A financial expert has warned the Federal Government against distorting economic data to create a false sense of stability, arguing that inconsistent statistics could undermine the credibility of the National Bureau of Statistics.
The Managing Director/CEO of Time-Line Consulting, Shuaibu Idris, raised these concerns during an appearance on Channels Television’s Business Morning on Wednesday.
He cautioned that recent economic figures from the NBS seem contradictory and fail to reflect the tough realities businesses and citizens are experiencing.
“I believe it is essential that government should realise that economic data shouldn’t be used as a propaganda tool just to have a ‘feel good’ syndrome kind of a situation,” Idris said.
“Well, the numbers have been released by the Nigerian Bureau of Statistics, but I like to start my comment with a word of caution to the Chief Executive of the NBS. Data usually speaks volumes, and when you sweat a data, you’ll get a number of information.”
The latest NBS report shows that Nigeria’s economy grew by 3.84% in real terms, up from 3.46% recorded in the same period of 2023 and the previous quarter.
He stated that recent economic reports contain inconsistencies, raising concerns about their reliability.
“We are witnessing an era where some of the data being released are a little bit of concern to some of us. Some of the figures appear to be suspect. Sometimes, even contradictory between one arm of government or another,” he stated.
Time-Line Consulting boss recognized Nigeria’s GDP growth in the last quarter of 2024 compared to previous years but argued that the figures do not reflect the economic challenges businesses are experiencing across the country.
“In the last one year, quite a number of companies have closed shop. Some have literally gone under or gone bankrupt because they are not able to have sufficient working capital—either arising from the high cost of their inputs, inflation has been so high, exchange rate has been so excruciating, interest rate has been so high. So, a number of businesses have closed shop,” he expounded.
Idris warned that the NBS risks losing public trust if it continues to release figures that do not accurately reflect the economic reality. He also noted that the agency has not provided enough commentary on issues evident to the average Nigerian.
““The Bureau of Statistics brought these numbers, yet no comment on the particular concerns that each and every one of us has seen and witnessed,” he said.
“I think the NBS needs to be careful before it loses its relevance when it is dishing out some of these figures.”
Idris underscored the importance of accurate data for effective policymaking.
He called on the government and the NBS to prioritize transparency, accuracy, and consistency in economic reporting to build confidence among investors, businesses, and the public.
