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Nigeria’s inflation drops for fifth consecutive time – NBS

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Nigeria’s headline inflation slowed for the fifth consecutive month in August 2025, providing some respite for consumers grappling with high living costs.

Data released by the National Bureau of Statistics on Monday showed that inflation dropped to 20.12 per cent, down from 21.88 per cent in July.

The figure represents a 1.76 percentage point decline on a month-on-month basis and a sharp fall from the 32.15 per cent recorded in August 2024.

The Consumer Price Index, which tracks the average change in prices of goods and services, inched up to 126.8 points in August from 125.9 points in July.

Month-on-month inflation stood at 0.74 per cent, lower than 1.99 per cent in July, pointing to slower price increases across the country.

The report read, “The Consumer Price Index rose to 126.8 in August 2025, reflecting a 0.9-point increase from the preceding month (125.9).

“In August 2025, the Headline inflation rate eased to 20.12 per cent relative to the July 2025 headline inflation rate of 21.88 per cent.

“Looking at the movement, the August 2025 Headline inflation rate showed a decrease of 1.76 per cent compared to the July 2025 Headline inflation rate.”

The statistics office noted that inflationary pressures remain uneven. Urban inflation eased to 19.75 per cent year-on-year in August from 34.58 per cent a year earlier, while rural inflation was slightly higher at 20.28 per cent compared with 29.95 per cent in August 2024.

On a monthly basis, inflation in urban areas slowed to 0.49 per cent from 1.86 per cent in July, while rural inflation came in at 1.38 per cent, down from 2.30 per cent.

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The figures underline the sharper impact of inflation in rural communities, where transportation, distribution, and supply chain challenges continue to drive higher price growth than in urban centres.

Food inflation, which remains the strongest driver of Nigeria’s inflation basket, also moderated in August but stayed elevated.

The index declined to 21.87 per cent year-on-year from 37.52 per cent in August 2024. On a month-on-month basis, food inflation slowed to 1.65 per cent, compared with 3.12 per cent in July.

The moderation was linked to falling prices of staples including rice, guinea corn flour, maize flour, millet, semolina, and soya milk.

The twelve-month average for food inflation stood at 25.75 per cent, lower than the 36.99 per cent recorded a year earlier.

Despite the improvement, food prices remain high, especially in the northern states where insecurity and logistics bottlenecks have continued to disrupt supply chains.

Core inflation, which excludes volatile agricultural products and energy, was recorded at 20.33 per cent year-on-year in August, down from 27.58 per cent in August 2024.

However, the index rose on a monthly basis to 1.43 per cent from 0.97 per cent in July, reflecting pressures from categories such as housing, water, electricity, gas, transportation, education, and healthcare.

The movement suggests that while headline inflation is easing, non-food inflationary pressures remain persistent, raising concerns for policymakers and monetary authorities who monitor core inflation closely as an indicator of structural pressures.

Across the states, inflation trends remained mixed. Ekiti posted the highest year-on-year headline inflation at 28.17 per cent, followed by Kano at 27.27 per cent and Oyo at 26.58 per cent, while Zamfara at 11.82 per cent, Anambra at 14.16 per cent, and Enugu at 14.20 per cent recorded the lowest.

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Food inflation was highest in Borno at 36.67 per cent, Kano at 30.44 per cent, and Akwa Ibom at 29.85 per cent, while Zamfara at 3.30 per cent, Yobe at 3.60 per cent, and Sokoto at 6.34 per cent recorded the lowest.

On a monthly basis, inflation rose fastest in Yobe at 9.20 per cent, Katsina at 8.59 per cent, and Sokoto at 6.57 per cent, while Enugu at –5.32 per cent, Taraba at –3.64 per cent, and Nasarawa at –3.56 per cent saw declines.

The announcement of the inflation slowdown comes just days before the Central Bank of Nigeria’s Monetary Policy Committee meeting scheduled for September 22 and 23, 2025.

The committee is expected to deliberate on whether to maintain or adjust the current 27.5 per cent benchmark interest rate.

While five straight months of disinflation could give the bank some policy flexibility, the persistence of food and core inflation suggests that the MPC may remain cautious in its decisions.

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X offers changes to blue checkmarks after $138m EU fine

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Elon Musk’s X has offered to make changes to its blue checkmark for “verified” accounts, a European Commission spokesman said Friday, after the platform received a 120-million-euro ($138 million) fine.

The European Union slapped the fine in December on X for breaking its digital rules, including through the “deceptive design” of its blue checkmark.

“X has submitted remedies in relation to its blue checkmark. The commission will now carefully assess the proposed remedies,” EU spokesman for digital affairs Thomas Regnier said.

He did not provide details about what X had submitted.

X risked periodic financial penalties had it not submitted any remedy.

“We have to value the fact that after a constructive exchange with the company, the company has taken its obligation seriously and has submitted us remedies,” Regnier told reporters in Brussels.

When contacted by AFP, X did not provide comment immediately.

Blue checkmarks, long free of charge at what was previously known as Twitter, were intended to signal the identity of certain users — such as celebrities, journalists and politicians — had been verified in an effort to build trust in the platform.

But after Musk bought the platform, he allowed users to pay to get one.

X in February announced it had filed an appeal with the EU’s top court against the fine, which was the first ever under the bloc’s Digital Services Act (DSA).

But Regnier said the commission still expected X to pay it by Monday, and to provide further remedies on other breaches by April 28.

The fine came under a probe started in December 2023.

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That investigation continues as EU regulators study how X tackles the spread of illegal content and information manipulation.

X has often been in the EU’s sights.

The 27-nation bloc in January began another DSA probe into the company’s AI chatbot Grok’s generation of sexualised deepfake images of women and minors after a global outcry.

AFP

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Akwa Ibom to drive large-scale farming with equipment leasing firm

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Akwa Ibom State Government has said it will soon inaugurate its Agric Equipment Leasing Company as part of efforts to promote large-scale mechanised farming in the state.

Governor Umo Eno disclosed this while fielding questions from Government House correspondents shortly after inspecting the progress of work at the company’s facility located at Ekpri Nsukara in Uyo on Thursday.

In a statement obtained from the Government House Press Unit on Friday, the governor commended the contractor for the progress recorded at the project site.

“There is a lot of improvement in the work done here to get the company kick-started in earnest.

“The contractor has given her word that the project will soon be inaugurated, and I hold her to that,” he said.

Eno explained that the essence of the project is to encourage farmers to embrace large-scale farming in order to boost productivity, increase earnings and ensure food sufficiency in the state.

“The farming season is here again, and we are putting everything in place for this project to function optimally. There are over 25 tractors with tracking devices and two low-bed trucks in readiness for the agriculture programme.

“What we intend to do here is to lease these equipment to our farmers across the state at subsidised rates so that they can utilise it for improved farming productivity.

“These farming equipment range from ploughs to harvesters and other implements that will help improve farming output,” he said.

The governor noted that the initiative forms part of his administration’s strategy to mechanise farming methods in the state in order to achieve large-scale crop production and increase farmers’ profits.

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Speaking on the government’s tree-crop revolution programme, Eno assured that the initiative would commence once the rainy season sets in, noting that such crops thrive better during the rainy season.

“The nursery for palm seedlings has already been established, and the necessary enumeration of farmers has been conducted across the state.

“Within the next two weeks, the seedlings will be distributed to farmers for planting across the state,” he added.

The governor urged farmers to take advantage of the various agricultural programmes introduced by the government to enhance large-scale farming output and improve economic growth in the state.

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Forum dismisses claims of N210tn missing in NNPC accounts

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A coalition of professionals under the Ajiyya Solidarity Forum has dismissed allegations that about N210tn is missing from the accounts of the Nigerian National Petroleum Company Limited (NNPC).

Addressing journalists on Thursday, ASF National Coordinator, Usman Hamza, described the claim as “mathematically impossible” and politically motivated.

The group’s position is in response to a recent claim by the Chairman of the Senate Public Accounts Committee, Ahmed Wadada, that the NNPC Limited could not account for about N210tn.
Hamza said such a figure was misleading.

“Senator Wadada’s claim of N210tn ‘unaccounted for’ funds is a mathematical impossibility designed to shock the public,” Hamza said.

He argued that the claim did not align with Nigeria’s fiscal reality, noting that the country’s entire 2024 national budget stood at about N28.7tn.

“To suggest that a single entity ‘lost’ nearly eight times the national budget is an insult to the intelligence of Nigerians,” he added.

The forum also condemned threats of arrest warrants against former officials of NNPCL, including former Chief Financial Officer, Umar Ajiya, describing the move as part of a coordinated campaign of political blackmail.

According to the group, the Senate committee may have misinterpreted financial figures by combining accrued expenses and receivables in a way that falsely suggests missing funds.

“We consider that the committee has erroneously ‘netted’ N103tn in accrued expenses, largely joint venture liabilities, with N107tn in receivables owed to NNPCL. Labelling money owed to a company as ‘missing funds’ is a professional travesty,” Hamza stated.

During the ongoing review of the financial records of Nigerian National Petroleum Company Limited, the Senate Public Accounts Committee, chaired by Wadada, had raised concerns over alleged discrepancies running into trillions of naira.

The ASF maintained that the allegations ignored the broader financial and structural reforms undertaken by the national oil company in recent years.

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Furthermore, Hamza mentioned that the tenure of former CFO Ajiya coincided with the transition of the national oil firm into a commercial entity under the Petroleum Industry Act, a reform that ended decades of opaque financial reporting.

“Mr Ajiya’s tenure saw the transition of NNPC into a commercially driven entity and the publication of the first audited financial statements in 43 years,” the forum stated.

ASF defended the N5.9bn cost incurred during the transition process of NNPC to NNPC Limited, saying it covered complex legal and structural reforms required to transform the former state corporation into a limited liability company.

The forum warned that politicising the Senate’s oversight role could damage Nigeria’s credibility in the eyes of international investors.

“Using the Senate’s hallowed chambers to pursue personal vendettas damages Nigeria’s reputation with international investors,” Hamza said.

The forum further called on the leadership of the Senate to institute an independent ethics investigation into what it described as an alleged demand for bribes linked to the ongoing oversight process.

“We call on the Senate leadership and its Ethics Committee to investigate the alleged bribe demand connected to this oversight exercise,” he said.

He urged lawmakers to stop what he described as the harassment of officials who have already submitted several technical responses to the committee.

“Public accountability should be pursued through a sober forensic review of facts, not through sensational claims and phantom numbers,” he added.

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