Nigeria’s headline inflation rate fell to 15.43 per cent in July 2026, from 15.91 per cent in June, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).

The NBS, in its report released on Monday, said the July figure represented a 0.48 percentage-point decline compared with the previous month.

On a month-on-month basis, headline inflation stood at 1.57 per cent in July, down from 1.66 per cent recorded in June.

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The statistics agency explained that the decline meant the average price level increased at a slower rate in July than in the preceding month.

Despite the drop in headline inflation, however, food inflation continued to put pressure on consumers, rising to 20.31 per cent year-on-year in July.

According to the NBS, the increase in food inflation was driven by rising prices of commodities including rice, water yam and plantain.

Food inflation also increased significantly on a month-on-month basis, reaching 5.56 per cent in July, compared with 3.75 per cent in June.

The NBS attributed the monthly increase to changes in the prices of crayfish, fresh pepper, onions, carrots, rice, water yam, tomatoes, garri, plantain, beef, eggs, guinea corn, ginger and plantain flour, among other food items.

At the state level, Adamawa recorded the highest month-on-month food inflation at 17.02 per cent, followed by Lagos at 13.48 per cent and Borno at 13.26 per cent.

Meanwhile, Jigawa, Kebbi and Bauchi recorded declines of 3.68 per cent, 3.67 per cent and 1.85 per cent respectively.

On a year-on-year basis, Adamawa recorded the highest food inflation at 51.36 per cent, followed by Katsina at 30.84 per cent and Zamfara at 30.65 per cent.

Borno recorded a slight decline of 0.31 per cent, while Nasarawa and Kebbi recorded the slowest increases at 6.88 per cent and 12.50 per cent respectively.

The latest figures show that while Nigeria’s overall inflation rate eased in July, food prices remained a major source of pressure on households across the country.

The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Olanipekun Olukoyede, has led a major breakthrough in the Commission’s ongoing investigation into the alleged criminal aspects of transactions involving Nestoil Limited and a consortium of its lenders.

At a meeting convened and chaired by the EFCC Chairman, a structured repayment plan was agreed between Nestoil Limited and the consortium of lenders as part of efforts to recover outstanding indebtedness. The agreement has already yielded significant results, with US$60 million recovered from Nestoil Limited and paid to the consortium during the course of the investigation.

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The payment by Nestoil, facilitated by a team of operatives from the EFCC Lagos Zonal Directorate 2 led by the Head of Investigation, Mr. Oguzi Moses, represents a significant milestone in the Commission’s commitment to promoting accountability, protecting the interests of financial institutions, and safeguarding depositors’ funds.

While welcoming the payment as an encouraging development, the consortium of lenders noted that it represents only the first phase of the repayment process, as a substantial portion of the outstanding debt remains to be settled. The lenders reaffirmed their commitment to working closely with the EFCC and other relevant stakeholders to ensure the seamless continuation of the recovery process until the outstanding indebtedness is fully liquidated.

The lenders also reiterated their commitment to supporting the EFCC by providing all relevant documents required for the diligent prosecution of the investigation, while ensuring that all parties comply with the law and that the recovery process remains lawful, transparent, and commercially responsible.

The EFCC reaffirmed its resolve to pursue the investigation to its logical conclusion and to ensure the full recovery of depositors’ funds in accordance with the law.

The Nigerian non-governmental organisations (NGOs) now have extra motivation to offer exceptional impact, accountability and governance as long-term funding beckons.

This is because the NNPC Limited/FIRST Exploration and Petroleum Development Company Limited Joint Venture has launched ‘Impact FIRST: Heritage’, a new multi-year grant programme designed to provide sustained funding and long-term partnership support to outstanding NGOs.

Biztellers reports that the inaugural Impact FIRST: Heritage Grant Presentation Ceremony was held recently in Ikoyi, Lagos, had representatives of the NNPC Limited/FIRST E&P JV, beneficiary organisations, development stakeholders and members of the media in attendance to mark a new chapter in the JV’s commitment to sustainable social investment.

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Impact FIRST: Heritage builds on the success of the flagship Impact FIRST grant programme, which was launched in 2024 to support innovative and impactful NGOs addressing critical social challenges across Nigeria. Since inception, the programme has provided support to 15 NGOs whose interventions have positively impacted more than 20,000 beneficiaries across the country.

Unlike the annual Impact FIRST grant programme, which provides one-off funding support to a broad pool of eligible organisations, Impact FIRST: Heritage is designed as a long-term partnership model.

The programme provides multi-year funding to previous Impact FIRST beneficiaries that have demonstrated strong institutional governance, measurable social impact, sustainable programme delivery and the capacity to scale their interventions responsibly.

Following a rigorous assessment process, five organisations were selected as the inaugural beneficiaries of the Impact FIRST: Heritage programme, including The IREDE Foundation, which provides prosthetic limbs and support services for child amputees; Asido Foundation, which supports the rehabilitation and reintegration of individuals living with severe mental health conditions; Cerebral Palsy Centre, which provides long-term care and support services for persons living with cerebral palsy; Health and Development Support Programme, which delivers eye care interventions and sight-restoring surgeries for underserved populations; and Health Emergency Initiative, which expands access to emergency healthcare services and supports first-responder capacity development.

Speaking at the ceremony, Executive Director, Corporate Services, FIRST E&P, Emmanuel Etomi, described Impact FIRST: Heritage as an important evolution of the Joint Venture’s social investment journey.

“Today, we celebrate five exceptional organisations whose work continues to improve lives, strengthen communities, and create opportunities for some of Nigeria’s most vulnerable and underserved populations.

“By providing long-term support to organisations that have already demonstrated strong performance and measurable results, we are helping them scale their impact, strengthen their capacity, and create even greater value for the communities they serve,” he said.

In his address, the Chief Upstream Investment Officer, NNPC Upstream Investment Management Services, Olanrewaju Igandan, who was represented by Usman Mohammed-Bello, Advisor, Community Relations, NUIMS, at the event, said the transition from an annual corporate giving programme to a multi-year grant framework reflects a mature, strategic approach to social investment that aligns with the imperatives of sustainable development.

While appreciating FIRST E&P for what he termed a “forward-looking initiative”, he further pledged NUIMS’ commitment to sustaining the collaborative journey towards impactful social value creation that aligns with national development priorities.

Responding on behalf of the beneficiary organisations, Pascal Achunine, Executive Director of the Health Emergency Initiative (HEI), expressed appreciation to the NNPC Limited/FIRST E&P JV for the support and confidence reposed in the selected organisations.

He remarked that, “this investment represents more than funding. It is a vote of confidence in the work being done by organisations across the social sector to improve lives and strengthen communities. We are grateful for the opportunity to deepen our impact and extend our reach to even more beneficiaries.”

Impact FIRST: Heritage underscores the NNPC Limited/FIRST E&P JV’s commitment to creating sustainable social value through strategic partnerships with organisations that have demonstrated the ability to deliver measurable and lasting change.

Through the programme, the JV aims to strengthen proven interventions, expand access to critical services, and support long-term development outcomes across healthcare, education, economic empowerment and community development.