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Tag: July

  • Inflation declines to 21.88% in July, 2025

    Inflation declines to 21.88% in July, 2025

    The National Bureau of Statistics (NBS) on Friday said headline inflation declined to 21.88% in July 2025 from the 22.22% recorded in June 2025.

    The crash, according to the Statistician General of the Federation Prince Adeyemi Adeniran, was because of lowered cost of foods, transportation and the others variables.

    He said, “The headline inflation rate for July 2025 decreased to 21.88% compared to the June 2025 rate of 22.22%.”

    The NBS boss also said, “Contributions to Headline Inflation: At the divisional level, the three major contributors to the headline inflation were Food and non-alcoholic Beverages: 8.75%, Restaurants & Accommodation Services: 2.83%, and Transport: 2.33%; while the least contributors were Recreation, Sport, and Culture: 0.07%, Alcoholic Beverages, Tobacco, and Narcotics: 0.08%, and Insurance and Financial Services: 0.10.”

    This was contained in a press statement he issued which said following the completion of the recent rebasing exercise, this report is centred on a new CPI base year of 2024 and a weight reference period of 2023.

    He added hence, the Consumer Price Index (CPI) rose to 125.9 in July 2025, and reflects a 2.5-point increase from the preceding month.

    According to him, on a month-on-month basis, the headline inflation rate in July 2025 was 1.99%, which was 0.31% higher than the rate recorded in June 2025 (1.68%).

    He said the food inflation rate in July 2025 was 22.74% on a year-on-year basis.

    Adeniran added that on a month-on-month basis, the food inflation rate in July 2025 was 3.12%, which fell by 0.14% compared to June 2025 (3.25%).

    He attributed the decline in food inflation to the rate of decrease in average prices of items such as Vegetable Oil, Bean (White), Rice Local, Maize Flour, Guinea Corn (Sorghum), Wheat Flour, Millet Whole grain, etc.

    He explained that core inflation which excludes the prices of volatile agricultural produce and energy, stood at 21.33% in July 2025 on a year-on-year basis.

    Read Also: Inflation rate drops for fourth consecutive time
    He also said on a month-on-month basis, the core inflation rate was 0.97% in July 2025, down by 1.49 percentage points from 2.46 recorded in June 2025.

    The statement reads in parts, “The newly introduced indices: The inflation rate of the sub-indices for July 2025 shows that Farm Produce (3.96%), Energy (2.71%) and Goods (2.72%) increased significantly, and their index were 128.5, 121.2 and 124.6 basis points; respectively. Conversely, Services recorded decline during the month to 0.47%.

    “On a year-on-year basis, the urban inflation rate in July 2025 was 22.01%. On a month-on-month basis, the urban inflation rate was 1.86% in July 2025, fell by 0.25% compared to June 2025 (2.11%).

    “The rural inflation rate in July 2025 was 21.08% on a year-on-year basis. On a month-on-month basis, the rural inflation rate in July 2025 was 2.30%, increased by 1.67% compared to June 2025 (0.63%).

    “The all-item index for July 2025, All Items inflation rate on a Year-on-Year basis was highest in Borno (34.52%), Niger (27.18%), and Benue (25.73%), while Yobe (11.43%), Zamfara (12.75%), and Katsina (15.64%) recorded the lowest rise in Headline inflation on a Year-on-Year basis.

    “On a Month-on-Month basis, however, July 2025 recorded the highest increases is in Borno (6.11%), Zamfara (5.72%), Kano (4.31%), while Bauchi (0.26%), Katsina (0.30%), and Anambra (0.37%) recorded the lowest rise in Month-on-Month inflation.

    “State-level analyses of the food index in July 2025, Food inflation on a Year-on-Year basis was highest in Borno (55.56%), Osun (29.10%), Ebonyi (29.06%), while Katsina (6.61%), Adamawa (9.90%), and Zamfara (14.72%) recorded the slowest rise in Food inflation on a Year-on-Year basis.

    On a Month-on-Month basis, however, July 2025 Food inflation was highest in Borno (10.89%), Kano (10.86%), and Sokoto (7.43%), while Zamfara (-6.00%), Bauchi (-2.18%) and Abia (-1.06%), recorded decline in Food inflation on Month-on-Month basis.

  • Katsina State posted N1.8bn IGR in July, says official

    Katsina State posted N1.8bn IGR in July, says official

    The Katsina State Government generated over N1.85 billion as Internally Generated Revenue (IGR) in July.

    Alhaji Isyaku Mohammed, the Executive Chairman of the state’s Internal Revenue Service, made this known in an interview with NAN in Katsina.

    According to him, the success was recorded through the introduction of central billing aimed to improve IGR in the state.

    “When I came on board in November 2023, the IGR was between N700 million to N800 million, but in July this year, we generated over N1.85 billion ,” he said.

    He further explained that the introduction of the central billing platform was to reduce the diversion of the revenue.

    “The central billing was the first to be introduced since the creation of Katsina in 1987. It is aimed at addressing leakage in revenue collection,” he said.

    He further said that the success was realised  due to the public enlightenment campaign embarked by the board on the central billing platform.

    He said the system was introduced in June to help simplify the payment of revenue to the government.

    “The new system provides an opportunity for the taxpayers to pay tax or revenue at their comfort, place of work or anywhere in the world.

    “You can pay your revenue through the use of a Tax Identification number (TIN) and you will be issued with a receipt instantly,” Mohammed said.

  • CBN records $553m remittance inflows for July

    CBN records $553m remittance inflows for July

    The Central Bank of Nigeria (CBN), says it recorded a significant increase in remittance inflows of 553 million dollars in July.

    According to a statement issued by CBN’s Acting Director, Corporate Communications, Mrs Hakama Sidi-Ali, the all-time high remittances represents a 130 per cent increase from the corresponding period in 2023.

    Sidi-Ali said that the figure represented the highest monthly total inflows on record, and reflects ongoing efforts by the apex bank to enhance liquidity in Nigeria’s foreign exchange market.

    According to her, the substantial growth in remittance receipts is attributable to policy measures introduced by the CBN to enhance liquidity in Nigeria’s foreign exchange market.

    “These measures include granting licences to new International Money Transfer Operators (IMTOs), implementing a willing buyer-willing seller model, and enabling timely access to Naira liquidity for IMTOs.

    “Diaspora remittances are a crucial source of foreign exchange for Nigeria, supplementing both foreign direct investment and portfolio investments.

    “The CBN’s initiatives have supported continued growth in these inflows, aligning with the institution’s objective of doubling formal remittance receipts within a year,” she said.

    She said that the increase in remittances was a strong testament to the success of the CBN’s ongoing efforts to bolster public confidence in the foreign exchange market.

    The director said that it was an indication of efforts to strengthen a robust and inclusive banking system, and promote price stability, which is essential for sustained economic growth.

    “Recent data from the National Bureau of Statistics (NBS) showed that Nigeria’s year-on-year headline inflation rate slowed in July for the first time in 19 months.

    “This is a clear indication that the CBN’s monetary policy tightening measures are delivering results.

    “The CBN anticipates that these measures will contribute to achieving its broader objective of maintaining stability in the foreign exchange market,” she said.

    Sidi-Ali said that the apex bank would continue to monitor market conditions and adjust policies as necessary to enable greater remittances flow into Nigeria.

  • No going back on PMS production in July – Dangote refinery

    No going back on PMS production in July – Dangote refinery

    Devakumar Edwin, the Vice President of Oil and Gas at Dangote Industries Limited (DIL), has assured that the Dangote Refinery will begin producing Premium Motor Spirit (PMS) this month. Edwin made this announcement during a visit from officials of the international financial analytics corporation S&P Global, who were at the Dangote Refinery in Ibeju-Lekki, Lagos, for a sovereign credit ratings assessment of Nigeria.

     

    Edwin reiterated the company’s commitment to start petrol production in July, as previously promised. He emphasized that the refinery will utilize Africa’s abundant crude oil resources to produce refined products locally. This initiative aims to spur industrial development, create jobs, and drive economic prosperity.

     

    Edwin also highlighted that the products from the $20 billion facility are of high quality and meet international standards. The refinery is capable of meeting 100 percent of Nigeria’s demand for petrol, diesel, kerosene, and jet fuel, with excess production available for export.

     

    S&P Global noted that the 650,000 barrels per day refinery could address Nigeria’s foreign exchange issues and alleviate pressure on the naira, thereby accelerating the country’s economic development.

     

    Ravi Bhatia, Director and Lead Analyst of Sovereign and International Public Finance Ratings at S&P Global Ratings, led the delegation to Lagos. He remarked that the Dangote Refinery would transform Nigeria into a net exporter of petroleum products. “It is a very impressive facility, able to process 650,000 barrels a day at full capacity. It is the largest single-train refinery complex in the world. It came out quite quickly,” Bhatia said after touring the refinery for more than four hours. The delegation from S&P Global was accompanied by officials from the Federal Ministry of Finance.

  • We’ve given license to three more marketers to import fuel – NMDPRA

    We’ve given license to three more marketers to import fuel – NMDPRA

    Additional three marketers have been given the license to import petroleum products as from July 1st the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said on Thursday.

    NMDPRA Chief Executive Officer (CEO) Farouk Ahmed made this known on Wednesday, during a meeting with oil marketers.

    In a statement shared via Twitter, Mr Ahmed noted that there is an urgent need for product standardization to prevent situations where consumers might be cheated by the importation of off-spec products into the country.

    According to him, the meeting was aimed at raising an awareness on the requirements of the Petroleum Industry Act (PIA) regarding the full deregulation and importation of petrol.

    The NMDPRA boss said the Nigerian National Petroleum Company (NNPC) Limited had agreed to reduce its petrol import volume to give room for other players in the industry, “therefore any marketer licenced to import petroleum products must comply with set guidelines”.

    “Already, three oil marketers will from July this year start importing petroleum products into the country,” the statement partly read.

    Ahmed revealed that the oil marketers also reached an agreement to enhance cooperation with security agencies with the aim of facilitating the seamless supply and distribution of petroleum.

  • Ladé emerges Spotify’s “Fresh Find Africa” artiste for July

    Ladé emerges Spotify’s “Fresh Find Africa” artiste for July

    Spotify, an online streaming platform, has announced emerging Nigerian artiste, Ladé, as its “Fresh Finds Africa” artiste for the month of July.

    Phiona Okumu, Spotify’s Head of music for sub-Saharan Africa disclosed this in a statement on Wednesday.

    “Ladé is the latest Fresh Finds Africa artiste for July.

    “The singer headlined the Fresh Finds Africa playlist with her hit song, ‘Adulthood Anthem’, she said.

    Okumu noted that as a platform designed to help emerging artistes gain recognition, the Fresh Finds Africa playlist served as the programme’s central focus.

    She said it offered up-and-coming musicians exposure to help them succeed in the long term.

    According to her, the programme also catered to fans and industry trendsetters looking to find fresh and exciting talent.

    “We are proud to welcome Ladé to the Fresh Finds Africa programme, she is a voice for the youth of today, not just in her homeland Nigeria but globally.

    “She has captured the hearts of our editorial staff and those of more than 300,000 users on TikTok by expressing herself in an authentic and relatable manner on this track.

    “She is an incredible individual with beautiful vocals. Ladé is the voice, without a doubt,” she said.

    In her response, Ladé said, “The joy that comes with being rerecognised for what you do consistently is an entirely different feeling. I honestly cannot hide it, I am so grateful.”

    Ladé, whose full name is Omolade Oyetundun, began her musical career at a young age, and her distinct vocals and catchy tone have propelled her to success in the industry.

    She rose to prominence after covering Simi’s song, ‘Duduke,’ which received over 20,000 views on social media in 2020 and her smash hit, “Adulthood Anthem”, grew to become one of the most popular sounds used for videos on various social media platforms.

    She has also recorded jingles for television and radio commercials for top Nigerian brands such as Smoov, Maltina, Travelbeta, Vestpay and Lacasera.

    In 2021, she unveiled her highly anticipated EP titled ‘Omolade The EP’, which gained widespread praise from her fan base and music enthusiasts.

    Fresh Finds Africa is a monthly programme with a new artiste selected every month by the Spotify music team.

    This forms part of Spotify’s continued commitment to support the African music industry, through initiatives such as EQUAL and RADAR.

  • DSS releases Igboho’s ‘native doctor’ arrested since July

    DSS releases Igboho’s ‘native doctor’ arrested since July

    The Department of State Services (DSS) has released a man accused of preparing charms for embattled Yoruba Nation agitator, Sunday Adeyemo popularly called Sunday Igboho.

    Dada Ifasooto was detained by the secret service on July 16, some two weeks after its operatives stormed Igboho’s Ibadan residence in a Gestapo style, killing two of his aides and arresting 12 others.

    A few weeks later, the DSS freed the 12 detainees on bail, although the whereabouts of the two corpses of the agitator’s aides remain unknown.

    In a statement on Friday, one of Igboho’s lawyers, Pelumi Olajengbesi, said that the whereabouts of Ifasooto were unknown till the 12 aides of Igboho, upon their release, revealed that they met him in DSS custody.

    “This is to announce the release of Mr. Dada Ifasooto who was secretly arrested by the State Security Service (SSS) on 16th July, 2021 on the allegation that he is a native doctor who prepares charms for Chief Sunday Igboho,” the statement read.

    “Mr. Dada Ifasooto’s whereabouts was unknown for months until one of the released detainees from SSS custody informed our office that he is in the custody of the Secret Service in an underground cell.

    “The strange allegations against Mr. Dada Ifasooto and his incarceration defies logical and legal thoughts and underpins the ill-motivated persecution of Chief Sunday Igboho and his associates. Amongst other things, it exposes the straw-clutching antics of the State Security Service in this matter even as it underscores the ridiculous and unlawful length the agency is willing to go.”

    In July, Igboho was arrested by Interpol in the Benin Republic when he tried to catch a Germany-bound flight and has since been detained in the Francophone West African nation where he is facing migration-related charges.

    Prior to his arrest, he was declared wanted by the DSS after he escaped a midnight raid on July 1.

  • NNPC Rakes in N203bn from Petroleum Products Sale in July 2021

    NNPC Rakes in N203bn from Petroleum Products Sale in July 2021

    A total sum of ₦203.73billion was made on the sale of white products in the month of July 2021 by the Petroleum Products Marketing Company (PPMC), a downstream subsidiary of the Nigerian National Petroleum Company (NNPC) Ltd.

    This was contained in the July 2021 figures of the NNPC Monthly Financial and Operations Report (MFOR), the 72nd edition of the Report.

    The report also revealed that total revenues generated from the sales of white products for the period July 2020 to July 2021 stood at over ₦2.563 trillion where PMS contributed about 99.67% of the total sales.

    Similarly, a total of 1.544billion litres of petroleum products were sold and distributed by the PPMC, in the month of July 2021 with PMS accounting for 99% of total volume.

    Total sale of petroleum products for the period July 2020 to July 2021 stood at 19.535billion litres and Premium Motor Spirit (PMS) accounted for 99.73% of total volume, the report stated.

    The report also indicated a 5.23 percentage increase in the average daily gas supply to power plants in the month of July 2021 which stood at 759million standard cubic feet of gas per day (MMSCFD), equivalent to power generation of 3,250MW against the June 2021 figure of 721mmscfd to generate 3,181MW.

    According to the report, national gas production in July 2021 increased by 3.99% at 232.69Billion Cubic Feet (BCF) compared to output in the previous month, translating to an average daily production of 7,502.28mmscfd.

    For the period July 2020 to July 2021, a total of 2,891.53BCF of gas was produced representing an average daily production of 7,305.43mmscfd.

    Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 58.67%, 20.45% and 20.89% respectively to the total national gas production.

    In the Downstream sector, to ensure sustained increase and effective distribution of petroleum products, especially Premium Motor Spirit (PMS), across the country, the NNPC has continued to diligently monitor the daily stock of petrol to achieve success in this regard.

    In July 2021, the MFOR noted that 42 pipeline points were vandalized representing 10.64% decrease from the 47 points recorded in June 2021.

    This month, Port Harcourt area accounted for 40% and Mosimi Area accounted for 60% of the vandalized points.

    In the Upstream, NNPC recorded total export receipt of $191.26million in July 2021 as against $188.00million in June 2021.

    Receipts from crude oil amounted to $12.95million while gas and miscellaneous receipts stood at $78.69million and $99.61million respectively.

    Total crude oil and gas export receipt for the period July 2020 to July 2021 stood at $1.73billion.

     

  • FG, States, LGs Share N760.717bn Revenue In July

    FG, States, LGs Share N760.717bn Revenue In July

    The Federation Accounts Allocation Committee (FAAC) has shared a total of N760.717 billion Federation Account Revenue to the Federal, States, and Local Governments in July.

    This was revealed in a statement on Friday at the end of the virtual meeting of the FAAC for August.

    The revenue comprised distributable statutory revenue of N617.705 billion, distributable Value Added Tax (VAT) revenue of N140.555 billion, and exchange gain of N2.457 billion.

    “In July 2021, the sum of N63.501billion was the total deductions for the cost of collection, statutory transfers, and refunds,” said Henshaw Ogubike who is the spokesperson for the Office of the Accountant General of the Federation (OAGF).

    “The balance in the Excess Crude Account (ECA) was $60.855 million.”

    From the total revenue, the Federal Government received N321.226 billion, state governments got N222.514 billion, and the sum of N166.562 billion was distributed to the local governments.

    The sum of N50.415 billion was shared to the relevant states as 13 per cent derivation revenue while the distributable statutory revenue of N617.705 billion was available for the month.

    From the distributable statutory revenue, the Federal Government received N299.004 billion, state governments received N151.659 billion, and local governments got N116.922 billion.

    The sum of N50.120 billion was given to the relevant States as 13 per cent derivation revenue.

    “In the month of July 2021, the gross revenue available from the Value Added Tax (VAT) was N151.134 billion,” Ogubike revealed. “This was lower than the N154.465 billion available in the month of June by N3.331billion.

    “The sum of N4.534 billion allocation to NEDC and N6.045 billion cost of revenue collection were deducted from the N151.134 billion gross Value Added Tax (VAT) revenue, resulting in the distributable Value Added Tax (VAT) revenue of N140.555billion.”

    From the N140.555 billion distributable VAT revenue, the Federal Government received N21.083 billion, state governments received N70.278 billion, and local governments got N49.194 billion.

  • Nigeria expecting 12 fighter jets from U.S. in July – Emefiele

    Nigeria expecting 12 fighter jets from U.S. in July – Emefiele

    Nigeria is expecting 12 Tucano fighter planes from the United States as part of efforts towards fighting insecurity in the country.

    The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele said this on Tuesday while fielding questions at the end of a two-day Monetary Policy Committee meeting in Abuja.

    “About three years ago, the Federal Government and the United States signed a pact that resulted in a government to government acquisition of military equipment out of which we are expecting twelve Tucano aircraft or fighter planes that will help combat insecurity,” the apex bank boss explained during the event where he also expressed optimism that the country will overcome its security challenges

    “I am aware that six of them are coming to the country in the months of July and August.”

    The CBN governor’s comment corroborated a statement earlier made by the presidency on the arrival of the Tucano aircraft.

    “Nigerian pilots and maintenance personnel are training on these planes. Currently, the construction is ongoing, which will house the aircraft,” Mr Garba Shehu, one of the President’s spokespersons tweeted in March, three years after the Federal Government (February 2018) confirmed that it had placed an order for 12 Super Tucano aircraft at a cost of $496 million.

    Emefiele, lamenting Nigeria’s growing security challenges, said the economy would be greatly affected if the menace is not tackled.

    “If you expect an economy to grow, the level of insecurity must be low because if there is a high level of insecurity, then the economy will suffer,” the CBN governor added, urging bandits and other criminal elements to embrace peace and key into government’s economic policies.

    “I would like to appeal to our brothers, who decide that they want to live in bushes and forests that they should please, begin to retreat, drop their arms and come and embrace Anchor Borrowers’ Programme,” he said.

    “If they do so, it will help them but if they choose not to do so, they will be confronted by the security as this battle continues.”