Tag: NBS

 The National Bureau of Statistics (NBS) says the average retail price of a litre of diesel decreased from N1,813.81 in June 2025 to N1,789.45  in July.

The NBS said this in its Diesel Price Watch for July released in Abuja on Friday.

The report said that the July price of N1,789.45 per litre amounted to a 1.34  per cent decrease over the N1,813.81 paid in June.

Read Also: Petrol price stood at N1,037.66 in June- NBS

“On a year-on-year basis, the price increased by 29.72 per cent from the N1,379.48 per litre recorded in July  2024,” it said.

On state profile analysis, the report said that the highest average price of diesel in July was recorded in Benue at N2,341.46 per litre, followed by Adamawa at N2,163.88 and Plateau at N2,029.71.

It said that the lowest price was recorded in Ondo State at N1,465.71 per litre, followed by Zamfara at N1,470.35, and Gombe State at N1,485.00.

“Analysis by zones showed that the South-South had the highest price of N1,941.98 per litre, while the South-West recorded the lowest price at N1,619.06,’’ it said. (NAN) 

The National Bureau of Statistics (NBS) has said that in the fourth quarter (Q4 2024), the Federal Government collected Value Added Tax (VAT) of N1.9 trillion.

The Value Added Tax Report for Q4 2024, which contained this, said the collection showed a growth rate of 9.23 per cent on a quarter-on-quarter basis from the Q3 2014 collection that was N1.78 trillion.

“On aggregate, Value Added Tax (VAT) for Q4 2024 was reported at ₦1.95 trillion, showing a growth rate of 9.23% on a quarter-on-quarter basis from ₦1.78 trillion in Q3 2024,” said NBS.

Read Also: FG challenges dental technologists to innovate, digitise profession

The report said domestic payments were ₦917.40 billion, Non-import foreign VAT Payments were ₦554.68 billion, while import VAT contributed ₦474.75 billion in Q4 2024.

NBS also said on a quarter-on-quarter basis, Activities of extraterritorial organisations and bodies recorded the highest growth rate with 180.05 per cent, followed by agriculture, forestry and fishing with 70.83 per cent, and Human health and social work activities with 46.13 percent. On the other hand, Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use contracted by 28.97 per cent, followed by information and communication with 23.00 percent.

…plans to update data on a daily basis

The National Bureau of Statistics (NBS) on Tuesday, launched its first prices day 

compiled through a groundbreaking crowd-sourcing initiative.

Unveiling the data in Abuja, the Statistician-General of the Federation, Prince Adeniran, said the initiative was basically part of NBS efforts to harness the power of technology and innovation to improve the quality and timeliness of its statistical data.

He said: “We are thrilled to release our first prices data compiled through crowd-sourcing.

 “This initiative represents a major step forward in our efforts to harness the power of technology and innovation to improve the quality and timeliness of our statistical data.”

Its Head of Public Relations, Folorunso Alesanmi, disclosed this in a press statement.

The statement revealed that NBS has planned to update the data on a daily basis.

It explained that the innovative approach to data collection marks a significant milestone in the NBS’s efforts to provide timely and accurate statistical information to policymakers, researchers, and the general public. 

NBS said the crowd-sourcing initiative, which started several months ago, aims to compile prices data on a daily basis from a wide range of sources, including open markets, supermarkets, neighbourhood shops, bulk and discount stores, street outlet and Large Shops. 

Read Also: NOA partners NBS to sensitise Nigerians on GDP rebasing

It further noted that data collection was done in all the 36 states, FCT and in all the Senatorial districts. 

By leveraging the power of crowd-sourcing, according to the statement, the Bureau has been able to collect a vast amount of data that will help to provide a more accurate picture of price movements in the economy.

NBS also said the data released on Tuesday provides insights into prices of essential food items such as Rice (Local), Beans (White), Maize (White), Garri, Yam, etc commonly consumed by Nigerians, offering a snapshot of daily food costs.

It added: “The NBS plans to update this data on a daily basis, equipping entrepreneurs, policymakers and researchers with a valuable tool for tracking price movements and informing decision-making.”

The crowd-sourced data, said NBS, is accessible to the public through a dedicated public dashboard, where users can view, analyze, and download the data in real-time, further enhancing transparency and accessibility.

The statement reads in part: “The National Bureau of Statistics’ crowd-sourcing initiative aims to modernize data collection, providing timely and accurate statistics. 

“The Bureau hereby invites citizens to participate by submitting price data and feedback to build a robust statistical system for a rapidly changing economy.

NBS is committed to ensuring the quality and accuracy of the data collected through crowd-sourcing. 

“To this end, the agency has implemented a range of quality control measures, including data validation and verification processes, to ensure that the data is reliable and trustworthy.

“The release of the crowd-sourced prices data is a significant achievement for the NBS and demonstrates the agency’s commitment to innovation and collaboration. 

“By working together with citizens and leveraging technology, the NBS is able to provide more timely and accurate statistical information that will help to drive economic growth and development.

“However, there is the need to stress that the prices data compiled through crowd-sourcing is not the same with the ones compiled for Consumer Price Index(CPI); Prices data for CPI computation are collected on a specific or predetermined outlets every second and third week of the month.

 “But, prices data collected via crowd-sourcing are collected randomly from different respondents everyday.

“As we engage in this collaborative effort with the public, we welcome feedback from stakeholders that will propel us for improvement.”

The National Bureau of Statistics (NBS), says Nigeria’s headline inflation rate rose  to 24.23  per cent in March 2025.

The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for March 2025, which was released in Abuja.

According to the report, the headline inflation showed an increase of 1.05  per cent compared to the  23.18 per cent recorded in February 2025.

Furthermore, the report said on a month-on-month basis, the headline inflation rate in March 2025 was 3.90  per cent, which was 1.85 per cent higher than the rate recorded in February 2025 at 2.04 per cent.

“This means that in March 2025, the rate of increase in the average price level is higher than the rate of increase in the average price level in February 2025.”

The report said the increase in the headline index for  March 2025 on a year-on-year and month-on-month basis was attributed to the increase in some items in the basket of goods and services at the divisional level.

It said these increases were observed in food and non-alcoholic beverages; restaurants and accommodation services; transport; housing, water, electricity, gas, and other fuel; education services; health; and clothing and footwear.

Others are information and communication; personal care, social protection and miscellaneous goods and services;  furnishings, household equipment and maintenance; insurance and financial services; alcoholic beverages, tobacco and narcotics, recreation sports and culture.

The report said the food inflation rate in  March  2025 was 21.79 per cent on a year-on-year basis.

However,  on a month-on-month basis,  food inflation rate in March was 2.18 per cent , which increased  by 0.50 per cent  compared to the 1.67 per cent recorded in February 2025 .

The NBS said the increase in the food inflation figure was atributed to the rate of increase in the average prices of Ginger (fresh), Garri (Yellow), Broken Rice (Ofada), and Honey (Natural Production).

Others are Crabs, Potatoes, Plantain Flour, Periwinkle (Unshelled), and Pepper (Fresh) among others,

The report said “all items less farm produce and energy’’ or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 24.43 per cent in March 2025  on a year-on-year basis.

“While on a month-on-month basis, the Core Inflation rate was 3.73 per cent in March, which increased by  1.21 per cent compared to the 2.52 per cent recorded in February.”

Read Also: NBS: GDP grew by 3.84 percent in Q4 2024

The NBS said on a month-on-month basis Farm Produce rate stood at 2.64 per cent compared to the 1.77 per cent recorded in February 2025.

The report said Energy rate stood at 9.21 per cent  in March on a month-on-month basis, compared to the – 0.99 per cent recorded in February.

It said Services stood at  3.344  per cent in March  2025 on a month-on-month basis, compared to 3.38 per cent in February.

“While Goods had a rate of 3.89  per cent on a month-on-month basis compared to the 1.29 per cent recorded in February.”

The report said on a year-on-year basis in March  2025, the urban inflation rate was 26.12.

“On a month-on-month basis, the urban inflation rate was 3.96  in March 2025, which increased by 1.56 per cent compared to February at 2.40 per cent.

The report said on a year-on-year basis in March,  the rural inflation rate was 20.89  per cent.

“On a month-on-month basis, the rural inflation rate was 3.73  per cent in March, which increased by 2.57 per cent compared to February at 1.16 per cent.”

On states’ profile analysis, the report showed that in March , all items’ inflation rate on a year-on-year basis was highest in Kaduna at 33.33 per cent, followed by  Osun at 32.08 per cent ,  and Kebbi at 30.74 per cent.

It, however, said the slowest rise in headline inflation on a year-on-year basis was recorded in Akwa Ibom at 12.81 per cent, followed by Bayelsa at 14.02 per cent, and Sokoto at 14.83 per cent.

The report, however, said in March 2025, all items inflation rate on a month-on-month basis was highest in Kaduna at 18.85  per cent, followed by Osun  at 16.49  per cent, and Oyo  at 14.44 per cent.

“Sokoto at -8.66  per cent, followed by Nasarawa  at -4.38  per cent and Kwara  at -3.69  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 Oyo  at 34.41 per cent, followed by Kaduna at 31.14 per cent, and Kebbi at 30.85  per cent.

“Bayelsa at 9.61  per cent, followed by Adamawa  at 12.41  per cent and Akwa Ibom at 12.60    per cent recorded the slowest rise in food inflation on a year-on-year basis.’’

The report, however, said on a month-on-month basis, food inflation was highest in Oyo at 19.74  per cent, followed by Kaduna  at 17.24 per cent, and Kebbi at 14.03 per cent.

“Sokoto at -14.10 per cent, followed by  Nasarawa at -9.91  per cent and Edo  at -5.78  per cent, recorded the slowest rise in inflation on a month-on-month basis.”

The News Agency of Nigeria (NAN)  recalls that the NBS recently rebased the CPI and released the rebased CPI results for January 2025 in February.

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.

This according to him, was also to incorporate new and emerging sectors, updating consumption baskets, and refining data collection methods.

Adeniran said part of the process of rebasing the CPI  included bringing the base year closer to the current period, from 2009 to 2024.

(NAN)