Charles Esther
Nigeria’s inflation rate has recorded its fourth consecutive monthly drop, falling to 21.88 percent in July from 22.22 percent in June.
Since April 2025, when inflation stood at 23.7 percent, the trend has been steadily downward.
Government Celebrates ‘Positive Statistics’
The Presidency hailed the figures as proof of President Bola Ahmed Tinubu’s economic achievements in his two years in office.
Similarly, the Gross Domestic Product (GDP) rose to N372.8 trillion in 2024 after rebasing in July 2025.
Okonjo-Iweala Notes Economic Stabilisation
Former Finance Minister and WTO Director-General, Ngozi Okonjo-Iweala, during her visit to Tinubu, suggested that Nigeria’s economy was showing signs of stability.
Harsh Realities for Citizens
Despite these numbers, Nigerians continue to struggle with rising costs of food, fuel, energy, and transportation.
A 50kg bag of rice now sells for N69,000 to N75,000 in Abuja and Lagos.
Fuel costs between N865 and N925 per litre, cooking gas between N1,000 and N1,200 per kilogram, while Band A electricity tariffs stand at N209.50–N231.79 per kWh.
Experts Challenge NBS Figures
Former Chartered Institute of Bankers president, Mazi Okechukwu Unegbu, dismissed the inflation figures, describing them as “beautiful statistics” disconnected from the harsh realities faced by Nigerians.
He urged the government to focus on tackling hunger, adjusting interest rates, and strengthening agricultural policies.
Food Inflation Driven by Insecurity and Exchange Rates
Gbolade Idakolo, CEO of SD & D Capital Management, explained that while core inflation declined, food inflation continues to rise due to insecurity in farming areas, exchange rate volatility, and high logistics costs.
Structural Problems Persist
The Centre for the Promotion of Private Enterprise has also observed that food inflation remains a major problem, despite overall inflation declines.
Expert Explains Statistical Gaps
Renowned economist, Prof. Segun Ajibola, said that the basket of goods used by the National Bureau of Statistics (NBS) does not capture all realities across Nigeria.
He explained that price variations in unmeasured areas, and limitations of market surveys, often create gaps between reported inflation figures and citizens’ lived experiences.
Citizens Continue to Bear the Brunt
For ordinary Nigerians, the reality remains grim.
Rising food costs, unstable energy prices, and high transportation fares are putting immense pressure on households and businesses.
Disconnect Between Data and Daily Life
While the federal government celebrates inflation declines and GDP growth, citizens say these achievements have yet to translate into affordable living.
