A financial expert has cautioned the Federal Government against manipulating economic data to create a misleading impression of economic stability, arguing that inconsistent statistics could damage the credibility of the National Bureau of Statistics (NBS).
Shuaibu Idris, Managing Director/CEO of Time-Line Consulting, voiced his concerns while speaking on Channels Television’s Business Morning on Wednesday.
He warned that economic figures released by the NBS in recent times appear contradictory and do not reflect the harsh realities faced by businesses and citizens.
The latest NBS report indicates that Nigeria’s economy grew by 3.84% in real terms, an improvement from 3.46% recorded in the same period of 2023 and the preceding quarter.
“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,” he stated.
“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,” Idris stated.
According to him, recent economic reports present inconsistencies that raise red flags 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 said.
While acknowledging that Nigeria’s Gross Domestic Product (GDP) showed marginal growth in the last quarter of 2024 compared to previous years, Idris argued that these figures do not align with the economic struggles faced by businesses 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 explained.
The Risk of Losing Public Trust
Idris further stressed that the NBS risks losing public trust if it continues to publish figures that do not accurately reflect the economic situation. He noted that the agency failed to provide sufficient commentary on concerns that are visible 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.”
He criticized the government for using economic data as a tool to foster a false sense of progress rather than presenting the real picture.
“When you are doing what we call guesstimate—guesswork plus estimation—we can do better than what is coming out,” Idris said. “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.”
Call for Data Transparency
Drawing an analogy between economic reporting and medical diagnosis, Idris emphasized that accurate data is crucial for effective policymaking.
“If you’re ill and you don’t tell the doctor the extent of your illness, how do you get attention or remediation? How do you get medication to cure the ailment?” he asked. “We are being branded with data that, to the best of my knowledge, are suspect. These data, many cannot believe it.”
He urged the government and the NBS to prioritize transparency, accuracy, and consistency in economic reporting to foster confidence among investors, businesses, and the general public.
