Abati doubts NBS inflation figures, says Nigerians feel no relief

 

 

Veteran journalist and former presidential spokesman, Dr. Reuben Abati, has expressed reservations over the reported decline in Nigeria’s inflation rate, insisting that the figures released by the National Bureau of Statistics (NBS) have not translated into improved living conditions for citizens.

Speaking on Arise Television’s Morning Show on Friday, Abati questioned the credibility of the 15.15 per cent inflation rate announced for December, suggesting that the drop might be a product of the recent rebasing of the inflation measurement methodology.

He noted that despite assurances from government officials and international partners, including the International Monetary Fund (IMF), ordinary Nigerians are yet to experience any meaningful reduction in the cost of goods, particularly food items.

According to him, the consistent fall in headline inflation reported by the NBS contrasts sharply with realities in markets across the country.

Abati said: “This issue of inflation, which they say is now 15.15 per cent as of December, is based on some kind of creativity. They claim the rebasing methodology has been changed. The IMF representative has argued that this new approach will translate into concrete benefits for Nigerians, but we are yet to see any evidence of that in daily living.”

He acknowledged the argument by economists that inflation data usually takes time to reflect in prices, but maintained that the delay had been unusually long.

“Experts say it takes time, but it is taking too long. The real proof will be when food inflation begins to drop. Until that happens, many Nigerians will remain unconvinced that the Consumer Price Index is truly improving,” he added.

Abati also aligned with concerns raised by the Manufacturers Association of Nigeria (MAN) over the persistent high cost of production and weak consumer purchasing power, stressing that economic indicators must reflect the lived realities of citizens.