₦airaland Forum

Dr Okechukwu Unegbu, former President of the Chartered Institute of Bankers of Nigeria, CIBN, has disagreed with the latest inflation figures released by the National Bureau of Statistics, NBS.

According to him, Nigeria’s headline inflation is between 35 and 40 per cent.

Recall that the NBS on Monday released its Consumer Price Index, CPI, and inflation report for July 2026, with headline inflation dropping to 14.43 per cent.

According to Unegbu, the NBS CPI data may not accurately reflect the realities Nigerians face in markets and at points of transaction.

He noted that inflation has yet to improve significantly in Nigeria.

“For me, the inflation that is dropping is neither here nor there.

“It doesn’t make sense to me because, for me, it is still construed.

“This is what I say: Inflation is based on looking at the public spread – how people are living.

“What is the standard of living like? Okay, were you able to buy your fuel, let’s say, N600 per litre?

“And for me, it is not improving. 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.

“So, inflation, for me, the dropping does not make sense. 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,” he told DAILY POST.

Sheuns:
Inflation from May 29 2023 till date is well over 200%.

I don’t know where you guys get these 14, 16% data from.

lionshare:
Inflation is measured year-on-year. It’s implausible that we’re seeing over 40% Y-o-Y—how many items in the basket have actually risen by 40% in the past year?

anonimi:
15.01.2026 FEATURED

Nigeria’s ‘Biggest Economic Threat’ Is Unemployment, But Data to Guide Policy Missing for 14 Months

Nigeria’s top economic risk for the 2026 economic year is unemployment but the country has not published any official labour statistics to measure its rate since November 2024, FIJ has found.

On Wednesday, the World Economic Forum’s Global Risks Report identified lack of economic opportunity and unemployment as Nigeria’s leading threat for the 2026 economic year.

The report also identified inadequate public services, economic downturn, inequality, and crime as the next four threats to economic stability in 2026.

Unemployment is serious enough for international observers but the National Bureau of Statistics (NBS) has not released Nigeria’s Labour Force statistics, however controversial, since the second quarter of 2024.

SILENCE SINCE METHODOLOGY REDESIGN
The NBS has been in the crossfire before for publishing Labour Force Data late in 2023 and 2024. In 2024, the bureau attributed the delay to an overhaul of its survey methodology.

At the time, NBS said it wanted to align Nigeria’s labour statistics with international best practices and ensure data quality and sustainability.

But the resulting data caused chaos. According to the NFLS published at that time (q1, 2024), only about 4.3% of Nigerians were unemployed. The data introduced new types of labour categorisation in the report.

Per the new method, anyone who works even minimal hours in a week is considered “employed”. The reliability of official figures was questioned by labour unions, business groups and even economists.

The Nigerian Labour Congress (NLC), for instance, described the reported employment statistics as unrealistic. Chris Onyeka, the NLC’s National Assistant General Secretary, called the report a “voodoo document” and a “fabrication designed to mislead the public”.

Similarly, Gabriel Idahosa, President of the Lagos Chamber of Commerce and Industry (LCCI), said, “The technical improvement in the employment rate is more of a way that employment is now calculated; but the reality is that the economy is not looking like an economy where unemployment is significantly reducing.”

Since then, the NBS has not made any attempt to publish labour data.

https://fij.ng/article/nigerias-biggest-economic-threat-is-unemployment-but-data-to-guide-policy-missing-for-14-months/

lionshare:
Inflation is measured year-on-year. It’s implausible that we’re seeing over 40% Y-o-Y—how many items in the basket have actually risen by 40% in the past year?

lawani:
Inflation is something anybody can calculate by themselves. It is the level to which the price of consumables have increased over a given period. You take many consumables and find the average

ogododo:
https://dailypost.ng/2026/08/18/nigerias-inflation-rate-stands-at-40-ex-cibn-president-counters-nbs/

ogododo:
https://dailypost.ng/2026/08/18/nigerias-inflation-rate-stands-at-40-ex-cibn-president-counters-nbs/

MrSly:
Politically motivated analysis. Inflation is way over 250%

Sheuns:
Inflation from May 29 2023 till date is well over 200%.

I don’t know where you guys get these 14, 16% data from.

motymop:
I agree, inflation should be 50 percent

I know people earning in dollars and are still broke by the end of the month because of the damn inflation

Sheuns:
Inflation from May 29 2023 till date is well over 200%.

I don’t know where you guys get these 14, 16% data from.

TinubuGoQuench:
Bola Tinubu and his useless gang of thieves released a fake inflation figure to deceive gullible Nigerians.

Chucks13:
Even in UK, Germany, Russia, Sudan, Somalia etc are hit by high inflation so Mr inflation calculator go to court or do your worst.

We are not asking for anybody validation we are focused and that is it. The reform will be completed if Naija too hard and harsh for you quit and relocate to Togo or Chad od Sudan, safe journey..

Racoon:
Galloping inflation under T-Pain. Nigeria have really seen shege but would the trajectory change next year? Yes it should.

Chucks13:
Even in UK, Germany, Russia, Sudan, Somalia etc are hit by high inflation so Mr inflation calculator go to court or do your worst.

We are not asking for anybody validation we are focused and that is it. The reform will be completed if Naija too hard and harsh for you quit and relocate to Togo or Chad od Sudan, safe journey..

lawani:
Inflation is something anybody can calculate by themselves. It is the level to which the price of consumables have increased over a given period. You take many consumables and find the average