Again, NBS Quietly Deletes Inflation Report

The National Bureau of Statistics (NBS) recently reported a decline in Nigeria’s inflation rate to 23.18 percent in February, down from 24.48 percent in January.

Naija News reports that despite this positive news, many analysts have raised questions about the accuracy of the figures and the methodology used in the report.

Shortly after the report’s release, it was quietly removed from the NBS website, raising concerns about data transparency.

Upon checking on Monday, TheCable Index found that the report had been re-uploaded, but with notable alterations.

The updated version omitted historical data, which traditionally dates back to 1995, leaving only the Consumer Price Index (CPI) data for January and February 2025.

This incident is not the first of its kind. On January 15, 2025, the NBS website was restored after being down for 29 days due to a cyberattack, which occurred just 24 hours after the bureau released a controversial crime experience and security perception survey. When the site was brought back online, the crime and security perception report was no longer available.

Agora Policy, an Abuja-based think tank, has voiced concerns about unusual trends in the NBS inflation computations.

In its report titled “Questions and Insights from the February 2025 Inflation Data,” the think tank pointed out a sharp and unprecedented decline in the month-on-month inflation rate for December 2024, which stood at -12.3 percent.

The report notes, “According to the newly rebased CPI series, inflation slowed to 23.18% in February 2025 from 24.8% in January 2025, with a moderate month-on-month change of 2.04%. However, using the rebased computations, NBS reported 15.4% as the headline inflation rate for December 2024 and an unprecedented -12.3% as the month-on-month rate for December 2024.”

The think tank expressed concern over the volatility in the data, which is rare in Nigeria’s inflation records, as month-on-month changes are usually more gradual.

The report highlighted that from February to November 2024, monthly inflation changes were stable, ranging from 2.14% to 3.12%.

After the drastic decline in December, the February 2025 figures returned to a more typical pattern with a 2.04% month-on-month change.

Agora Policy also emphasized that the steep drop in December 2024, followed by a sharp rebound in January 2025 with a 10.7 percent month-on-month increase, raises questions about the accuracy of the data and the factors influencing such dramatic shifts.