9.06  per cent and Sokoto at -8.31 per cent, recorded a decline in food inflation on a month-on-month basis.”

Source: NAN

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The Statistician-General, S-G, Adeyemi Adeniran, disclosed this in a statement on the Consumer Price Index, CPI, and Inflation Report for December 2025, released in Abuja on Thursday.

Adeniran said that the CPI rose to 131.2 per cent in December 2025, and reflected a 0.7-point increase from November 2025.

“The headline inflation rate for December 2025 stood at 15.15 per cent, using a 12-month index reference period where 2024 is equated to 100.”

He said that on a month-on-month basis, the headline inflation rate in December 2025 was 0.54 per cent, which was 0.68 per cent lower than the rate recorded in November 2025 at 1.22 per cent.

“This means that in December 2025, the rate of increase in the average price level was lower than the rate of increase in the average price level in November 2025.”

Adeniran said that the three major contributors to the headline inflation year-on-year were food and non-alcoholic beverages at 6.06 per cent, restaurants and  accommodation services at 1.96 per cent, and transport at 1.62 per cent.

He said that the least contributors were recreation, sports, and culture at 0.05 per cent, alcoholic beverages, tobacco, and narcotics at  0.05 per cent, and insurance and financial services at 0.07 per cent.

According to him, food inflation rate in December 2025 was 10.84  per cent on a year-on-year basis.

He said that on a month-on-month basis, the food inflation rate in December was -0.36 per cent, which decreased by 1.49 per cent compared to the 1.13 per cent recorded in November 2025.

Adeniran attributed the decrease in food inflation on a month- on- month basis to the decrease in the average prices of tomatoes, garri, eggs, potatoes, carrots, millet, and vegetables.

“Others are plantain, beans, wheat grain, grounded pepper, and onions, among others.

“On a month-on-month basis, the core inflation rate was 0.58 per cent in December, which decreased by 0.7 per cent compared to the 1.28  per cent recorded in November 2025.”

The S-G said that the inflation rate of the sub-indices for December 2025 showed that only energy increased significantly to 2.74 per cent, while other indices decreased.

“Farm produce rate was -0.41 per cent, services stood at 0.15 per cent and goods at 0.64 per cent.”

He said that on a year-on-year basis, in December 2025, the urban inflation rate was 14.85 per cent.

“On a month-on-month basis, the urban inflation rate was 0.99 per cent, which increased by 0.04  per cent compared to November at 0.95  per cent.”

Adeniran said that in December, rural inflation rate was 14.56 per cent on a year-on-year basis.

“On a month-on-month basis, the rural inflation rate was -0.55  per cent, which decreased  by 2.43 per cent compared to November at 1.88 per cent.”

On states’ profile analysis, he said that in December, the all-items index inflation rate on a year-on-year basis was highest in Abia at 19.03 per cent.

According to him, it was followed by Ogun at 18.80 per cent, and Katsina at 18.66 per cent.

Adeniran said that the lowest rise in headline inflation on a year-on-year basis was recorded in Sokoto at 8.61 per cent, followed by Plateau at 9.05 per cent and Kaduna at 10.38 per cent.

He, however, said that in December 2025, the inflation rate on a month-on-month basis was highest in Cross River at 3.11 per cent, followed by  Abia at 2.63 per cent and Delta at 2.53 per cent.

“Ondo at -3.74 per cent, followed by Gombe at -3.02 per cent  and Jigawa at -1.96 per cent and  Plateau at -2.54 per cent, recorded a decline  in month-on-month inflation.”

Adeniran said that on a year-on-year basis, food inflation was highest in Yobe at 15.25 per cent, followed by Ogun at 14.12 per cent, and Abuja  at 13.24 per cent.

“Akwa Ibom  at 4.34 per cent, followed by Sokoto at 4.62  per cent and Plateau at 6.19 per cent recorded the slowest rise in food inflation on a year-on-year basis.’’

However, he said that on a month-on-month basis, food inflation was highest in Imo at 3.19  per cent, followed by Nasarawa at 3.16 per cent, and Yobe at 1.18 per cent.

“Plateau at -2.76 per cent, followed by Rivers at -2.50 per cent and Zamfara  at -1.93  per cent, recorded a decline in food inflation on a month-on-month basis.”

The S-G said that in analysing price movements at the state level, CPI was weighted by consumption expenditure patterns that differ across states and locations.

“Accordingly, the weight assigned to a particular food or non-food item may differ from state to state, making interstate comparisons of consumption basket inadvisable and potentially misleading.”

The NBS recently rebased the CPI.

This rebasing brought the base year closer to the current period, from 2009 to 2024, with 2023 as the reference period for expenditure weights.

Source: NAN

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The NBS said this in its Nigerian Correctional Service Statistics for 2017 to Q2 2025 released on Wednesday in Abuja.

It said that the Q2 2025 figure of 81,710 represented a 16.82 per cent increase from the 69,946 recorded  in 2017.

The bureau said that the report presented data from the Nigerian Correctional Service covering 2017 to Q2 2025, which included the prison inmate population, correctional centres capacity, unsentenced inmates, and admissions.

The report said that in Q2 2025, Lagos State recorded the highest inmate population with 9,209 inmates, and 4,167 Correctional Centres Capacity, showing an overcrowding ratio of 221 per cent.

It said that other states with high inmate populations were Ogun at 4,939, Kano at 4,667, and Enugu at 3,536.

“Conversely, Kogi had the lowest inmate population at 530, followed by Bayelsa at 696, and Benue at 777.”

The report said that the number of unsentenced inmates rose from 47,610 in 2017 to 53,790 in Q2 of 2025, representing a 12.98 per cent increase over the reference period.

It said that between 2017 and Q2 2025, the Correctional Centres’ Capacity increased from 53,752 to 65,035, representing a 20.99 per cent increase over the period.

The NBS said that at the end of 2024, Nigeria’s correctional facilities had a total of 176,536 inmate admissions across various offences.

It said that remand/awaiting trial cases recorded the highest admissions with 94,614 inmates, while condemned cases had the lowest with 2,883 inmates.

It said that in terms of type of offences, stealing recorded the highest number of admissions at 55,722, followed by other offences at 46,043 and armed robbery at 10,090.

The report said that bribery and corruption recorded the least with 27, followed by cyber crime at 48, and smuggling at 118.

Source: NAN

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In the next forty-eight hours, the world would bid goodbye to the year 2025 and usher in a New Year. As it is our practice, The Discourse will today, review the outgoing year, point out areas of progress in our national life, and offer suggestions on what we can do better to make life more meaningful for Nigerians.

At the beginning of 2025, the economy was still weighed down by high inflation, elevated interest rates, and weak consumer demand due to the high prices of goods, especially food items, as well as subdued business activity following subsidy removal, exchange-rate liberalisation, and aggressive monetary tightening policies embarked upon by the Tinubu administration.

Inflation remained one of the defining challenges at the start of the year, hovering around 34 per cent, and driven largely by high food prices, energy costs, and the pass-through effects of earlier naira depreciation. These pressures eroded household purchasing power and constrained consumption.

However, as the year progressed, the National Bureau of Statistics (NBS) rebased Nigeria’s Gross Domestic Product (GDP) and the Consumer Price Index (CPI), a process of revising the base year or reference point used to calculate various key economic indicators. For inflation, the proposed new base year for its computation became 2024, and it intended to capture the structural changes in the economy driven by the removal of subsidies on petrol and the foreign exchange rate. For the GDP, the NBS opted for 2019 as the new base year because economic activities were relatively stable that year compared to subsequent years, disrupted by the impact of the COVID-19 pandemic and policy shifts.

The rebased GDP aimed to capture new economic segments, such as the digital economy, activities of pension fund administrators, the National Health Insurance Scheme, the Nigerian Social Insurance Trust Fund, activities of modular refineries, domestic households as employers of labour, and coverage of illegal and hidden activities. According to the NBS, the Nigerian economy grew by 3.98 per cent in the third quarter of 2025, representing a sharp increase from the 3.86 per cent growth recorded in the third quarter of 2024.

Also, the Nigerian economy ended the year with an inflation rate of 14.45 per cent in November, aligning with Tinubu’s projected figure of 15 per cent at the end of 2025 and the budget’s projected target. That was a massive leap. Nigeria’s 2025 Budget, themed ‘Budget of Restoration’ aimed to stabilise the economy by targeting a significant drop in inflation from over 34 per cent to around 15-16 per cent, alongside achieving GDP growth and exchange rate stability (N1500/$1). Now, inflation has dropped to 14.5 % while the exchange rate hovers around N1450/$1.

Some key events defined the economy this year, delivering a positive impact overall. These include the rebasing of the GDP, which captured fintech and entertainment booms; Nigeria’s exit from the FATF grey list, unlocking $30 billion in investments; tax and securities reforms; and bank/insurance recapitalisation, with 16 banks meeting the new threshold as of December.

Also, Dangote Refinery, despite the full-scale war the company fought during the year, ensured that the nation reduced its dependency on petroleum products imports, which eased FX pressure, allowing Naira-FX market gains and stabilisation.

However, even as these macroeconomic advances take shape, the troubling reality is that Nigeria’s growth too often bypasses the poor, leaving millions mired in hardship despite headline figures. On paper, the nation’s economy is doing tremendously well, but in reality, majority of Nigerians are not feeling the effects in their pockets and lives.

With a minimum wage pegged at N70,000 by the federal government – even though some states pay more than that – the purchasing power of the average Nigerian has been effectively curtailed by the high cost of food alone. It is no longer news that most Nigerians spend more than 70 per cent of their salaries on food alone. The high cost of transportation is another issue most Nigerians had to contend with, as many workers leaving home on Monday can’t return until Friday evening after the close of work. In between, many have converted their offices and places of work to temporary homes, particularly those working on the Island in Lagos and living in the mainland, all in a bid to reduce transportation costs.

Additionally, with 139 million Nigerians still trapped in poverty, the Federal Government and sub-nationals had to allocate more funds to education, health, housing, and food production, in order for most of its policies to have a direct impact on the masses.

Nigeria’s poverty rate surged, with projections reaching around 61% (139 million people) by 2025, up from 40% in 2019, as high inflation and slow growth eroded purchasing power despite recent economic reforms, pushing more Nigerians into poverty. As at 2024, 56 per cent of Nigerians lived below the poverty line, totalling roughly 129 million people. But by 2025, that figure rose to 61 per cent, with 139 million in poverty, according to the World Bank in October, 2025. Again, multidimensional poverty, as computed by the NBS, reported 63 per cent (133 million) in that category, lacking access to clean energy, sanitation, and education.

In 2024-2025, Nigeria saw fluctuating maternal deaths but modest gains in under-five survival, with figures from late 2025 showing 5,391 maternal deaths in 2024, and 3,689 so far in 2025, while under-five mortality dropped to around 102-110 per 1,000 live births by 2024, down from 132 in 2018, although neonatal rates remain high.

The disconnect from the figures on paper and the day-to-day realities of Nigerians stem from what economists’ term “jobless growth”, where expansion concentrates in capital-intensive sectors like oil and finance, rather than labour-absorbing areas such as manufacturing or agriculture. In 2025, services, including ICT and financial services, drove over half of GDP gains, but these created few entry-level jobs for the masses, echoing patterns from prior years.

Compounding this is Nigeria’s stark inequality, where benefits accrue to a narrow elite while the wealth gap widens. Inflation, even as it eased to 14.45 per cent in November, outstripped wage growth for most workers, eroding real incomes and purchasing power.

The above sections of the constitution notwithstanding, the war against bandits and terrorists has been allowed to fester for too long and if Trump could provide the much-needed solution, it should be welcome by all peace-loving Nigerians.

Prices of most staple foods remain high due to serious challenges facing the agricultural sector, especially insecurity in farming belts, limited application of technologies, low yields, and poor roads that escalate logistics costs. Weak job creation in manufacturing was largely due to high production costs driven by skyrocketing power tariffs, imported raw materials, and prohibitive interest rates that stifled factory expansion and limited employment opportunities. However, some progress was recorded in the implementation of the Federal Government’s National Social Safety Net Programme, which has made cash transfers to over 8.3 million vulnerable Nigerians. While each beneficiary is expected to get N75,000 paid in three tranches, it is still not clear what impact this has had on poor Nigerians amid allegations of fund diversion and outright stealing of funds meant for the masses.

Insecurity was the most significant destabilizing factor in 2025, and the highest impending threat to Nigeria’s unity and development. Banditry increased in Kebbi, Katsina, Niger, Zamfara, and some parts of Kaduna States. Terrorist-linked groups also expanded their activities, including the comparatively recent sect known as Lakurawa. Several attacks on mosques, churches, schools, mines, and villages conveyed a symbolism that expressed disdain for the authority meant to protect them.

Mass killings in Benue and Plateau, killings at a mosque in Katsina, kidnapping of schoolgirls in Kebbi and Niger, live coverage of an attack on a church in Kwara, as well as ongoing attacks on mining infrastructure, served to reinforce a perception that state security was overstretched. While military intervention or rescue efforts were sometimes successful, they were more often reactive than pre-emptive. This situation has weakened investment confidence, especially amongst agricultural and mining stakeholders. It represented yet another political blow and undermined the state’s control over violent actors.

Another critical political event of 2025 was the declaration of a state of emergency in Rivers State. Tinubu suspended the state’s Governor, Deputy governor, and the House of Assembly for six months due to paralysis of governance and legislative and executive conflicts that posed a danger to the country’s critical oil infrastructure. According to the federal government, its involvement was to protect the nation’s economic assets and restore peace and order. As the nation steadily marches towards the 2027 general elections, the polity also witnessed mass defections of political office holders from the PDP to the ruling APC.

The defections, buoyed by the internal wrangling within the PDP has left the party reduced to a shadow of itself, as a large chunk of its members left to take charge in a relatively unknown party, the ADC. The mass defections have led to the fear of a possible one-party state in the country, as many of the opposing political parties are battling one form of internal crisis or the other.

As the year wound down, America’s President, Donald Trump, on Christmas day, made true his threat of military intervention in Nigeria in October over what he described as “government’s failure to curb violence targeting Christian communities”. He served Nigerians a cold Christmas dish when he ordered strikes on terrorists’ enclaves in Sokoto State.  Offa, a town in Kwara state suffered some collateral damage from the airstrikes. Trump, who declared Nigeria a Country of Particular Concern, threatened to go into Nigeria ‘guns a-blazing’. The impact of the bombing is still being evaluated, with the nation divided on whether it was appropriate for the country to allow another nation to bomb any part of the country. Indeed, under international laws and conventions, Trump’s action could be deemed to have violated known conventions. Article 2(4) of the United Nations Charter prohibits the use of force against the territorial integrity or political independence of any sovereign state, save for three narrowly defined exceptions. First, is authorization by the UN Security Council, under Chapter VII. Second, is self-defence, under Article 51, and third, is the derivative basis of intervention by consent, which is only lawful where such consent is validly given by the recognized government acting within its constitutional authority.

However, as Nigerians have been told that the US airstrike was with the approval of the country’s President, then the inquiry shifts to the constitutional validity of that consent. Under the 1999 Constitution (as amended), executive power is vested in the President by Section 5, but that power is not absolute. It is circumscribed by the Constitution and subject to legislative oversight. The control and operational use of the armed forces is addressed in Sections 217 and 218. While Section 218(1) designates the President as Commander-in-Chief, Section 218(4) expressly empowers the National Assembly to make laws regulating the operational use of the armed forces. This provision has consistently been interpreted as anchoring civilian and legislative oversight over military deployments and security cooperation, particularly where such actions have far-reaching implications for national sovereignty and external relations.

The above sections of the constitution notwithstanding, the war against bandits and terrorists has been allowed to fester for too long and if Trump could provide the much-needed solution, it should be welcome by all peace-loving Nigerians.

Wishing us all a happy and prosperous New Year in advance.

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The post Trump’s Christmas gift and 2025 in retrospect appeared first on Frontpageng.

This is according to the VAT Q2 2025 Report released in Abuja on Tuesday.

The report shows a decrease of 0.03  per cent on a quarter-on-quarter basis from N2.06  trillion recorded in Q1 2025.

The report also showed that local payments recorded were N1.09 trillion while foreign VAT payments contributed N459.95  billion, and import VAT contributed N508.55 billion in Q2 2025.

On a quarter-on-quarter basis, the report showed that real estate activities recorded the highest growth rate at 155.21  per cent , followed by the activities of agriculture, forestry and fishing at 23.64 per cent.

This was followed by Information and Communication at  17.75 per cent .

“On the other hand, human health and social work activities had the lowest growth rate at –68.34 per cent , followed by electricity, gas, steam and air conditioning supply with – 45.20 per cent.

“This was followed by Water supply, sewage, waste management and remediation activities at –29.36 per cent.”

In terms of sectoral contributions, the report showed the top three activities with the largest shares in Q2 2025 were manufacturing at 27.19 per cent, information and communication at 20.76 per cent and mining and quarrying at 15.04 per cent .

“On the other hand, activities of households as employers, undifferentiated goods and services-producing activities of households for own use recorded the least share at 0.005 per cent.

“This was followed by activities of extraterritorial organisations and bodies at 0.02 per cent, and water supply, sewage, waste management at 0.03 per cent.”

However, on a year-on-year basis, it showed that VAT collections in Q2 2025, increased by 32.15 per cent from Q2 2024.

Meanwhile the aggregate VAT for Q1 2025 stood at N2.06 trillion, showing an increase of 6.02 per cent from the N1.95 religion recorded in Q4 2024.

According to the VAT Q1 2025 report local payments recorded were N1.10trillion while foreign VAT payments contributed N454.76 billion, and import VAT contributed N507.00 billion.

On a quarter-on-quarter basis, the report showed that electricity, gas, steam and air conditioning supply recorded the highest growth rate at 136.71 per cent , followed by the activities of administrative and support service activities at 45.24 per cent .

This was followed by professional, scientific and technical activities at 39.00 per cent.

“On the other hand, activities of extraterritorial organisations and bodies had the lowest growth rate at 35.70 per cent , followed by wholesale and retail trade, repair of motor vehicles and motorcycles; and real estate activities at –14.51 per cent and –11.54 per cent , respectively.”

In terms of sectoral contributions, the top three activities with the largest shares in Q1 2025 were manufacturing at 26.03 per cent, information and communication at 17.51 per cent and mining and quarrying at 17.02 per cent .

“On the other hand, activities of households as employers, undifferentiated goods and services-producing activities of households for own use recorded the least share at 0.004 per cent.

“This was followed by activities of extraterritorial organisations and bodies at 0.02 per cent, and water supply, sewerage, waste management at 0.04 per cent.”

However, on a year-on-year basis, it showed that VAT collections in Q1 2025, increased by 44.24 per cent from Q1 2024.

Source: NAN

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The NBS disclosed this in its Consumer Price Index, CPI, and Inflation Report for August 2025, which was released in Abuja on Monday.

According to the report, the headline inflation showed a decrease of 1.76  per cent compared to the 21.88  per cent recorded in July.

The report said that on a year-on-year basis, the headline inflation rate was 12.03 per cent  lower than the rate recorded in August 2024 at 32.15 per cent.

Furthermore, the report said that on a month-on-month basis, the headline inflation rate in August was 0.74  per cent, which was 1.25 per cent lower than the rate recorded in July at 1.99 per cent.

“This means that in August, the rate of increase in the average price level was lower than the rate of increase in the average price level in July,” it said

The report attributed the increase in the headline index for August to the increase in some items in the basket of goods and services at the divisional level.

It said that the three major contributors to the headline inflation year on year were food and non-alcoholic beverages at 8.05 per cent, restaurants and  accommodation services at 2.60 per cent, and transport at 2.15 per cent.

It showed that the least contributors were recreation, sport, and culture at 0.06 per cent, alcoholic beverages, tobacco, and narcotics at  0.07 per cent, and insurance and financial services at 0.09 per cent.

The report said that the food inflation rate in August was 21.87 per cent on a year-on-year basis, which was 15.65 percentage points lower compared to the rate recorded in August at 37.52 per cent.

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“The significant decline in the annual food inflation figure is technically due to the change in the base year.”

It said that on a month-on-month basis, the food inflation rate in August was 1.65 per cent, which decreased by 1.47  per cent compared to the 3.12 per cent recorded in July.

The NBS report attributed the decrease in food inflation to the reduction in average prices of items.

It listed such items to include imported and local rice,  guinea corn flour, maize flour sold loose, guinea corn (sorghum), jillet, semolina and soya milk.

It said that all items less farm produce and energy or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 20.33 per cent in August on a year-on-year basis.

“On a month-on-month basis, the core inflation rate was 1.43  per cent in August, which increased by 0.46 per cent compared to the 0.97 per cent recorded in July,” it said.

The report said that on a year-on-year basis in August 2025, the urban inflation rate was 19.75 per cent.

“On a month-on-month basis, the urban inflation rate was 0.49 per cent, which decreased  by 1.37 per cent compared to July at 1.86  per cent.”

It said that in August, the rural inflation rate was 20.28  per cent on a year-on-year basis.

“On a month-on-month basis, the rural inflation rate was 1.38 per cent, which increased by 0.92 per cent compared to July at 2.30 per cent.”

On states’ profile analysis, the report showed that in August, the all-items index inflation rate on a year-on-year basis was highest in Ekiti at 28.17 per cent.

“This is followed by  Kano at 27.27 per cent and Oyo at 26.58 per cent,” it said.

It said that the slowest rise in headline inflation on a year-on-year basis was recorded in Zamfara 11.82 per cent, followed by Anambra at 14.16 per cent, and Enugu at 14.20 per cent.

The report, however, said that in August, the inflation rate on a month-on-month basis was highest in Yobe at 9.20  per cent, followed by Katsina at 8.59 per cent, and Sokoto at 6.57 per cent.

“Enugu was -5.32 per cent, followed by Taraba at -3.64 per cent and Nasarawa at -3.56  per cent recorded the slowest rise in month-on-month inflation.”

The report said that on a year-on-year basis, food inflation was highest in Borno at 36.67 per cent, followed by Kano at 30.44  per cent and Akwa Ibom at 29.85  per cent.

It said that Zamfara at 3.20 per cent, followed by Yobe at 3.60  per cent and Sokoto 6.34 per cent recorded the slowest rise in food inflation on a year-on-year basis.’

It said that on a month-on-month basis, food inflation was highest in Kaduna at 9.37 per cent, followed by Katsina at 9.05 per cent, and  Akwa Ibom at 7.87  per cent.

“Bayelsa at -9.52 per cent, Sokoto at  -8.92 per cent and Borno at  -8.74 per cent, recorded the slowest rise in inflation on a month-on-month basis.”

The NBS said that based on the recent rebasing of the CPI, it rose to 126.8 in August, which reflected a 0.9   point increase from 125.9 in July.

The NBS recently rebased the CPI, bringing the base year closer to the current period, from 2009 to 2024, with 2023 as the reference period for expenditure weights.

Source: NAN

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In a country where the informal sector hums with quiet industry and the horizon of every state is punctuated by construction sites, it is a cruel irony that 133 million Nigerians are said to be multi-dimensionally poor. The figure, cited by the National Bureau of Statistics (NBS) in 2022, is not just staggering—it is sobering. But is it the whole truth? Or is it a truth distorted by the inadequacy of our measurement tools, the blindness of our data systems, and the inertia of our institutions?

To grasp the magnitude of 133 million people, consider this:

The combined populations of the United Kingdom (69.5M), Netherlands (18.3M), Belgium (11.7M), Sweden (10.6M), Austria (9.1M), Denmark (6M), Ireland (5.3M), Finland (5.6M) and Norway  (5.6M)  total approximately 136.4 million people. Are we truly saying that a size of the entire populations of these nine European nations—combined—are living in poverty within Nigeria?

That claim demands interrogation. It is not just improbable. It is statistically implausible.

Let us begin with the obvious: Nigeria is not a country of idle hands. From the bricklayer in Bauchi to the tiler in Uyo, from the roadside mechanic in Ibadan to the caterer in Calabar, the informal economy is a living, breathing organism. It is where dignity is earned daily, where families are fed, and where the economy is kept alive—not by policy, but by grit.

Yet this sector, which accounts for over 90% of new jobs, is still largely excluded—despite the recent rebasing of the GDP by the NBS. Despite its technical rigour, the rebasing failed to reflect the full productivity of Nigeria’s real economy—especially in manufacturing, agriculture, and housing. It remains incomplete, unable to capture the pulse of the informal sector. The NBS cannot quantify the sweat equity of millions who build homes, wire cities, cultivate land, and feed communities. It cannot measure the value of trust, barter, and community credit systems that underpin rural commerce. And so, it defaults to a narrative of bottom pit—obscuring the reality of those grinding to stay afloat.

The $2.61 Trillion Housing Sector: Nigeria’s Real Wealth

The Minister of Housing recently estimated Nigeria’s housing sector to be worth over $2.61 trillion. That figure is not a mirage—it is real, visible, and tangible. Across the country, housing projects are mushrooming—some state-led, many private, most informal. These projects employ millions: carpenters, plumbers, welders, painters. They are the backbone of Nigeria’s real economy.

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Visit different Nigerian cities and you will be stunned by the quality and quantity of homes. From Banana Island to Maitama, Lekki to Asokoro, and even in emerging peri-urban zones, Nigeria’s housing stock largely rivals global standards. Many of these homes, if transposed to cities like Los Angeles or London, would be valued in the tens of millions of dollars.

Yet even the oft-cited housing deficit of 22 million is another statistical incompetence. It is high time we put an end to shallow projections conjured from the comfort of air-conditioned offices. To speak intrinsically and authoritatively about Nigeria’s housing realities, the three tiers of government must collaborate on an integrated census:

– How many houses exist in Nigeria?

– How many Nigerians have a roof over their heads?

– How many are homeless?

– How many own country homes but lack urban shelter?

– How many prime real estate assets lie unoccupied?

This is not just data—it is dignity. A national housing strategy must emerge from this census, one that puts idle assets to use while respecting individual privacy. Until then, we are navigating blindfolded through a maze of assumptions.

We must confront the farce of our data, the propaganda of our GDP, and the illusion of our currency. We must build a new narrative—one that sees, counts, and honours every Nigerian.

The Naira’s Double Life and the Regional Exploitation

Nowhere is this distortion more evident than in the value of the naira. Within Nigeria, ₦10,000 can still buy a week’s worth of groceries—particularly in the rural areas where nearly half of Nigerians live. Yet that same ₦10,000, worth barely $6.50 USD, wouldn’t buy a premium sandwich lunch at Starbucks or a coffee and croissant in London. The disparity is not just economic—it is epistemic. It reflects a failure to distinguish between domestic purchasing power and international exchange value. The naira lives a double life: relatively fair at home, weak abroad. Yet our economic models treat it as singular, leading to flawed comparisons and fatal misjudgments.

Neighbouring countries have seized on this disparity with ruthless efficiency. Armed with stronger currencies, they swoop into Nigeria to buy organic agricultural products at giveaway prices—leaving our farmers and artisans shortchanged. Who protects them? Who speaks for the yam farmer in Benue or the shea butter producer in Kwara (whose raw exportation the government has now gracefully banned)? The NBS must wake up to the realities of Nigeria’s peculiarities and stop applying esoteric measuring solutions to distinct local challenges. We need a data revolution that defends our producers, values our labour, and restores economic justice.

Toward a New Measurement Ethic

To move forward, we must abandon the legacy economic measurement methods. We must build new tools—digital, decentralized, and inclusive. We must digitize the informal sector, not to tax it prematurely, but to understand it deeply. Mobile money agents, POS terminals, and community cooperatives can become nodes of data collection. Blockchain can secure transactions. AI can analyze patterns. But the ethic must be clear: measure to empower, not to idolize poverty.

We must also rethink poverty. Multidimensional poverty is real—but it is not static. It is not a life sentence. It is a condition that can be reversed with opportunity, visibility, and dignity. The poor are not passive victims; they are active agents. They build our homes, teach our children, and feed our cities. To label them as merely poor is to erase their contributions. To count them without context is to betray their humanity.

And let us not forget the communal safety nets that still thrive in Nigeria’s villages. In rural communities, food is shared, shelter is offered, and care is communal. These informal welfare systems are invisible to statisticians but vital to survival. They are part of Nigeria’s resilience—and they must be counted.

No one organically tracks in real time how many people have moved out of or sunk into poverty. Yet this is achievable—with data sense, political will, and collaboration between the NBS and the Ministry of Communication and Digital Economy.

And who tracks the impact of the multi-billion naira legislative interventions on poverty alleviation and infrastructure renewal by Senators, members of the House of Representatives, and state legislators? Who monitors the outcomes of poverty alleviation programmes by the Federal and State governments, the Office of the First Lady, and the private sector? Are we to believe these efforts have had zero effect on reducing multidimensional poverty? In the past year alone, security has improved in several regions. Farmers have returned to their fields. Are these families still being counted among the 133 million trapped in poverty? If so, then the mechanics of measurement must be urgently recalibrated.

Conclusion: The Audacity of Truth

Nigeria is not languishingly poor. Nigeria is poorly measured. Yes, there are poor Nigerians everywhere—but the number is grossly exaggerated. With all the ongoing reforms and projects across Nigeria—in road construction, housing, agriculture, digital technology, hospitality—who has been doing the jobs? Ghosts?

Who will plant the 100 million palm oil trees the government has directed and maintain them?

We must confront the farce of our data, the propaganda of our GDP, and the illusion of our currency. We must build a new narrative—one that sees, counts, and honours every Nigerian.

Let us begin not with pity, but with precision. Not with handouts, but with handshakes. Not with statistics, but with resonating stories. Because in the end, it is not numbers that build nations—it is people.

Photo caption: Last December, Senate President Godswill Akpabio distributed cars, tricycles, mini vans, sewing machines, tractors, and other empowerment tools to his constituents—a tradition among Nigerian legislators aimed at poverty alleviation and grassroots support.

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The NBS disclosed this in its Consumer Price Index, CPI, and Inflation Report for May 2025, which was released in Abuja on Monday.

According to the report, the headline inflation showed a decrease of 0.74 per cent compared to the  23.71 per cent recorded in April 2025.

Furthermore, the report said on a month-on-month basis, the headline inflation rate in May 2025 was 1.53 per cent, which was 0.33  per cent lower than the rate recorded in April  2025 at 1.86  per cent.

The report said the increase in the headline index for  May 2025 was attributed to the increase in some items in the basket of goods and services at the divisional level.

It said the three major contributors to the headline inflation were Food and non-alcoholic Beverages at 9.20 per cent, Restaurants and Accommodation Services at 2.97 per cent, and Transport at 2.45 per cent.

The report showed the least contributors were Recreation, Sport, and Culture at 0.07 per cent, Alcoholic Beverages, Tobacco, and Narcotics at  0.09 per cent, and Insurance and Financial Services at 0.11 per cent.

The report said the food inflation rate in May 2025 was 21.14 per cent on a year-on-year basis.

It said on a month-on-month basis, the food inflation rate in May was 2.19 per cent, which increased by 0.13 per cent compared to the 2.06 per cent recorded in April 2025.

The NBS said the increase in food inflation was attributed to the reduction in average prices of items such as Yam, Avenger (Ogbono/Apon), Cassava Tuber, Maize Flour, Fresh Pepper, Sweet Potatoes, etc.

The report said that “all items less farm produce and energy’’ or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 22.28   per cent in May 2025 on a year-on-year basis.

“One a month-on-month basis, the Core Inflation rate was 1.10  per cent in May, which decreased by  0.24 percentage points compared to the 1.34  per cent recorded in April 2025 .”

The NBS said for the newly introduced sub-indices, on a month-on-month basis, Farm Produce and Goods stood at 22.38 per cent and 9.39 per cent compared to April 2025, which were 0.95 per cent and 1.89 per cent, respectively.

“Conversely, Services and Energy stood at 1.79 per cent and -0.43 per cent compared to 2.20 per cent and 13.6 per cent recorded in April, respectively.

The report said that on a year-on-year basis in May   2025, the urban inflation rate was 23.14 per cent.

“On a month-on-month basis, the urban inflation rate was 1.40 in May 2025, which increased by 0.22 per cent compared to April  at 1.18 per cent.”

The report said in May, the rural inflation rate was 22.70 per cent on a year-on-year basis.

“On a month-on-month basis, the rural inflation rate was 1.83 per cent in May, which decreased by 1.72 per cent compared to April at 3.56  per cent.”

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On states’ profile analysis, the report showed that in May, all items index inflation rate on a year-on-year basis was highest in Borno at 38.93 per cent, followed by Niger at 34.97 per cent and Plateau at 32.35 per cent.

It said the slowest rise in headline inflation on a year-on-year basis was recorded in Katsina at 16.25 per cent, followed by Adamawa at 18.20 per cent, and Delta at 18.41 per cent.

The report, however, said in May 2025, inflation rate on a month-on-month basis was highest in Bayelsa 9.11 per cent, followed by Bauchi at 4.85  per cent, and Borno at 4.42 per cent.

“Kaduna at -6.75  per cent, followed by Jigawa  at -4.40 per cent and Edo at -2.94  per cent recorded the slowest rise in month-on-month inflation.”

The report said on a year-on-year basis, food inflation was highest in Borno at 64.34  per cent, followed by Bayelsa at 39.85  per cent, and Taraba at 38.58 per cent.

“Katsina at 6.90  per cent, followed by Rivers at 9.18 per cent and Kwara at 11.31 per cent recorded the slowest rise in food inflation on a year-on-year basis.’’

The report, however, said on a month-on-month basis, food inflation was highest in Bayelsa at 12.68  per cent, followed by Cross River at 11.15  per cent, and Anambra at 9.10 per cent.

“Katsina at -5.42 per cent, followed by Jigawa at -4.02 per cent and Kaduna -3.27per cent, recorded the slowest rise in inflation on a month-on-month basis.”

The NBS said based on the recent rebasing of the CPI,  hence, the CPI rose to 121.35 in May 2025, which  reflected a 1.83-point increase from April 2025.

The NBS recently rebased the CPI, bringing the base year closer to the current period, from 2009 to 2024, with 2023 as the reference period for expenditure weights.

The Statistician-General of the Federation, Adeyemi Adeniran, said the rebasing was designed to ensure that Nigeria’s economic indicators accurately reflect the current structure of the economy.

According to him, this is done by incorporating new and emerging sectors, updating consumption baskets, and refining data collection methods.

Source: NAN

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The Minister of Information and National Orientation, Alhaji Mohammed Idris, stated this on Friday in Abuja at the eighth edition of the Ministerial Press Briefing session.

“The NBC released the Consumer Price Index, CPI, for April 2025, yesterday.

“According to the report, the headline inflation rate for April stood at 23.71 per cent, representing a decrease of 0.52 per cent from the 24.23 per cent recorded in March 2025.

“Similarly, month-on-month inflation dropped by a notable 2.04 per cent-from 3.90 per cent in March to 1.86 per cent in April.

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“This has not happened by chance. The president’s focused interventions are clearly paying off.

“The benefits of reform, though gradual, are real and measurable,” he said.

The minister added that one of the major drivers of inflation which is food prices had been brought under control through the administration’s significant interventions, leading to a noticeable reduction in the cost of food items.

He assured that President Bola Tinubu led-administration would sustain the momentum of economic improvement by prioritising people-centered policies and promoting shared prosperity for all Nigerians.

He also assured that the administration would sustain the momentum by providing relief and restoring economic stability.

The minister stated that Nigeria was turning a corner, and urged the media to continue disseminating the positive developments responsibly and constructively.

He emphasised that the government would remain accountable to the people.

Source: NAN

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