By Abdulfatah Babatunde
Lagos, Feb. 22, ’25 (TNZ) Tinubu Media Support Group (TMSG) says the drop in headline inflation in Nigeria after the rebasing of the Consumer Price Index (CPI) is a sign of better things to come.
TMSG’s Chairman Emeka Nwankpa and Secretary Dapo Okubanjo made the remarks in a statement e-mailed to TheNewsZenith on Saturday in Lagos.
The group expressed the belief that the inflation rate, which dropped to 24.48 per cent in January from the December figure of 34.80 per cent, would dip further.
According to TMSG, this is in response to the economic reforms of President Bola Tinubu’s administration.
“With the National Bureau of Statistics (NBS) rebasing the CPI, Nigeria’s headline inflation for January now stands at 24. 68 per cent. This is a 10.4 per cent drop from the December inflation figure.
“For us, this is a true reflection of the consumption pattern, especially, as the base year that NBS used is 2024, unlike the 2009 base that had been in use before now.
“It is instructive that the Statistician-General of the Federation, Mr Adeyemi Adeniran was emphatic that the rebased inflation figure does not mean a general decline in price level.
“But we invite Nigerians to note that, in the last few weeks, there has indeed been a drop in food prices in many parts of the country,” TheNewsZenith quotes from the statement.
It pointed out that the inflation figure is dropping in several states, including Kano.
Market leaders in Kano report that prices of essential commodities like rice, flour, milk, beans and spaghetti have crashed by over 40 per cent due to the Federal Government’s intervention.
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“The 150-day duty-free food import window approved, by President Tinubu, has just begun.
“Nigeria received the first 32,000 tons shipment of brown rice from Thailand in January.
“The shipment, the first of its kind in a decade, is in the aftermath of the country’s decision to implement a zero-duty regime on some food grains.
“These were wheat, corn and other food crops last year as part of an interim plan to curb rising food inflation.
“We also need to add that the authorities subjected the food imports to Recommended Retail Price (RRP),” TMSG stated.
It is also convinced that ongoing government policies will further lower the inflation rate in the coming months.
“We are encouraged that the naira has been stable in recent months because of tighter monetary policies, aside from the increase in oil production.
“Our optimism is further buoyed by the projection of various rating agencies and analysts including Agusto & Co and PWC.
“Even before the CPI rebasing, the rating agencies had envisaged a significant decline in headline inflation in 2025 because of sustained government reforms,” it added. (TNZ)
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