Nigeria’s latest inflation figures have reignited controversy, with economists and financial experts questioning whether official data truly reflects the cost-of-living pressures confronting ordinary citizens.
The National Bureau of Statistics (NBS) recently reported that Nigeria’s Consumer Price Index (CPI) rose to 15.15 percent in December 2025, up from 14.45 percent in November. The increase followed several months of reported disinflation after the rebasing of inflation data, which shifted the base year from 2009 to 2024.
The December rise also came after a revised methodology that adjusted year-on-year inflation upward by roughly three percentage points across 11 months, further fueling doubts about the credibility and real-world relevance of the figures.
Despite the NBS data showing a sharp decline in inflation from 34.80 percent recorded in December 2024 to 15.15 percent a year later, many Nigerians insist they have felt no meaningful relief, as prices of essential goods and services remain stubbornly high.
Speaking with DAILY POST, a professor of Accounting and Finance at Lead City University, Prof. Godwin Oyedokun, warned that the figures point to a deepening cost-of-living crisis rather than an improving economy.
According to Oyedokun, the December uptick ended a brief period of disinflation and confirmed that inflationary pressures are still firmly embedded in the economy. He noted that beyond the month-on-month rise, the year-on-year trend is more troubling, with inflation gaining about three percentage points over the past 11 months.
He explained that the trend underscores Nigeria’s failure to address the structural drivers of inflation, adding that the figures offer little comfort to households battling rising costs in food, transportation, housing, and energy—sectors that account for the largest share of household spending.
Oyedokun also highlighted a growing disconnect between macroeconomic indicators and the lived realities of Nigerians.
“Inflation numbers may change month to month, but households respond to permanently higher prices, not technical trends,” he said, stressing that wages have not kept pace with rising costs.
He warned that without strong policies to boost local production, stabilize energy and transport costs, and protect real incomes, changes in inflation data would continue to have minimal 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 on food prices.
Unegbu argued that the official figures do not align with conditions in local markets.
“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 may influence the statistics released by the Bureau, rather than actual economic conditions. Unegbu also pointed to delays in data analysis, noting that 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.
As debate over Nigeria’s inflation data continues, analysts warn that without tangible improvements in household purchasing power, official figures—no matter how optimistic—will struggle to convince a population grappling daily with rising living costs.
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