Dr. Reuben Abati, a seasoned journalist and former presidential adviser, has voiced doubts about Nigeria’s purported downturn in inflation, 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 veracity 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 Nigerians will profit materially from the new inflation calculation, such results have not yet been observed.
Abati pointed out that while the NBS has consistently recorded decreases in inflation, daily costs, especially those related to food, have not been impacted.
He noted that while economists frequently claim that inflation data takes time to impact living standards, he insisted that the wait has been too long and that a discernible decline in food prices would be a true indication of progress.
“This thing about inflation, which they say is now 15.15% as of December, is based on some kind of, you know, creativity,” Abati stated. They claim that the rebasing approach has been modified.
The IMF resident representative now says, “Well, this rebasing, this new methodology, will translate into concrete benefits in terms of the cost of living for Nigerians.”
“Well, the Bureau of Statistics reports that inflation has been declining steadily. The impact of the evidence on the cost of living is still unknown.
“Those who are knowledgeable about the matter, like economists, argue that it takes time. When we start to notice the impact, it’s taking too long. When food inflation decreases, we think this CPI is having an impact. I believe that the Manufacturers Association is also rather worried about this.
