Lately, inflation of basic good items such as garri , rice , beans et al has gone up in the market. My wife can calculate with military precision how much the prices have gone up since 2015. Oh, this has made her an ad hoc economist and me the budget and planning manager. But, Nigeria bureau of statistics(NBS) isn’t comfortable about this our “all knowing attitude.”


Statistician General of the federation, Dr. Yemi Kale has said and cautioned that Nigerians should stop the veracity and authencity of data produced and churned out from the factory ,oh from National Bureau of Statistics, saying that doubting these data will send wrong signals to investors and also have the propensity to date away he much needed foreign direct investment (FDI) which the Government desperately needs to salvage the economy. This is one of the things that has gotten people like me wondering. We know how much we have been spending on monthly budget and after exchange notes ,we have been able to cut some basic necessities in our household. Yet, we shouldn’t doubt their data. What a travesty?


Not yet done, NBS made us to appreciate and comprehend that the inflation rate in the courtyard hovers around mere 18℅ ! I used to buy a bag of rice for N8,500 but as of today it hovers around N20,000. Is this the 18℅ that he said. We need an Oxford economist or Soludo Charles to handle this economics permutations .

What is important isn’t what the NBS chieftain is telling us,what is important is what is applicable in the streets of Lagos, Abuja, Onitsha and many others cities. We know that these administrators leave in an isolar world totally detached from the everyday happening in Nigeria. What the NBS must understand that Nigerians doesn’t care much about the statistics but realities on ground. Nigerians had bought some dummies and as it stands now,they are fed up. We will appreciate it ,of the NBS tell us things as they are.

https://etimesafrica./2016/11/24/nigeria-bureau-of-statistics-petrified-over-nigerians-economic-sagacity/

Looking at the price of rice, the inflation is over 100%. Things are so hard that before you buy some foodstuffs you ask yourself if it's really important.

jesse8048:
Looking at the price of rice, the inflation is over 100%. Things are so hard that before you buy some foodstuffs you ask yourself if it's really important.

Actually, if you consider the housing sector, you will understand why the inflation rate is as low as 18%.

I can tell you authoritatively that the housing sector is already facing a full blown depression with property values declining and rent fees remaining stagnant or even being reduced due to the economic slump.

By my humble estimation, the housing sector has declined by as much as 70%!

And if you consider that for your average working class couple, 40% of their combined earnings goes to acquiring or rent servicing for accommodation, you will appreciate why the NBC low inflation figure is near accurate.

The economy has since entered depression and we are already seeing dangerously high deflation rates in property and luxury items.

Take for example basic home electronics sales; this sector is recording it's lowest sales activities since the buhari military era.

Property values in Abuja has also slumped with rent fees being slashed.

Even the aviation industry is also in serious decline as operators are running at a loss but can't afford to increase fares.

Buhari has truly fcked things up.