What Could the Ember Season Cost This Year?
December is already an expensive period. This year, it is coming at a time when everyday costs are at all-time high.
There is a familiar rhythm to the ember months in Nigeria. As the year winds down, spending tends to pick up. People travel, businesses prepare for higher demand, families make plans and the cost of doing all of that can change along the way.
That part is not new.
What is different this year is what it is currently looking like. Food, transport and other everyday expenses are already taking up more of household income than they used to. So, when the usual end of year spending arrives, there may be less room to absorb it…
That is where the ember season becomes more than a period of higher spending. It becomes a question of how much pressure those expenses can put on finances.
Food may be the first place it shows
Food is already taking a significant share of household spending, and recent data shows that the pressure has not disappeared.
The National Bureau of Statistics reported food inflation at 20.31% year on year in July 2026. More recently, the SBM Jollof Index put the average cost of preparing a pot of jollof rice for a family of five at ₦29,578 in June 2026, a 14.6% increase from the same period the previous year.
The basket used for that estimate includes rice, tomatoes, peppers, oil, onions, seasoning and 1kg each of beef and chicken. In other words, a familiar meal that may find its way onto the table during the festive period already costs significantly more to put together than it did a year ago.
That matters when thinking about December spending. The issue is not simply that people may buy more food during the festive period. It is that the starting price of everyday food is already higher, so the cost of making the meal can take more money out of the budget.
And food prices can still move between now and December. The current figures can show the direction of pressure, but they cannot tell us exactly what a pot of Jollof will cost in December. Although, it will most likely be on the high side.
Getting around can cost more too
Travel is another expense that can put pressure on the budget.
NBS data for May 2026 showed that the average fare for intercity bus journeys rose by 21.89% compared with May 2025, while the average fare for domestic air travel increased by 20.86% over the same period.
With transport costs already elevated, what could that mean when the ember season is in full swing?
The exact cost will depend on the route, mode of transport and travel date, so there is no number that can predict what a trip will cost in December. The bigger point is that travel can take a significant chunk of the budget before food, accommodation and everything else that comes with the season are even considered.
Then there is the cost of accommodation, outings, events, shopping and other seasonal spending can all add up.
That is what makes the ember months different from an ordinary month.
The part worth planning for now
It is difficult to know exactly how much things will cost from now on. Prices can change, plans can change and unexpected expenses will always show up.
What can be planned for, though, is the spending that comes with the season.
Instead of waiting until December to find the money for festive expenses, setting something aside with the December Savings Challenge ahead of time means there is already money set aside when those expenses come up.
And this matter in a year when everyday costs are already putting pressure on income. The goal is not to avoid spending during the festive season. It is to make room for it.
December will come with its usual spending. The difference is whether the money is ready when it does.
The cost of living is already high. Ember season does not create that pressure, but it can add more spending to an income that is already being stretched by everyday expenses.
That means the familiar costs of the season may feel heavier this year. Planning ahead can make it easier to enjoy the season without allowing December spending to create pressure in the months that follow.
NOW TO THE NEWS
Vale Set to Hold Another Edition of SME Clinic for Growing Businesses
Vale Finance is set to host a Supply Chain edition of its SME Clinic, focused on helping growing FMCG businesses prepare for wider distribution and bigger orders.
The free virtual session, themed “From Production to Scale: Preparing for Wider Distribution & Bigger Orders,” will hold on 25th September 2026, from 12:00 PM to 1:30 PM.
The clinic will focus on two key areas of the scaling journey. Aisosa Fadaka, Head of Sales, Southwest at FrieslandCampina WAMCO, will speak on getting ready for wider distribution, exploring what growing FMCG businesses need to put in place to move into larger retail and distribution channels.
Barong Asiodu, GM, Corporate Planning & Strategy at Rite Foods Limited, will speak on winning bigger orders, focusing on how businesses can build the production capacity, supply and cash flow needed to fulfil larger orders without putting unnecessary pressure on their operations.
The session is free and open to business owners and growing manufacturers looking to better prepare for their next stage of growth.
Register here: Vale Supply Chain SME Clinic
FG set to raise another N1 trillion through DMO bond auction
The Federal Government is set to raise another N1 trillion from investors on Monday, September 14, through a bond auction by the Debt Management Office (DMO).
Of the amount, N600 billion will come from the reopening of the 15.45% FGN June 2038 bond, while N400 billion will come from a new bond maturing in September 2036. This means the June 2038 bond will account for 60% of the total amount being offered.
The June 2038 bond has become one of the government’s major borrowing instruments. First issued in June 2023, it has been reopened several times, with the size of the offerings increasing significantly. About N2.42 trillion is currently outstanding, and Monday’s N600 billion offer could push the total value issued above N3 trillion.
The bond pays a 15.45% annual coupon and matures on June 21, 2038. However, investors’ actual returns depend on the price they pay at the auction, making the auction yield an important measure of the government’s borrowing cost.
Recent auctions suggest borrowing costs may be easing. The bond cleared at a yield of 18.40% in July, before falling to 17.79% in August. Monday’s auction will show whether that downward trend continues as the government seeks to raise another N1 trillion.
Lagos Sees 92% Jump in Individual Tax Filings
Individual tax filings in Lagos surged by 92% between 2025 and 2026, while filings by companies increased by 11%, according to the Lagos State Internal Revenue Service (LIRS).
The state also collected 29% more tax revenue in the first six months of 2026 than it did during the same period last year. PAYE revenue led the growth, rising by 36%, while collections from other revenue sources increased by 15%.
However, LIRS said the rise in filings has not necessarily translated into higher tax liabilities for everyone. Its assessment showed that 54% of taxpayers who paid in 2025 were not expected to pay tax in 2026, while another 44% were projected to pay less. Only 2% were expected to have higher liabilities.
The figures were presented as businesses and taxpayers continue adjusting to the tax laws that came into effect on January 1, 2026. LIRS said it plans to improve compliance through digital tools, data analysis and closer engagement with taxpayers.
Meanwhile, the Lagos Chamber of Commerce and Industry called for a broader tax base and better enforcement against evasion, warning that increasing the burden on businesses already paying taxes could limit their ability to invest, hire and grow.
Naira Strengthens as Euro Holds at N1,548, Reserves Hit $54bn
The naira has maintained recent gains against the euro, with the exchange rate staying around N1,548 per euro. The euro traded at about N1,560 in the parallel market, narrowing the difference between the official and black-market rates.
Nigeria’s foreign exchange reserves have risen above $54 billion, their highest level since December 2008. The stronger reserve position gives the Central Bank of Nigeria (CBN) more room to supply the FX market and support stability in the naira.
The euro has also remained relatively steady against the US dollar at around $1.16, with investors watching upcoming US inflation data for signals on the Federal Reserve’s next interest-rate decision.
