NBS Inflation Report Does Not Reflect Current Prices Of Goods, Services— Economist

A Professor of Economics at the Ahmadu Bello University, Zaria, Peter Njiforte, has faulted the inflation report released by the National Bureau of Statistics.

In the midst of rising cost of living in Nigeria, the NBS measured inflation at 22.79 per cent which shows a marginal 0.38 per cent rise in June compared to the 22.41 per cent held in May.

The report was largely criticized forcing the NBS to release a statement admitting that it did not factor the impact of fuel subsidy removal and the foreign exchange unification.

“The June Consumer Price Index (CPI) numbers may not fully capture the impact of the fuel subsidy removal and the unification of the exchange rate,” NBS admitted in its response to critics.

According to the report, In the report, food inflation rate stood at 25.25 per cent, representing only 0.43 per cent increase compared to the 24.82 per cent posted in May.

Njiforte told THE WHISTLER that the report does not reflect the true suffering of the masses in the face of fuel subsidy removal and rising cost.

Njiforte said, “The NBS is an agency of the government and the government has control over it. So, the kind of figure that it brings out will be moderated in order not to over heat the economy and the polity.

“But it is just that Nigerians are very sensitive knowing fully well what is happening, they will always dispute the figure. The figure does not reflect the true state of things and that is why some people reacted.”

The Professor argued that the government ought to be transparent and prioritise the hardship inflicted on Nigerians through some of the policies made by the Bola Tinubu administration.

Njiforte who agrees with the decision to remove fuel subsidy stated that even the palliative the administration “wants to give 12 million households may be shrouded in irregularity”.

The World Bank approved $800m or N600bn to cushion the effect of subsidy removal on vulnerable Nigerians.

President Tinubu however wants to share N8,000 to 12 million families foe a period of six months.

“How are we sure that it will not be administered like previous governments whereby they will just make a pronouncement and some people will seat on it. These are the questions that should be answered.

“The best palliative would have been a subsidy on transport because there is no body that does not move from one place to the other. Everybody would have benefited from this without trying to identify anyone.

“If you say you have removed fuel subsidy and at the same time share money to people, it is just like robbing Peter to pay Paul.”