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Inflation Rate Rises To 16.47%

The consumer price index, (CPI) which measures inflation increased by 16.47 percent (year-on-year) in January, 2021, according to latest data released by the National Bureau of Statistics (NBS), yesterday.
This is 0.71 percent points higher than the rate recorded in December, 2020 (15.75 percent).
Increases were recorded in all Classification of Individual Consumption According to Purpose (COICOP ) divisions that yielded the headline index.
On month-on-month basis, the headline index increased by 1.49 percent in January, 2021.
This is 0.12 percentage points lower than the rate recorded in December, 2020 (1.61 percent).
The percentage change in the average composite CPI for the twelve months period ending January, 2021 over the average of the CPI for the previous twelve months period was 13.62 percent, representing a 0.37 percentage point increase over 13.25 percent recorded in December, 2020.
The urban inflation rate increased by 17.03 percent (year-on-year) in January, 2021 from 16.33 percent recorded in December, 2020, while the rural inflation rate increased by 15.92 percent in January, 2021 from 15.20 percent in December, 2020.
On a month-on-month basis, the urban index rose by 1.52 percent in January, 2021, down by 0.13 percentage points when compared to the rate recorded in December, 2020, while the rural index also rose by 1.46 percent in January, 2021, down by 0.12 compared to the rate that was recorded in December, 2020 (1.58 percent).
The corresponding twelve-month year-on-year average percentage change for the urban index was 14.23 percent in January, 2021.
This is higher than the 13.86 percent reported in December, 2020, while the corresponding rural inflation rate in January, 2021 was 13.04 percent compared to 12.67 percent recorded in December, 2020.
The composite food index rose by 20.57 percent in January, 2021 compared to 19.56 percent in December, 2020.
This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, Yam and other tubers, Meat, Fruits, Vegetable, Fish and Oils and Fats.
On month-on-month basis, the food sub-index increased by 1.83 percent in January, 2021, down by 0.22 percent points from 2.05 percent recorded in December, 2020.
The average annual rate of change of the food sub-index for the twelve-month period ending January, 2021 over the previous twelve-month average was 16.66 percent, 0.49 percent points higher than the average annual rate of change recorded in December, 2020 (16.17 percent).
The “All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 11.85 percent in January, 2021, up by 0.48 percent when compared with 11.37 percent recorded in December, 2020.
On month-on-month basis, the core sub-index increased by 1.26 percent in January, 2021.
This was up by 0.16 percent when compared with 1.10 percent recorded in December, 2020.
The highest increases were recorded in prices of passenger transport by air, medical services, hospital services, passenger transport by road, pharmaceutical products, paramedical services, repair of furniture, vehicle spare parts, motor cars, miscellaneous services relating to the dwelling, maintenance and repair of personal transport equipment,
The average 12-month annual rate of change of the index was 10.52 percent for the twelve-month period ending January, 2021.
This was 0.21 percent points higher than 10.31 percent recorded in December, 2020.
In analysing price movements under this section, note that the CPI is weighted by consumption expenditure patterns which differ across states.
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.
In January, 2021, all items inflation on year on year basis was highest in Kogi (21.38%), Oyo (20.17%) and Bauchi (19.52%), while Kwara (13.96%), Abuja (12.96%) and Cross River (12.22%) recorded the slowest rise in headline Year-on-Year inflation.
On month-on-month basis, however, January, 2021, all items inflation was highest in Oyo (4.28%), Ebonyi (3.95%) and Lagos (3.33%), while Abuja, Edo and Cross River recorded price deflation or negative inflation (general
News
FG Ends Passport Production At Multiple Centres After 62 Years

The Nigeria Immigration Service has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, disclosed this yesterday while inspecting Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
He said the centralised production system aligned with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for better service delivery.
News
FAAC Disburses N2.225trn For August, Highest In Nigeria

The Federation Account Allocation Committee (FAAC) has disbursed N2.225 trillion as federation revenue for the month of August 2025, the highest ever allocation to the three tiers of government and other statutory recipients.
This marks the second consecutive month that FAAC disbursements have crossed the N2 trillion mark.
The revenue, shared at the August 2025 FAAC meeting in Abuja, was buoyed by increases in oil and gas royalty, value-added tax (VAT), and common external tariff (CET) levies, according to a communiqué issued at the end of the meeting.
Out of the N2.225 trillion total distributable revenue, FAAC said N1,478.593 trillion came from statutory revenue, N672.903 billion from VAT, N32.338 billion from the Electronic Money Transfer Levy (EMTL), and N41.284 billion from Exchange Difference.
The communiqué revealed that gross federation revenue for the month stood at N3.635 trillion. From this amount, N124.839 billion was deducted as cost of collection, while N1,285.845 trillion was set aside for transfers, interventions, refunds, and savings.
From the statutory revenue of N1.478 trillion, the Federal Government received N684.462 billion, State Governments received N347.168 billion, and Local Government Councils received N267.652 billion. A further N179.311 billion (13 per cent of mineral revenue) went to oil-producing states as derivation revenue.
From the distributable VAT revenue of N672.903 billion, the Federal Government received N100.935 billion, the states received N336.452 billion, while the local governments got N235.516 billion.
Of the N32.338 billion shared from EMTL, the Federal Government received N4.851 billion, the States received N16.169 billion, and the Local Governments received N11.318 billion.
From the N41.284 billion exchange difference, the Federal Government received N19.799 billion, the states received N10.042 billion, and the local governments received N7.742 billion, while N3.701 billion (13 per cent of mineral revenue) was shared to the oil-producing states as derivation.
News
KenPoly Governing Council Decries Inadequate Power Supply, Poor Infrastructure On Campus
The Governing Council of Kenule Beeson Saro-Wiwa Polytechnic, Bori, has decried the inadequate power supply and poor state of infrastructural facilities and equipment at the institution.
The Council also appealed to the government, including Non-Governmental Organisations, agencies, as well as well-meaning Rivers people to intervene to restore and sustain the laudable gesture, dreams and aspirations of the founding fathers of the polytechnic.
The Chairman of the newly inaugurated Council, Professor Friday B. Sigalo, made this appeal during a tour of facilities at the Polytechnic, recently.
Accompanied by members of the team, Prof Sigalo emphasised the position of technology, technical and vocational education in sustainable development.
He noted that with the prospects on ground, and the programmes and activities undertaken in the polytechnic, there is no doubt that the institution would add values to the educational system in our society and foster the desired development, if the existing challenges are jointly tackled.
This was contained in a statement signed by Deputy Registrar, Public Relations, Kenpoly, Innocent Ogbonda-Nwanwu, and made available to The Tide in Port Harcourt.
The chairman who restated the intention of his team of technocrats to ensure that KenPoly enjoys desirable face-lift, said the Council would deliver on its core mandates, accordingly.
Earlier, the Rector, KenPoly Engr. Dr. Ledum S. Gwarah, commended the appointment of Professor Friday B. Sigalo as Chairman of the KenPoly Governing Council.
He described him and his team as seasoned technocrats and expressed confidence in their ability to succeed.
The Rector pledged the management’s support to the Council to ensure that KenPoly resumes its rightful place in the comity of polytechnics in the country.
Facilities visited by the Governing Council include KenPoly workshops, laboratories, skills acquisition centre, library, hostels and medical centre.
Chinedu Wosu
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