Nigeria’s headline inflation rate came down to 15.15 per cent in December 2025 following a methodological review by the National Bureau of Statistics.
The latest Consumer Price Index report released by the NBS, on its website on Thursday, showed that the CPI rose to 131.2 points in December 2025 from 130.5 points in November, indicating a slower pace of increase in average prices.
On a year-on-year basis, inflation declined from 17.33 per cent in November 2025 and was significantly lower than the 34.80 per cent recorded in December 2024, showing a notable deceleration in headline inflation over the twelve-month period.
The report read, “The Consumer Price Index rose to 131.2 in December 2025, up by 0.7 points from the previous month (130.5). The December 2025 year-on-year Headline inflation rate stood at 15.15 per cent relative to the November 2025 headline inflation rate (17.33 per cent).
“On a year-on-year basis, the December Headline inflation rate was 19.65% lower than the rate recorded in December 2024 (34.80 per cent). This shows that the Headline inflation rate (year-on-year basis) decreased in December 2025 compared to the same month in the preceding year (i.e., December 2024), though with a different base year, November 2009 = 100.”
On a month-on-month basis, headline inflation stood at 0.54 per cent in December 2025, down from 1.22 per cent in November.
According to the bureau, this showed that “the rate of increase in the average price level was lower in December 2025 than in November 2025,” reflecting easing short-term inflationary pressure.
However, earlier in December 2025, the NBS had reported that the headline inflation rate was 14.45 per cent year on year for November, compared with 16.05 per cent recorded in October 2025.
Following the methodology review, the NBS now puts the November inflation rate at 17.33 per cent, higher than the previously reported figure.
The NBS explained that the December inflation figures were influenced by a change in methodology following the CPI rebasing.
The year-on-year headline inflation rate and other sub-indices were computed using a twelve-month index reference period, with the average CPI for 2024 set to 100, rather than a single-month reference period.
The bureau noted that using a single-month base would have produced “an artificial spike in the December 2025 year-on-year inflation rate,” driven by base effects rather than underlying price movements.
It added that the adjustment aligns with international best practice as outlined in the IMF Consumer Price Index Manual and the ECOWAS Harmonised CPI Manual.
Despite the moderation in monthly inflation, the twelve-month average inflation rate remained elevated.
The percentage change in the average CPI for the twelve months ending December 2025 over the previous twelve-month period stood at 23.01 per cent, highlighting the cumulative impact of inflation over the year.
A breakdown of the headline figure showed that food and non-alcoholic beverages remained the largest contributor to inflation, accounting for 6.06 percentage points of the year-on-year rate.
Restaurants and accommodation services contributed 1.96 percentage points, transport accounted for 1.62 percentage points, while housing, water, electricity, gas and other fuels contributed 1.28 percentage points.
Education services, health, clothing and footwear, information and communication, and other divisions also added to overall inflation, though at lower levels.
Both urban and rural inflation eased sharply. Urban inflation stood at 14.85 per cent year on year in December 2025, down from 37.29 per cent in December 2024.
On a month-on-month basis, however, urban inflation edged up slightly to 0.99 per cent from 0.95 per cent in November. The twelve-month average urban inflation rate stood at 23.46 per cent.
Rural inflation fell to 14.56 per cent year on year in December 2025 from 32.47 per cent a year earlier. Unlike urban areas, rural inflation recorded a month-on-month decline of 0.55 per cent, compared with a 1.88 per cent increase in November. The corresponding twelve-month average rural inflation rate was 21.93 per cent.
Food inflation, which has been a major pressure point for households, recorded one of the steepest improvements.
The food inflation rate dropped to 10.84 per cent year on year in December 2025 from 39.84 per cent in December 2024.
On a month-on-month basis, food inflation declined by 0.36 per cent, reversing the 1.13 per cent increase recorded in November.
The NBS attributed the decline to falling average prices of items such as tomatoes, garri, eggs, potatoes, carrots, millet, vegetables, plantain, beans, wheat grain, ground pepper and fresh onions. The average annual food inflation rate for the twelve months ending December 2025 stood at 22.00 per cent.
Core inflation, which excludes volatile agricultural produce and energy prices, also moderated. The all items less farm produce and energy index showed that core inflation eased to 18.63 per cent year on year in December 2025 from 29.28 per cent in December 2024.
Month on month, core inflation slowed to 0.58 per cent from 1.28 per cent in November, while the twelve-month average core inflation rate stood at 23.49 per cent.
Other sub-indices showed mixed movements. Farm produce prices declined by 0.41 per cent on a month-on-month basis in December, compared with a 0.77 per cent increase in November.
Energy prices rose by 2.74 per cent in December, higher than the 1.08 per cent increase recorded a month earlier. Services inflation slowed sharply to 0.15 per cent from 1.78 per cent, while goods inflation eased slightly to 0.64 per cent from 0.73 per cent.
State-level data revealed wide disparities in inflation outcomes. On a year-on-year basis, Abia recorded the highest all-items inflation rate at 19.03 per cent, followed by Ogun at 18.80 per cent and Katsina at 18.66 per cent. Sokoto recorded the slowest rise at 8.61 per cent, while Plateau and Kaduna posted 9.05 per cent and 10.38 per cent respectively.
On a month-on-month basis, Cross River recorded the highest increase in all items inflation at 3.11 per cent, followed by Abia at 2.63 per cent and Delta at 2.53 per cent. Ondo recorded the sharpest decline at minus 3.74 per cent, while Gombe and Jigawa also posted notable month-on-month decreases.
Food inflation also varied widely across states. Yobe recorded the highest year-on-year food inflation rate at 15.25 per cent, followed by Ogun at 14.12 per cent and the Federal Capital Territory at 13.24 per cent. Akwa Ibom, Sokoto and Plateau recorded the slowest increases. On a month-on-month basis, Imo, Nasarawa and Yobe recorded the highest increases in food prices, while Plateau, Rivers and Zamfara recorded declines.
The NBS cautioned against direct interstate comparisons, noting that consumption patterns and CPI weights differ across states.
According to the bureau, “the weight assigned to a particular food or non-food item may differ from state to state, making interstate comparisons of consumption baskets inadvisable and potentially misleading.”
The NBS said that it would ‘normalise’ Nigeria’s inflation data for December 2025 over a projected spike in last month’s Consumer Price Index.
This was disclosed during a virtual stakeholders engagement convened by the NBS and the Nigerian Economic Summit Group
NBS explained that the expected spike in inflation is driven by technical base effects linked to the recent rebasing of the inflation series rather than changes in economic fundamentals.
Providing the official position of the Bureau, Statistician General of the Federation and Chief Executive Officer of NBS, Adeyemi Adeniran, explained that the projected December spike stems from the rebasing of the CPI, which adopted 2024 as the new base year after a 15-year gap from the previous 2009 base.
He emphasised that base effects are a common feature of statistical practice, particularly in index-based measurements.
“Following the rebasing exercise and the methodology adopted for December 2025, a significant artificial spike in the inflation rate is expected, as some analysts have already projected. This spike arises from the base effect, with December 2024 equated to 100 following the rebasing.
“Base effects are common in statistical practice, particularly when comparing data across periods with unusually high or low prices. They are neither unexpected nor unusual.
“However, when such effects occur, especially when they are artificial and arithmetic rather than reflective of structural changes in the economy, it is essential to clearly communicate and explain them to users,” he stated.
Adeniran said transparency and accountability guided the Bureau’s decision to address the issue proactively.
[1/16, 12:23 PM] Vincent The nation: ₦110.4bn fraud case: EFCC Tenders More Bank Records In Trial Of Yahaya Bello
The trial of former Kogi State Governor, Yahaya Adoza Bello before Justice Maryanne Anineh of the Federal Capital Territory, FCT, High Court, Maitama, Abuja continued on Thursday, January 15, 2026 with
The Economic and Financial Crimes Commission, EFCC Thursday tendered more bank records as evidence in the former Kogi State governor, Yahaya Bello’s N10.4 billion case.
Bello is facing a 16-count charge bordering on criminal breach of trust and money laundering to the tune of 1N10.4 billion.
The EFCC is prosecuting Bello, alongside Umar Shuaibu Oricha and Abdulsalami Hudu.
At the resumed trial on Thursday, the prosecution team, led by Kemi Pinheiro, SAN, informed the court that the case was slated for further cross-examination of Prosecution Witness Six (PW6), Mashelia Arhyel Bata, a compliance officer with Zenith Bank, who was present in court.
Cross-examining the witness, counsel to the first and second defendant J.B Daudu SAN requested for Exhibit S1 and asked the witness to clarify his earlier testimony that the statement of account had eight columns. “At the beginning of your testimony, you said there are eight columns in the statement of account. By ‘description,’ what do you mean?” Daudu asked.
Responding, the witness said, “It is the description of the transaction, my Lord. ”Referring to page three of Exhibit S1, the witness explained that the first column showed an entry dated January 20, 2016, with the description: “Cq 158 Abdulsalami Hudu for ₦10,000,000.”
He further pointed out another entry which read: “ZB chq 155 paid Halims Hotels and Tours, Lokoja, ₦2,454,400, my Lord.”
When asked if he knew the purpose for which the ₦10 million collected by Abdulsalami Hudu or the amount paid to Halims Hotels and Tours was used, the witness replied, “I won’t know the purpose the ₦10,000,000 collected by Hudu and equally that of Halims Hotels, how it was spent and for which purpose.
Daudu then requested for Exhibit X1 and asked the witness to confirm whether his attention had been drawn to certain entries in the account.
The witness replied that it was the account opening document of a company with account number 1014878995, domiciled at the Lokoja branch of Zenith Bank.
Daudu further asked the witness to confirm whether there were 21 transactions between March 10 and March 12, 2016. The witness, however, responded that the entries he started with were from November 14, 2016. Directing the witness to December 6, 2016, Daudu asked him to read the entries. The witness stated that the first entry was a transfer from the Kogi State Internal Revenue Service, a credit of ₦74,378,483.20.
“The second entry on December 6, 2016 is a cheque paid to Mohammed Jami’u Sallau in the sum of ₦10,000,000, my Lord,” the witness said.
When asked whether the column stated the purpose of the payment, the witness answered, “No, my Lord. Sorry, my Lord, looking at the narration, I could not decide the reason for the payment.”
He added that the same applied to another credit entry of ₦10,000,000 in favour of Mohammed Jami’u Sallau.
Z.B. Abbas then cross-examined the witness on behalf of A.M. Aliyu, SAN, counsel to the 3rd defendant.
Abbas asked whether all withdrawals made by the 3rd defendant were by cheque. The witness answered, “Yes, my Lord, they were cheque withdrawals. He further confirmed that the cheques were duly signed by the authorised signatories. Abbas also asked if Exhibit X1 was the statement of account of the Government House account, to which the witness responded in the affirmative.
On Exhibit X2, Abbas asked whether the 3rd defendant had been introduced to the bank as a civil servant and accountant. The witness answered, “Yes, my Lord, he is an accountant.”
Abbas then suggested that the 3rd defendant was merely carrying out his duty as an accountant. This drew an objection from prosecution counsel, Kemi Pinheiro, SAN, who argued that the witness was not a civil servant working for the Kogi State Government and therefore could not testify to that fact.
Justice Anineh sustained the objection.
When asked about the signatories to the account, the witness listed three individuals: Chris Onyepola, Permanent Secretary; Onyechukwu Daniel L., Chief Accountant; and Abdulsalami Hudu, Accountant.
“These three individuals are the signatories to the account,” the witness confirmed.
Pressed further on transactions dated February 19, 2016, the witness stated that there was an inflow from UBA for a Police Reform Programme or payment of security fund amounting to ₦10,000,000 per tranche, made in six tranches, totalling ₦60,000,000.He further explained that on May 3, 2016, there was an inflow with the narration “payment of sec/fund” dated February 24, 2016, amounting to ₦50,000,000, followed by another transfer for payment of “sec fund” in the same amount.
The witness confirmed that after these inflows, the 3rd defendant made withdrawals. He also testified that on September 14, 2016, there were two inflows of ₦50,000,000 each, totalling ₦100,000,000, and that the 3rd defendant made a withdrawal the following day.
On September 20, 2016, he said there were two tranches of ₦10,000,000 and ₦15,000,000 described as “His Excellency Special Sec Vote.”
Similarly, on September 22, 2016, there was an inflow of ₦50,000,000 followed by a withdrawal by the 3rd defendant. Asked to confirm whether Exhibit X1 originated from Zenith Bank, the witness replied, “It came from our bank.”
He added that while abbreviations are standard in banking, he did not know the meaning of “sec” as it was not a term used by their bank.
On August 9, 2016, the witness confirmed there was an inflow of ₦50,000,000, after which the 3rd defendant made withdrawals. He also stated that on August 18, 2016, six withdrawals were made by one Umar Comfort, and that another withdrawal by the same individual occurred on August 23, 2016. When asked whether the first defendant was the only person operating the Government House account, the witness answered, “No.” Following the conclusion of the cross-examination, Pinheiro said the prosecution had no re-examination and applied that the witness be discharged. He also informed the court that the prosecution had a short witness from Keystone Bank to be called as Prosecution Witness Seven (PW7).PW7, Mohammed Bello Hassan, was thereafter sworn in. Led in evidence by Kayode Enitan, SAN, the witness identified himself as an executive trainee with Keystone Bank. He told the court he appeared pursuant to a subpoena.
The prosecution tendered the subpoena, certificate of identification, and the statement of account of Dantata and Sawoe Construction covering January 1 to December 31, 2021. Counsel to the 3rd defendant objected, stating that reasons would be given later.
The documents were admitted in evidence and marked accordingly.
Referring to Exhibit Z1, Enitan asked the witness to confirm whether the statement had columns and narrations. The witness said it had seven columns. Drawing his attention to page two, the witness confirmed that on February 17, 2021, there were several credit entries of ₦10,000,000 each. He further confirmed that entries on February 18, 21 and 22, 2021, were also credits of ₦10,000,000 each.
Explaining the narrations, the witness said that on February 17, 2021, Maigari Murtala transferred ₦10,000,000 in six tranches, totaling ₦60,000,000.
He added that Yusuf Mubarak transferred ₦10,000,000 on February 17, another ₦10,000,000 on February 21, and ₦10,000,000 on February 22. “In total, there were nine transfers of ₦10,000,000 each by Maigari Murtala and one transfer of ₦10,000,000 by Yusuf Mubarak, making ₦100,000,000,” the witness confirmed.
Under cross-examination by J.B. Daudu, SAN, the witness said he had been an executive trainee for two years and worked in the marketing department. He admitted that he was not the account officer of Dantata and Sawoe and that he was sent by the bank to comply with the subpoena. He also said he did not personally know Maigari Murtala or Yusuf Mubarak.
Under further cross-examination by counsel to the 3rd defendant Aliyu, the witness stated that he had never encountered the name Abdulmumini Hudu, did not know when the account was opened, and was unaware of the account signatories.
With no re-examination, PW7 was discharged. Enitan then called Prosecution Witness Eight (PW8), Gabriel Ocha, a compliance officer with FCMB, No.4, Gwani Street, Wuse Zone 4, Abuja. He also appeared under subpoena, bringing along a certificate of compliance and other documents covering the period from January 1, 2018, to December 31, 2024, in respect of Kunfayakun Global Limited.
Counsel to the 3rd defendant objected to the admissibility of the documents, reserving reasons for later. Nevertheless, the court admitted them and marked them as Exhibits AA (subpoena), AB1 (certificate of identification) and AB2 (account opening package).
Led by Enitan, the witness explained that the statement of account had seven columns, representing date, reference, description, value date, deposit, withdrawal and balance. Referring to page seven of the statement, the witness read an entry dated November 1, 2021, showing a debit of ₦30,000,000 from Kunfayakun Global Limited in favour of the American International School for Abdul Bashir.
He further testified that on November 1, 2021, there were three web transfers of ₦10,000,000 each, credited from Haruna Gana and Haruna Gaddafi, totalling ₦30,000,000.
He also confirmed a NIBSS transfer on the same date from Behamas Global Ventures in the sum of ₦25,959,000.
On November 2, 2021, the witness said there were transfers of ₦10,000,000, ₦10,000,000 and over ₦8,000,000 to Zadakkayak Global.
After cross-examination by counsel to the defendants, the prosecution called Prosecution Witness Nine (PW9), A.D. Ojoma, a compliance officer with Sterling Bank. He also appeared under subpoena with a certificate of compliance and the statement of account of Bespoke Business Solutions Limited.
While counsel to the 1st and 2nd defendants did not object to the admissibility of the documents, counsel to the 3rd defendant objected, reserving reasons for later.
Led in evidence by Pinheiro, the witness identified several credit entries, including a transaction of over ₦57 million on March 5, 2019.
On April 3, 2019, he identified a credit entry described as “NAFFS Kogi State payment commission for March 2019,” from the Kogi State Internal Revenue Service, amounting to ₦138,492,215.91.
He also identified another credit entry on May 3, 2019, described as “NAFFS Kogi State 2019,” from the Kogi State Internal Revenue Service, in the sum of ₦136,809,102.70.
On August 6, 2019, the witness said there was a credit entry from the Kogi State Internal Revenue Service for payment of contractors amounting to ₦183,645,647.31. He further testified that on August 15, 2019, there was a credit entry of ₦242,250,000 for the purchase of OBPEH.
Justice Maryanne Anineh thereafter adjourned the matter till Friday, January 16, 2026, for continuation of trial.