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Rebasing or Rigging? FG’s Inflation Report Sparks Outrage, Confusion
In May 2025, Nigeria’s inflation rate was reported at 22.97 percent—a sharp decline from the 33.69 percent recorded the previous month. However, this drop wasn’t the result of any major policy breakthrough or economic overhaul. Instead, it stemmed from a rebasing of the Consumer Price Index (CPI) by the National Bureau of Statistics (NBS).....KINDLY READ THE FULL STORY HERE▶
For some observers, the recent statistical recalibration is a welcome—albeit long-overdue—move. For others, it smacks of political theatrics: a mathematical feat disguising a deeper economic malaise. But amid the debate, one truth remains unshaken—Nigeria’s inflation is still painfully high, no matter how it’s calculated.
Dissecting the Rebase
Rebasing the Consumer Price Index (CPI) is a standard statistical procedure. Economies shift, consumption patterns evolve, and measurement tools must be updated accordingly. The National Bureau of Statistics’ (NBS) decision to adopt 2024 as the new base year—more than a decade after the last revision—is, on its own, technically sound. The real issues lie in the timing and public confidence.
By anchoring the CPI to 2024—a year already burdened by post-COVID inflation and the fallout from subsidy removals—the recalibrated index now compares current prices against an already elevated benchmark. This doesn’t lower prices; it just makes the rate of increase look smaller. In other words, the perception of “cooling inflation” stems not from actual relief but from changing the ruler.
This isn’t just technical tinkering. Inflation metrics wield political as well as economic influence. Adjusting the baseline in a pre-election period, following months of policy tightening and mounting public frustration, raises the specter of narrative management rather than genuine progress.
Are Prices Actually Falling?
Not quite. Rebasing doesn’t mean prices are dropping—it simply means they’re being measured differently. Food inflation remains stubbornly high, and household surveys continue to reflect a deepening cost-of-living crisis, especially for Nigeria’s most vulnerable. Engel’s Law reminds us that poorer households spend disproportionately on food, intensifying the squeeze. The decline in the headline figure belies the everyday reality on the ground.
While there has been some easing in energy and transport costs—attributed in part to recent Central Bank reforms—the impact on household welfare has been minimal. With weak aggregate demand and stagnating real wages, the celebration over lower inflation figures seems premature, if not entirely misplaced.
The Global Comparison: A Misleading Comfort
Some defenders of the new numbers point to countries like Argentina (43.5%), Iran (43.3%), Turkey (35.4%), and Burundi (39.0%), suggesting Nigeria’s position isn’t so dire. But this comparative lens is misleading. Each of these economies faces its own unique structural crises, and using them as a benchmark for success risks normalizing underperformance rather than motivating improvement.
– NIVONEWS Reports
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Tears For A Titan: Family Unveils Emotional Three-Day Funeral Plan For Iconic Actor Kola Oyewo!.
The funeral arrangements for the celebrated Nigerian actor, theatre scholar, and traditional ruler, Chief Dr. Adekola Gabriel Oyewo (Kola Oyewo), have been finalized by his family, with interment scheduled for Friday, August 7, 2026, in Osun State. The veteran actor passed away at age 80, leaving behind a legacy as a prominent figure in stage, television, and academia.....KINDLY READ THE FULL STORY HERE▶
The three-day farewell, organized by the Balogun Oyekola Oyewo Memorial Committee, follows this schedule:
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Wednesday, August 5, 2026: A wake-keep and service of songs will be held at St. Mary’s Catholic Church, Igboya, Ile-Ife.
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Thursday, August 6, 2026: A commendation mass is scheduled at St. Mary’s Catholic Church, followed by an artistes’ night at the Obafemi Awolowo University (OAU) Oduduwa Hall. An exhibition celebrating his works and photographs will also open at the Pit Theatre, African Studies Building, OAU, running through Friday.
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Friday, August 7, 2026: After a morning departure from his residence, a requiem mass will take place at St. Joseph Catholic Church, Oba-Ile. He will be laid to rest in a private ceremony at 12:45 p.m. at Labaluyegbe Villa, followed by a reception at Aderonmu Grammar School Field.
The Bangbola Oyewo family of the Ese-Ola Royal House remembered him as a beloved family man, traditional leader, and an inspiration to generations of theatre practitioners. His passing is regarded as the end of an era for the Nigerian theatre community, where he served as an Associate Professor of Drama and a long-standing mentor.
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Nation In Shock! Herders’ King Brutally Murdered: Cops Race Against Time To Catch Killers!.
Authorities have initiated a comprehensive investigation into the murder of Risku Mohammed, the Benue State Chairman of the Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN), and his associate, Yakubu Isa. The two men were reportedly ambushed by unidentified attackers near Ahimeni in the Okodu area while traveling back from a peace summit in Otukpo.....KINDLY READ THE FULL STORY HERE▶
Benue State Commissioner of Police, Cletus Nwadiogbu, condemned the act as a “senseless and criminal” effort to destabilize local peace and security. Through PPRO DSP Udeme Edet, the Commissioner announced that tactical and intelligence teams have been mobilized to hunt down the perpetrators. CP Nwadiogbu has urged the public to avoid spreading rumors or pursuing vigilante justice, instead appealing for any useful information to be shared with the police to assist in the swift arrest and prosecution of those responsible.
Option 2: Concise News Style
Police in Benue State are hunting for the gunmen who killed MACBAN State Chairman Risku Mohammed and Yakubu Isa. The victims were attacked near Ahimeni in the Okodu area while returning from a peace meeting in Otukpo.
State Commissioner of Police Cletus Nwadiogbu denounced the killings and vowed that the command would “leave no stone unturned” in bringing the culprits to justice. Tactical units have been deployed to the area to track down the assailants. The Commissioner extended his condolences to the bereaved families and called on residents to remain calm, law-abiding, and to report any leads to the nearest police station. He reiterated the command’s firm commitment to ensuring the safety of all citizens and holding the criminals accountable.
Option 3: Action-Oriented
Following the tragic assassination of Benue MACBAN Chairman Risku Mohammed and Yakubu Isa, the State Police Command has launched a full-scale investigation. The victims were killed by unknown assailants near Ahimeni, Okodu, following a peace engagement in Otukpo.
Commissioner of Police Cletus Nwadiogbu has directed tactical and intelligence units to track down and arrest the attackers immediately. In a public statement, the command emphasized that such criminal acts will not be tolerated and that every effort is being made to secure justice for the victims. The public is encouraged to assist the investigation by reporting any relevant information through official channels and is cautioned against fueling tensions by sharing unverified reports.
On June 26, 2026, the dollar-to-naira exchange rate at the Lagos parallel market, commonly referred to as the black market, saw sellers offering the dollar at ₦1402, while buyers were purchasing it at ₦1391, according to Bureau De Change (BDC) sources. It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize this market and advises individuals to conduct foreign exchange transactions through their respective banks.....KINDLY READ THE FULL STORY HERE▶
Additionally, the CBN’s official rates for the same period ranged from a high of ₦1385 to a low of ₦1376. Please be aware that actual transaction prices may vary and might differ from the figures provided in this report.
Exchange Rate Summary (June 26, 2026)
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Parallel Market (Selling): ₦1402
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Parallel Market (Buying): ₦1391
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CBN Official Rates: ₦1376 – ₦1385
What specific aspect of the current foreign exchange market or its impact on consumer trends would you like to discuss further?
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