Nigeria’s inflation figures don’t reflect reality – Experts
SKAiF NewsNG SNN
Nigeria’s inflation data has continued to spark debate, with economists questioning whether the official figures truly capture the cost-of-living pressures faced by citizens.
DAILY POST reports that the National Bureau of Statistics, NBS, said Nigeria’s Consumer Price Index, CPI, and inflation rose to 15.15 percent in December 2025, up from 14.45 percent in November.
The latest figure followed months of reported disinflation after the rebasing of inflation data, which shifted the base year from 2009 to 2024.
The December increase also came after a revised methodology that adjusted year-on-year inflation upward by about three percentage points across 11 months, further fueling concerns over the credibility of the data.
Despite NBS figures showing a sharp decline in inflation to 15.15 percent in December 2025 from 34.80 percent recorded in the same period of the previous year, many Nigerians say they have not felt any real relief in their daily expenses.
Speaking with DAILY POST on Tuesday, a professor of accounting and finance at Lead City University, Prof. Godwin Oyedokun, expressed concern over the persistent rise in living costs, warning that the latest figures highlight a deepening cost-of-living crisis.
Oyedokun said the December uptick ended a brief period of disinflation and confirmed that inflationary pressures remain entrenched in the economy. .
He noted that beyond the month-on-month increase, the year-on-year trend was more troubling, with inflation gaining about three percentage points over the past 11 months.
According to him, the trend shows that Nigeria has yet to tackle the structural drivers of inflation.
He stressed that the figures offer little comfort to households as prices continue to rise sharply in food, transportation, housing, and energy—sectors that account for the largest share of household spending.
The professor also highlighted a widening gap between macroeconomic indicators and the lived experiences of Nigerians. He explained that while inflation may slow statistically, prices often remain permanently high, and wages have not kept pace.
“The data highlights a growing disconnect between macroeconomic indicators and everyday realities. Inflation numbers may change month to month, but households respond to permanently higher prices, not technical trends,” Oyedokun said.
He added that without strong policies to boost local production, stabilize energy and transport costs, and protect real incomes, changes in inflation figures would continue to have little impact on living standards.
Similarly, a former President of the Chartered Institute of Bankers of Nigeria, CIBN, Okechukwu Unegbu, questioned the credibility of the NBS inflation data, particularly as it relates to food prices.
Unegbu argued that the official figures do not reflect conditions in local markets.
“If you look at food inflation, the NBS reports certain figures, but when you go to the real marketplace, you see what is actually happening. The reality on the ground does not match what the NBS has announced,” he said.
He further alleged that political considerations influence the statistics released by the Bureau, rather than actual economic conditions. Unegbu also pointed to delays in data analysis, saying such lags reduce the relevance of the figures.
“By the time the analysis comes out, a lot has already changed. Some water has passed under the bridge,” he added.
