Nigeria’s inflation rate has sparked debate among economists, with many questioning the accuracy of the official figures in reflecting the cost-of-living pressures faced by citizens. According to the National Bureau of Statistics (NBS), the country’s Consumer Price Index (CPI) and inflation rate rose to 15.15 percent in December 2025, up from 14.45 percent in November.
This increase follows months of reported disinflation after the rebasing of inflation data, which shifted the base year from 2009 to 2024. The revised methodology also adjusted year-on-year inflation upward by about three percentage points across 11 months, fueling concerns over the credibility of the data. Despite the NBS figures showing a sharp decline in inflation to 15.15 percent in December 2025 from 34.80 percent recorded in the same period of the previous year, many Nigerians claim they have not felt any real relief in their daily expenses.
Professor Godwin Oyedokun, a professor of accounting and finance at Lead City University, expressed concern over the persistent rise in living costs, warning that the latest figures highlight a deepening cost-of-living crisis. Oyedokun noted that the December uptick ended a brief period of disinflation and confirmed that inflationary pressures remain entrenched in the economy. He also highlighted a widening gap between macroeconomic indicators and the lived experiences of Nigerians, explaining that while inflation may slow statistically, prices often remain permanently high, and wages have not kept pace.
Oyedokun emphasized that the trend shows Nigeria has yet to tackle the structural drivers of inflation, and the figures offer little comfort to households as prices continue to rise sharply in food, transportation, housing, and energy sectors. He stressed that without strong policies to boost local production, stabilize energy and transport costs, and protect real incomes, changes in inflation figures would continue to have little impact on living standards.
Former President of the Chartered Institute of Bankers of Nigeria, Okechukwu Unegbu, also questioned the credibility of the NBS inflation data, particularly as it relates to food prices. Unegbu argued that the official figures do not reflect conditions in local markets and alleged that political considerations influence the statistics released by the Bureau. He pointed to delays in data analysis, saying such lags reduce the relevance of the figures.
The debate surrounding Nigeria’s inflation rate highlights the need for accurate and reliable data to inform policy decisions. As the country continues to grapple with the challenges of inflation, it is essential to address the concerns raised by economists and experts to ensure that the official figures truly reflect the cost-of-living pressures faced by citizens.
