A former President of the Chartered Institute of Bankers of Nigeria (CIBN), Dr. Okechukwu Unegbu, has strongly disputed the latest inflation figures released by the National Bureau of Statistics (NBS), accusing the federal government of manipulating economic data to present a false picture of stability to the international community.
The statistical agency had, in its July Consumer Price Index (CPI) report, claimed that headline inflation dropped to 14.43 percent. However, Dr. Unegbu dismissed the official statistics as unrealistic, asserting that the actual rate of price increases in the country ranges between 35 and 40 percent.
Speaking on the disconnect between official reporting and street-level realities, the veteran banker argued that economic figures must align with the daily purchasing power of ordinary citizens.
The inflation that is dropping is neither here nor there,” Unegbu said. “It doesn’t make sense to me because, for me, it is still contrived. Inflation should be measured by looking at how people are living and what the standard of living actually looks like.”
He emphasized that a genuine decline in inflation would naturally reflect in reduced costs for essential goods, fuel, and everyday food items at local markets, rather than existing solely on paper.
”If inflation drops in society, it will reflect on the general public. You go to the market; you should be able to buy an orange for ₦5, not ₦15. Our own records show that inflation remains extremely high in Nigeria, reaching up to 35 to 40 percent,” Unegbu added.
The financial expert’s reaction underscores growing skepticism among economic analysts and consumers regarding the alignment between official statistical drops and the sustained high cost of living across the country
