Nigerians Still Await Proof — Abati Challenges Official 15% Inflation Figure

Dr. Reuben Abati, a seasoned journalist and former presidential assistant, has voiced doubts about Nigeria’s reported inflation decline, arguing that it hasn’t yet resulted in a significant reduction in the cost of living for Nigerians.

Speaking on Friday’s Morning Show on Arise Television, Abati questioned the validity of the National Bureau of Statistics’ (NBS) December inflation rate of 15.15 percent, speculating that it was impacted by modifications to the rebasing technique.

He claims that although authorities and foreign partners like the International Monetary Fund (IMF) have claimed that the new inflation measurement would provide Nigerians with real benefits, such results have not yet been observed.

Even though the NBS has reported successive drops in inflation, Abati pointed out that everyday costs, especially food prices, have not been affected.

The delay has been too long, he said, adding that a meaningful indication of change would be a discernible decrease in food prices. He noted that economists frequently contend that inflation data takes time to alter living conditions.

“This inflation thing, which they say is now 15.15% as of December, is based on some sort of, you know, creativity,” Abati stated. The rebasing mechanism has allegedly been modified.

“Now, this rebasing, this new methodology, will translate into tangible benefits in terms of the cost of living for Nigerians,” the IMF resident representative said.

The Bureau of Statistics reports that inflation has been declining steadily. The evidence’s impact on living expenses has not yet been observed.

The experts in the field, the economists, say, “Okay, it takes time. It’s taking much too long for us to notice the impact. We think this CPI is having an impact when food inflation decreases. I believe the Manufacturers Association is also rather worried about this.