Economy
NBS: Nigeria’s Inflation Rate Dropped To 22.97% As At May
NBS: Nigeria’s Inflation Rate Dropped To 22.97% As At May
NBS: Nigeria’s inflation rate dropped to 22.97% as at May. The report said in May, the rural inflation rate was 22.70 per cent on a year-on-year basis.
The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate eased further to 22.97 per cent in May 2025.
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, sports, 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.
“On 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.”
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.’’
Nigeria’s Inflation Rate Dropped
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.
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.
EFCC Arraigns Former SKye Bank Chairman, Tunde Ayeni For N15.6b Fraud
The Economic and Financial Crimes Commission, EFCC, on Monday, May 4, 2026, arraigned a former Chairman, Board of Directors of the defunct Skye Bank Plc, Tunde Ayeni before Justice Jude Onwuzuruike of the Federal Capital Territory, FCT, High Court, Apo, Abuja.
Ayeni was arraigned on a 17-count charge bordering on criminal breach of trust, misappropriation and conversion of investors’ funds to the tune N15,665,085,429 (Fifteen Billion, Six hundred and Sixty five Million, Eighty five thousand, Four Hundred and Twenty-nine Naira (N15,665,085,429).
Prosecution counsel E.E. Iheanacho, SAN, informed the court that the matter was slated for arraignment and prosecution ready for trial.
“We have before the court 17-count charge dated April 28, 2026, we humbly apply that the charge be read to the defendant”, he said.
Eereporter.com
Count three of the charge reads: “That you, Tunde Ayeni, whilst being the Chairman, Board of Directors of the defunct Skye Bank Plc between 21st of October, 2014 and 19th November, 2014 at Abuja within the jurisdiction of this Honourable Court and having dominion over depositors funds domiciled in the defunct Skye bank Plc’s Suspense Account, committed criminal breach of trust when you dishonestly misappropriated the aggregate sum of Three billion, Two hundred and One million, Five Hundred and Thirty Five Thousand, Four Hundred and Twenty Nine Naira, Forty two kobo(N3,201,535,429.42) by transferring same to Misa Limited’s account No: 1011295717 and 1011295718 domiciled with Zenith Bank in Violation of the Prudential Guidelines and other regulations and thereby committed an offence contrary to Section 311 of the Penal Code and punishable under Section 312 of the same Act.
Count five of the charge reads: “That you Tunde Ayeni, whilst being the Chairman, Board of Directors of the Defunct Skye Bank Plc on or about 27th November, 2014, at Abuja within the Jurisdiction of this Honourable Court and having dominion over depositors’ funds domiciled in the defunct Skye bank Plc’s Suspense Account, committed criminal breach of trust when you dishonestly misappropriated the sum of Five Billion, Seventy Eight million, Five hundred and Fifty thousand Naira(N5, 078,550,000) by transferring same to Union Registrar Limited’s Account No: 0003490559 domiciled with Union Bank in violation of the Prudential Guidelines and other Regulations and thereby Committed an offence contrary to Section 311 of the Penal Code and Punishable under Section 312 of same Act.”
Fraud
Ayeni pleaded “not guilty” to the charges when they were read to him.
In view of his “not guilty” plea, Iheanacho prayed the court for a trial date and urged the court to remand the defendant in a Correctional Centre.
Defence counsel, Ahmed Raji Bashir, SAN, informed the court that the charge was given to the defendant on a public holiday adding that he considered it imperative to inform the court. He also prayed the court to release the defendant to him or return him to the custody of the EFCC.
Justice Onwuzuruike adjourned the matter to May 13, 2026, for hearing of the bail application, while the defendant was remanded at the Kuje Correctional Centre pending determination of bail application.
Economy
World Press Freedom Day: FG Calls For Collaboration To Address Disinformation, Misinformation
World Press Freedom Day: FG Calls For Collaboration To Address Disinformation, Misinformation
The Federal Government has called for stronger collaboration among the media, government institutions, and other stakeholders to address the growing threat of disinformation and misinformation, stressing that collective action is essential to protect public trust and national stability. The Honourable Minister of Information and National Orientation, Mohammed Idris, made this known on Monday in Abuja at the 2026 World Press Freedom Day commemoration held at Radio House.
“This administration has prioritised collaboration with media stakeholders and international partners to promote responsible journalism, counter disinformation and misinformation,” said the Minister.
He described press freedom as a fundamental right guaranteed under the Constitution, noting that the Federal Government remains fully committed to its protection. “The Federal Government fully recognises press freedom as a fundamental right and remains committed to fostering an environment where the media can operate freely, safely, and responsibly, in accordance with democratic principles and the rule of law,” he stated.
Idris noted that the Federal Government, under the leadership of President Bola Ahmed Tinubu, has taken deliberate steps to strengthen transparency and access to information through sustained media engagement, implementation of the Freedom of Information Act, and investment in public communication platforms.
Eereporter.com
He further pointed to Nigeria’s partnership with UNESCO in establishing the International Media and Information Literacy Institute (IMILI) in Abuja as a key step towards building a more informed and discerning public. “This pioneering initiative reflects our commitment to strengthening media and information literacy, empowering citizens to engage with information critically, and promoting responsible communication in the digital age.”
The Minister urged journalists to uphold professionalism, fairness, and ethical standards in their work, stressing that press freedom must go hand in hand with responsibility. “The true test of press freedom lies not in our declarations, but in our actions, how safely journalists can do their work, how truthfully information is shared, and how responsibly it is consumed,” he said.
Earlier in her welcome address, the Permanent Secretary of the Federal Ministry of Information and National Orientation, Dr. Binyerem Ukaire, described the event as a critical platform for strengthening collaboration across institutions.
“This gathering reflects our shared commitment to strengthening press freedom and fostering a more informed and inclusive society. It provides an opportunity for constructive engagement on how best to advance a media environment that is both free and responsible,” she said.
World Press Freedom Day
Ukaire emphasised the need for coordinated responses to the challenges posed by the evolving information ecosystem, particularly the spread of misinformation. “The expansion of digital platforms has introduced new complexities that require coordinated institutional responses, especially in addressing misinformation and strengthening public trust,” she noted.
She added that the Ministry remains committed to facilitating dialogue, strengthening partnerships, and promoting professionalism within the media space.
The Federal Government reiterated its commitment to working with the media, civil society, and international partners to build a resilient information system that supports democratic governance, national unity, and sustainable development.
The event was attended by the Inspector General of Police, represented by FPRO, DCP Anthony Okon Placid, mni, mnipr; the Director-General of the Department of State Services, represented by Director of Protocol M. O. Chukwuka, fsi; Executive Secretary, Nigerian Press Council, Dr Dilli Ezughah; Head of UNESCO Abuja Office, represented by the Head of Communication and Information Sector, Ms Yachat Nuhu.
Rabiu Ibrahim
Special Assistant (Media) to the Honourable Minister of Information and National Orientation
Monday, May 4, 2026
NNPC, Chinese Firms Sign MoU Towards Restart, Expansion Of Warri, Port Harcourt Refineries
The NNPC Ltd has signed a Memorandum of Understanding (MoU) with two Chinese companies, Sanjiang Chemical Company Limited and Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Ltd, for collaboration through a potential Technical Equity Partnership in support of the completion and operation of the Port Harcourt and Warri Refineries.
The MoU was signed by the Group CEO, NNPC Ltd, Engr. Bashir Bayo Ojulari; Chairman, Sanjiang Chemical Company, Guan Jianzhong and Chairman of Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Ltd, Bill Bi, in Jiaxing City, China, on Thursday, April 30, 2026.
Eereporter.com
The potential framework would cover completion of outstanding work at the two refineries, together with operating and maintaining both facilities to achieve best-in-class, sustainable performance. Planned expansion and upgrades would elevate both facilities to cleaner, more profitable product standards.
The potential collaboration also contemplates expanding the refineries’ petrochemical capacities and harnessing gas and downstream opportunities through the development of co-located, gas-based industrial hubs.
Speaking shortly after signing the dotted lines, the GCEO NNPC Ltd, Engr. Bashir Bayo Ojulari, described the MoU execution as a significant milestone, following more than six months of concerted engagement between the technical and management teams of NNPC and the two Chinese partners.
“All parties recognise mutually beneficial opportunities for the development and long-term sustainable profitability of NNPC’s refining assets in Nigeria, and the collective weight required for success,” Ojulari noted.
NNPC
The GCEO further stated that the MoU is a significant step on the journey towards identifying potential technical equity partner(s) to restart and expand NNPC’s refineries, and to explore opportunities in co-located petrochemicals and gas-based industries.
The MoU reflects the parties’ shared intent to progress discussions in good faith, with any definitive arrangements to follow in due course and subject to customary approvals.
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