Nigeria recorded an increase in inflation rate in January, hitting 21.82 per cent, after experiencing a fall in the previous month, the latest data from the National Bureau of Statistics have revealed.
This is coming amid the uncertainties being experienced by Nigerians due to the scarcity of the redesigned naira notes and fuel.
The inflation rose to 21.82 per cent compared to 21.34 per cent in December, the NBS announced on Wednesday.
It stated that the January 2023 inflation rate showed an increase of 0.47 per cent points when compared to December 2022 inflation rate, it said.
Nigerians have in recent weeks faced an unprecedented cash crunch as a result of the naira redesign policy of the Central Bank of Nigeria (CBN).
The crisis has plunged many citizens into hardship, with numerous others finding it extremely difficult to meet their basic daily needs.
The Nigerian Governors’ Forum last week warned that the policy may drive the nation’s economy into a recession.
In its inflation report Wednesday, the NBS said that increases were recorded in all Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.
It stated, “However, on a year-on-year basis, the headline inflation rate was 6.22 per cent points higher compared to the rate recorded in January 2022, which was 15.60 per cent.
“This shows that the headline inflation rate (year-on-year basis) increased in January 2023 when compared to the same month in the preceding year (i.e., January 2022).”
The report noted that the contributions of items on a class basis to the increase in the headline index are bread and cereal (21.67 per cent), actual and imputed rent (7.74 per cent), potatoes, yam and tuber (6.06 per cent), vegetables (5.44 per cent), and meat (4.78 per cent).
“On a month-on-month basis, the percentage change in the All-Items Index in January 2023 was 1.87 per cent, which was 0.15 per cent points higher than the rate recorded in December 2022 (1.71 per cent).
“This means that in January 2023, on average, the general price level was 0.15 per cent higher relative to December 2022.
“The percentage change in the average CPI for the twelve months period ending January 2023 over the average of the CPI for the previous twelve months period was 19.36 per cent, showing a 2.49 per cent increase compared to 16.87 per cent recorded in January 2022,” the report said.
The food inflation rate in January 2023 was 24.32 per cent on a year-on-year basis, 7.19 per cent points higher compared to the rate recorded in January 2022 (17.13 per cent).
The bureau said the rise in food inflation was caused by increases in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, vegetables, fruits, and meat.
The report added that all items less farm produce or core inflation, which excludes the prices of volatile agricultural produce, stood at 19.16 per cent in January 2023 on a year-on-year basis, up by 5.29 per cent when compared to the 13.87 per cent recorded in January 2022.
The report said the highest increases were recorded in prices of gas, liquid fuel, passenger transport by air, vehicle spare parts, fuels, and lubricants for personal transport equipment, solid fuel, among others.
FULL LIST: Phones that WhatsApp will no longer work on in 2025
WhatsApp and WhatsApp Business will no longer be available on some older smartphones starting May 5, 2025, as Meta phases out support for devices that don’t meet its updated system requirements.
This update is part of Meta’s commitment to enhancing security and ensuring the app performs smoothly on modern hardware and software. The company says the decision is aimed at helping the platform maintain its efficiency and safeguard user data.
While this change will mostly affect older phones — especially those released over a decade ago — users are advised to upgrade their devices to avoid losing access.
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Apple devices affected:
WhatsApp will require iOS 15.1 or later iPhone models that won’t meet the minimum requirement include:
iPhone 5s
iPhone 6
iPhone 6 Plus
These models can only run iOS 12.5.7, which falls below WhatsApp’s new cutoff.
Android Devices Affected:
Back on January 1, 2025, WhatsApp ended support for Android phones running version 4.4 (KitKat) or older. Users with these devices were urged to update their operating systems where possible — but for phones stuck without official updates, using WhatsApp is no longer an option.
Affected Android phones include:
Samsung:
Galaxy S3
Galaxy Note 2
Galaxy Ace 3
Galaxy S4 Mini
Motorola:
Moto G (1st Generation)
Moto E (2014)
Razr HD
HTC:
One X
One X+
Desire 500
Desire 601
LG:
Optimus G
G2 Mini
L90
Nexus 4
Sony:
Xperia Z
Xperia SP
Xperia T
Xperia V
Users still relying on these older devices will need to upgrade to newer models if they want to keep using WhatsApp.
FCT traffic service confirms sale of number plates by touts
The Directorate of Road Traffic Services (DRTS), Federal Capital Territory (FCT), yesterday advised residents not to patronise touts in registering their vehicles.
A statement by the Director, DRTS, Abdulateef Bello said: “ The Directorate of Road Traffic Services (DRTS), Federal Capital Territory (FCT), wishes to inform the general public that the current scarcity of vehicle number plates in the FCT is due to irregular and insufficient supply from the National Vehicle Identification Scheme (NVIS) Plant and efforts are ongoing to remedy the situation.
“We also wish to draw the attention of the motoring public to the activities of fraudsters impersonating DRTS officials in the attempt to take advantage of the situation to exploit vehicle owners.
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“The DRTS firmly disassociates itself from these illegal activities and strongly caution members of the public against dealing with any individual either staff or agent who claim to be in position of number plates outside what is uploaded in the DRTS self-service portal (https://selfservice.fctevreg.com).
“Moreover, in order to ensure transparency, the approved costs of number plates and related services are readily available on our official communication platforms, and particularly our website.
“The Directorate therefore encourages the public to stick and insist on the stipulated prices.
‘‘In collaboration with the Security Agencies, the Directorate has intensified efforts to bring these impostors to justice.’’
“We urge the public to report suspicious individuals or illegal activities to the Management of the DRTS. The DRTS remains steadfast in its commitment to delivering transparent, efficient, and accountable services to the motoring public”.
Filling stations yet to reduce petrol price after Dangote slashes rate
For the second time in one week, Dangote Petroleum Refinery has announced a reduction in the price of premium motor spirit (PMS) otherwise known as petrol.
With effect from yesterday (April 16th, 2025), the gantry price (ex-depot price) of petrol would now go from N865 to N835.
This would be the second price reduction within a week as Dangote Refinery earlier slashed the price from N880 to N865 per litre.
However, as of yesterday, prices are yet to change at most filling stations including the retail outlets belonging to the Nigerian National Petroleum Company Limited (NNPCL).
While marketers welcomed the decision by Dangote, they however expressed mixed reactions over what they called, “arbitrary” reduction which portends losses to the market.
Group Chief Branding and Communications Officer of Dangote Industries, Anthony Chiejina, in a statement said, “High-quality Dangote petrol will now be available at the following prices across all our partner retail outlets….”
He said key partners, including MRS, AP (Ardova), Heyden, Optima Energy, Hyde and Techno Oil, will offer petrol at N890 per litre, down from N920 in Lagos.
In the South West, the price will be N900 per litre, reduced from N930 while in the North West and North Central, the price will be N910 per litre, lowered from N940.
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In the South East, South South, and North East, the price will be N920 per litre, down from N950.
The statement said, “These price reductions reaffirm our commitment to providing high-quality petrol at affordable rates, benefiting consumers across the nation. In addition, we are working collaboratively with our partners to ensure equitable reflection of this price reduction.
“Dangote Petroleum Refinery has consistently worked to reduce the prices of petrol and other refined petroleum products, ensuring the continued benefit of Nigerian consumers. For example, in February, the refinery reduced prices twice by N125. In addition, products such as diesel and Liquefied Petroleum Gas (LPG) have also experienced significant price reductions due to the refinery’s sustained efforts.
“We anticipate that this latest reduction in PMS prices will generate a positive ripple effect throughout various sectors of the economy, providing much-needed relief to consumers and contributing to broader economic growth, particularly during the Easter season.
“Dangote Petroleum Refinery remains steadfast in its commitment to ensuring a steady supply of premium-quality petroleum products, with sufficient reserves to meet domestic demand, along with a surplus for export. This strategy is designed to support the stability of the domestic market while also contributing to the growth of Nigeria’s foreign exchange reserves.”
The refinery however called on industry stakeholders, including marketers and distributors, to continue sourcing their products from the refinery, ensuring that the benefits of these price reductions are fully realised across the country.
It was learnt that the reduction in price of crude oil was one of the reasons behind the price change.
Global crude oil price has been experiencing volatility in recent times as the US tariff war rages.
Crude oil edged more than 2% higher on Wednesday following expectations of tensions easing in the US-China trade war.
At 1:28 p.m. ET, Brent crude was trading up 2.09% at $66.02, while the US benchmark, West Texas Intermediate (WTI), was trading up 2.12% at $62.63.
But as of 8 p.m. yesterday, Brent Crude further dipped to 65.77.
As of the time of filing this report, most filling stations across the country are yet to adjust their pump prices with a litre of PMS still sold as much as N990 in some parts of Nigeria.
In Kano, some independent stations were selling at N990 while the NNPC and MRS were selling at N945. In Maiduguri, Bornu State, a litre was sold at between N950 and N980.
In Abuja, NNPCL sells at N950 per litre while other major stations sell between N955 and N960.
There are indications that NNPCL would also adjust its pump price as it is always the case when Dangote slashes its price but as of the time of filing this report, the price adjustment has not been done.
Daily Trust
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