“They’re not up to that level” – APC rejects inflation rate released by National Bureau of Statistics

The National Secretary of the All Progressive Congress (APC), Ajibola Basiru, has dismissed the recent inflation figures released by the National Bureau of Statistics (NBS), claiming that they are exaggerated.

Speaking on Channels Television’s ‘Politics Today’ on Wednesday evening, Basiru argued that the reported inflation rate of 34.19% for June 2024 is not accurate.

Basiru, a lawyer and former senator, insisted that the inflation challenges in Nigeria are not as severe as the NBS data suggests.

He said there are ongoing efforts by the NBS to rebase the GDP, suggesting that the current figures may not fully capture the economic reality.

His words: “I am aware that NBS is currently working on analyzing and rebasing our GDP, and when the figures come out, then you can now be talking of a correct figure. I know that there are inflation challenges, but they are not up to that level.”

The Nigerian government has taken several steps to address the rising cost of living, including suspending duties, tariffs, and taxes on major food imports such as beans, wheat, and husked brown rice.

Despite these measures, the inflation rate has continued to climb, significantly impacting the cost of living for many Nigerians.

Basiru attributed the economic hardships to global events like the Middle East crisis and the COVID-19 pandemic, arguing that these issues are part of a broader global challenge and not unique to Nigeria.

Basiru also addressed the planned ’10 days of rage’ protest organized by Nigerian youths, scheduled from August 1 to 10. He described the protest as politically motivated and unrelated to the economic issues at hand.

He urged Nigerians to be patient, stressing that President Bola Tinubu’s administration is working diligently to tackle inflation and other economic challenges.

The article was originally published on Politics Nigeria.