Dr Okechukwu Unegbu, former president of the Chartered Institute of Bankers of Nigeria, has challenged the latest inflation data released by the National Bureau of Statistics, arguing that the official figure significantly understates the price pressures facing ordinary Nigerians.
The NBS recently reported headline inflation at 14.43 per cent in its Consumer Price Index update. Unegbu, however, maintains that the true rate lies between 35 and 40 per cent, based on independent tracking his team conducts.
Speaking to Media Talk Africa, the former CIBN president said the statistical agency’s methodology fails to capture the lived experience of citizens in markets and at points of transaction. “For me, the inflation that is dropping is neither here nor there,” he said. “It doesn’t make sense to me because, for me, it is still construed.”
Unegbu argued that inflation should be measured by how people are actually living. He pointed to everyday costs — fuel prices, the cost of basic food items — as more reliable indicators than the official basket. “If inflation drops in society, it will reflect on the general public. You go to the market; you should be able to buy one orange for N5, not buy one orange for N15. So, these are the issues.”
He added that his organisation’s internal records consistently show elevated price growth. “We keep our own record, and our own record says inflation is still high in Nigeria. So, my figure is far more, up to 35-40 per cent.”
The divergence between official statistics and public perception has become a recurring theme in Nigeria’s economic discourse. Analysts note that the CPI basket weights and data collection methods may not fully reflect rapid price shifts in informal markets, where most households shop. Transportation costs, energy prices, and food inflation — driven by supply chain disruptions and currency volatility — often outpace the broader index.
While the NBS defends its methodology as aligned with international standards, critics say the gap erodes trust in economic policymaking. For households, the disparity means wage negotiations, social interventions, and business planning may be calibrated to figures that do not match their reality.
Unegbu’s intervention adds weight to calls for a review of how inflation is measured and communicated. Until the data reflects what Nigerians encounter daily, the debate over the true cost of living is unlikely to subside.
