Despite NBS Clarification, Presidency Misinforms Nigerians That Food Prices Are Dropping

The Presidency has claimed that prices of food items in the markets were dropping contrary to information from the National Bureau of Statistics (NBS).

Naija News reported that the Statistician-General of the Federation, Adeyemi Adeniran, on Tuesday, clarified that NBS had yet to release an inflation report on current prices of food items in the market.

Adeniran said that the inflation report released was misinterpreted. He explained that NBS’s report stated the rate at which prices of food prices go high was slowing. He stressed that NBS did not say the prices of food items in the market were coming down.

Despite Adeniran’s clarification, the Special Adviser to President Bola Tinubu on Media and Public Communication, Sunday Dare, on his 𝕏 handle, wrote that prices of food items were coming down according to NBS, amounting to misinformation.

“The Nigeria Bureau of Statistics, NBS, announced that Nigeria’s inflation rate has moved from 34.8% to 24.48%, Y-o-Y after rebasing.

“This rebasing occurred at a crucial moment when Nigeria is implementing essential economic reforms. This is important as it highlights the changing structure of the Nigerian economy. Typically, the Consumer Price Index should be rebased every five years.

“Rebasing, a global economic practice not akin to Nigeria alone, has its upsides mostly.
Rebasing injects precision into policymaking by providing a panoramic view of a country’s economic terrain, exposing both it’s strong and weak sectors. Vital information to guide investors are also provided.

“Rebasing is an economic principle practiced and recognized globally. Even the most advanced economies periodically rebase to reset their economies. The United States is expected to rebase its CPI this year,” he wrote.

Dare further claimed that prices of foodstuffs were dropping contrary to the NBS’s clarification.

“Yes. Prices are not back to the pre-subsidy removal regime. They probably may never be. But prices of foodstuffs and other services are dropping across board. Multiple independent market surveys have confirmed this development.

“For Nigeria, the 2025 rebasing is timely and effective, especially at the mid-point of this administration, and against the backdrop of new macroeconomic policies and their implementation.

“Under President Tinubu’s watch, we are seeing the headwinds abating and a new economic tailwind in favour of economic reforms,” he added.