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  • FG Does Not Interfere in Our Data Reports, says NBS

    FG Does Not Interfere in Our Data Reports, says NBS

    Michael Onjewu, Abuja

    The National Bureau of Statistics (NBS) has stated that the federal government, led by President Bola Tinubu, does not interfere in its data reports.

    The declaration aims to dispel concerns regarding the integrity and impartiality of the statistics released by the bureau.

    The NBS is tasked with providing periodic statistical data on critical aspects of Nigeria’s economy, including inflation rates, poverty levels, corruption indices, Gross Domestic Product (GDP), and unemployment rates.

    Prince Adeyemi Adeniran, the Statistician General of the Federation and CEO of the NBS said the bureau has never been pressured by the government to manipulate national figures for political gains.

    Speaking at a media sensitization workshop on the Nigerian Living Standards Survey (NLSS) 2022/23 and the rebasing of the GDP and Consumer Price Index (CPI), held at the NBS headquarters in Abuja on Thursday, Adeniran stated that the data released are the result of a systematic and ongoing process, independent of any political agenda.

    READ ALSO: We are Rebasing GDP and CPI to Reflect Current Economic Realities – NBS

    “When the results come out, we are often surprised by assertions that they favour the new government. This work began long before anyone even knew who would be running for office,” he said.

    Adeniran addressed the common misconception that statistical reports are politically motivated, citing the multidimensional poverty index released in November 2022, which reported that 133 million Nigerians were multidimensionally poor. He noted that both the current government and opposition parties have used this data to support their narratives, highlighting the challenges faced by the NBS in managing public perception.

    The Statistician General reiterated that the NBS operates as a professional entity, independent of political influences.

    “We are not politicians; we are committed to producing accurate data that reflects reality,” he stated.

    Adeniran expressed hope that continued dialogue between the NBS and the media would foster a better understanding of the data production process, leading to more accurate and objective reporting.

    “We are here to engage and explain our processes, ensuring that you have the information needed to report effectively,” he added.

  • NBS Calls for Media Collaboration in Data Reporting

    NBS Calls for Media Collaboration in Data Reporting

    By Michael Ojewu, Abuja

    The National Bureau of Statistics (NBS) has called on the media to collaborate with the bureau, particularly in the areas of data production and reporting.

    Prince Adeyemi Adeniran, Statistician-General of the Federation and Chief Executive Officer of the NBS made this known during a media sensitization session on the Nigerian Living Standards Survey (NLSS) 2022/23 and the rebasing of the Gross Domestic Product (GDP) and Consumer Prices Index (CPI), held at the NBS headquarters in Abuja on Thursday.

    “As critical partners in the data production process, we want the media to become a strong voice and advocate for the work being done within the Bureau and the broader statistical system in the country. We expect your reporting to be accurate, objective, and sound, which will help build public confidence and trust in our work,” he said.

    The Statistician-General pointed out that the NBS views engagement with the media as an essential aspect of the data production process, aligning with the United Nations fundamental principles of official statistics, particularly accountability and transparency.

    “By fostering this collaboration, we enhance the credibility of the statistical system and build confidence in the NBS. This approach also promotes inclusivity, collaboration, and partnership throughout our data production processes,” he noted.

    “On our part, we are committed to remaining objective, open, transparent, and professional in our work, as these qualities are the foundation of our role as the national statistical agency. Our door will always be open for clarity, input, and valuable suggestions aimed at enriching our work.”

    NBS REBASES GDP, CPI, CONDUCTS NLSS SURVEY

    Addressing the topics of GDP and CPI rebasing, as well as the NLSS, the Statistician-General explained that CPI rebasing involves updating the weight and price reference periods to better reflect current consumption patterns, while GDP rebasing entails replacing an outdated base year with a more recent one, which improves the accuracy of measuring economic growth.

    Daybreak Nigeria reports that the GDP measures the total value of goods and services produced in a country while the CPI measures the average change in the prices paid by consumers for goods and services over a period of time.

    Adeniran noted that periodic rebasing, conducted every five years, helps account for structural changes in the economy over time and offers a more accurate snapshot of its composition.

    The Statistician-General also announced that the NBS conducted the Nigerian Living Standards Survey (NLSS) for 2022/23 to generate a national poverty headline rate and other essential indicators related to household welfare, consumption, and expenditure.

    He noted that the NLSS is conducted every four to five years, with the last round completed in 2018/2019, which reported a poverty rate of 40.1 per cent. He stressed that data collection for the survey spans a year to capture seasonal variations in household consumption and expenditure.

    “Households whose total consumption of both food and non-food falls below a certain threshold are classified as poor,” Adeniran stated.

  • We are Rebasing GDP and CPI to Reflect Current Economic Realities-NBS

    We are Rebasing GDP and CPI to Reflect Current Economic Realities-NBS

    By Michael Onjewu, Abuja

    The National Bureau of Statistics (NBS) has said that the methodology adopted for the rebasing of the Gross Domestic Product (GDP) and Consumer Prices Index (CPI) align Nigeria’s economic data with current realities.

    The GDP measures the total value of goods and services produced in a country while the CPI measures the average change in the prices paid by consumers for goods and services over a period of time.

    Speaking at a media engagement at the NBS headquarters in Abuja on Thursday, Prince Adeyemi Adeniran, the Statistician General of the Federation and Chief Executive Officer of the NBS, said CPI rebasing involves updating the weight and price reference periods to better reflect current consumption patterns, while GDP Rebasing entails replacing an outdated base year with a more recent one, allowing for improved accuracy in measuring economic growth.

    Adeniran noted that periodic rebasing, conducted every five years, helps to account for structural changes in the economy over time and offers a more accurate snapshot of the economy’s composition.

    “GDP rebasing provides significant benefits by aligning economic data with the current realities of the economy. It improves the accuracy of growth measurements, supports better policymaking, and enhances the credibility of economic data both domestically and internationally,” he said.

    The Statistician-General said the NBS has also conducted the Nigerian Living Standards Survey (NLSS) for 2022/23 to generate a national poverty headline rate, along with other essential indicators related to household welfare, consumption, and expenditure.

    He noted that the NLSS is conducted every four to five years, with the last round completed in 2018/2019, which reported a poverty rate of 40.1 per cent. He stressed that data collection for the survey spans a year to capture seasonal variations in household consumption and expenditure.

    “Households whose total consumption of both food and non-food falls below a certain threshold are classified as poor,” Adeniran stated.

    The Statistician-General reiterated the NBS’s commitment to transparency and accountability in the data production process, in line with the United Nations fundamental principles of official statistics. He urged the media to ensure that data is reported accurately and objectively.

     

  • “Each Nigerian’s Debt Burden Reaches N396,376.19 as Public Debt Soars”

    “Each Nigerian’s Debt Burden Reaches N396,376.19 as Public Debt Soars”

    By Milcah  Tanimu

    A recent analysis of Nigeria’s public debt stock, conducted by the National Bureau of Statistics, has revealed that each Nigerian citizen now carries a debt burden of N396,376.19 per capita.

    The NBS report indicates that the country’s total public debt surged by a staggering 75.27 percent, escalating from N49.85 trillion in the first quarter of 2023 to N87.38 trillion at the close of the second quarter of the same year. In absolute terms, this represents a monumental increase of N37.53 trillion in just three months.

    The calculation of debt stock per capita was computed by dividing the nation’s overall public debt by its estimated population, which is approximately 220.4 million, according to the World Poverty Clock.

    Breaking down the debt categories, the federal government’s external debt amounted to N29.9 trillion, while the combined external debts of the 36 states and the Federal Capital Territory reached N3.35 trillion.

    On the domestic front, the federal government’s domestic debt stood at N48.31 trillion, while the states and the Federal Capital Territory accumulated a domestic debt of N5.82 trillion.

    The public debt also includes the N22.71 trillion “Ways and Means Advances” extended by the Central Bank of Nigeria to the federal government. Additionally, the debt stock incorporates fresh borrowings by the federal government and sub-national entities from both domestic and foreign sources.

    “Ways and Means Advances” refer to situations in which the federal government borrows from the Central Bank of Nigeria to meet short-term emergency financial needs. According to Section 38 of the CBN Act, such loans should not exceed five percent of the country’s actual revenue from the previous year. It’s noteworthy that the CBN has been criticized for violating this act by lending the previous government the sum of $49.2 billion.

    As of the end of June 2023, the NBS reported that domestic debt amounted to N54.13 trillion ($70,264.58 million), while external debt reached N33.25 trillion ($43,159.19 million).

    When breaking down domestic debt by states, Lagos State emerged with the highest domestic debt in Q2 2023, totaling N996.44 billion, followed by Delta State with N465.40 billion. Conversely, Jigawa State recorded the lowest domestic debt at N43.13 billion, with Kebbi State closely following at N60.94 billion.

  • Nigeria’s Inflation Soars to 24.08% in July – NBS

    Nigeria’s Inflation Soars to 24.08% in July – NBS

    Nigeria’s inflation rate increased to 24.08% in the month of July 2023, from the 22.79% recorded in June 2023.

    This was revealed in a report released by the National Bureau of Statistics (NBS) on Tuesday, August 15. This is the seventh consecutive rise in the country’s inflation rate this year.

    The increased inflation rate was attributed to an increase in contributions of some items in the basket of goods and services at the divisional level.

    The food component sub-index increased by 26.98% on a year-on-year basis, which was 4.97% points higher relative to the rate recorded in June 2022 (22.02%).

    The report read;

    “These increases were witnessed in Food & Non-Alcoholic Beverages (12.47%), Housing, Water, Electricity, Gas & Other Fuel (4.03%), Clothing & Footwear (1.84%), Transport (1.57%), Furnishings & Household Equipment & Maintenance (1.21%), Education (0.95%) and Health (0.72%). Others are Miscellaneous Goods & Services (0.40%), Restaurants & Hotels (0.29%), Alcoholic Beverages, Tobacco & Kola (0.26%), Recreation & Culture (0.17%), and Communication (0.16%).

    “The rise in Food index on a year-on-year basis was caused by increases in prices of Oil and fat, Bread and cereals, Fish, Potatoes, Yam and other tubers, Fruits, Meat, Vegetable, Milk, Cheese, and Eggs.

    “Similarly, the food inflation rate on a month-on-month basis, in July 2023, rose to 3.45%, which was 1.06% points higher compared to the rate recorded in June 2023 (2.40%).”

  • Petrol Price Increased To N264.29 in March – NBS

    Petrol Price Increased To N264.29 in March – NBS

    The National Bureau of Statistics (NBS) has revealed that the average retail price paid by consumers for Premium Motor Spirit (petrol) in March 2023 was N264.29, which is an increase of 42.63 per cent relative to the value recorded in March 2022 (N185.30).

    According to the NBS report, comparing the average price value with the previous month (i.e. February 2023), the average retail price of PMS increased by 0.20 per cent from N263.76.

    The report states;

    On state profile analysis, Imo State had the highest average retail price for Premium Motor Spirit (petrol) with N332.67, followed by Taraba with N330.00 and Borno with N324.55. On the other hand, Benue recorded the lowest average retail price for Premium Motor Spirit (petrol) with N195.00, followed by Plateau with N196.79 and Nasarawa with N197.50. In addition, analysis by zone showed that the South-East recorded the highest average retail price in March 2023 with N306.00, while the North-Central had the lowest with N205.10.

    The average retail price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) increased by 0.22 per cent on a month-on-month basis from N4,600.57 recorded in February 2023 to N4,610.48 in March 2023. On a year-on-year basis, this rose by 22.03 per cent from N3,778.30 in March 2022.

    “On State profile analysis, Kwara recorded the highest average price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N4,962.87, followed by Abuja with N4,940.00, and Adamawa with N4,915.00. On the other hand, Rivers State recorded the lowest price with N4,204.45, followed by Abia State and Anambra State with N4,220.15 and N4,232.75, respectively,” it stated.

  • Nigeria’s Inflation Rate Hit 22.04% in March – NBS

    Nigeria’s Inflation Rate Hit 22.04% in March – NBS

    The National Bureau of Statistics says Nigeria’s headline inflation rate increased to 22.04 per cent on a year-on-year basis in March 2023.

    This is according to the NBS Consumer Price Index and Inflation Report for March 2023 released in Abuja on Monday.

    According to the report, the figure is 0.13 per cent points higher compared to the 21.91 per cent recorded in February 2023.

    It said on a year-on-year basis, the headline inflation rate in March 2023 was 6.13 per cent higher than the rate recorded in March 2022 at 15.92 per cent.

    “This shows that the headline inflation rate (year-on-year basis) increased in March 2023 when compared to the same period in March 2022.”

    The report said the contributions of items on the divisional level to the increase in the headline index are food and non-alcoholic beverages at 11.42 per cent and housing, water, electricity, gas and other fuel at 3.69 per cent.

    Others are clothing and footwear at .69 per cent; transport at 1.43 per cent; furnishings, household equipment and maintenance at 1.11 per cent and education at 0.87 per cent and health at 0.66 per cent.

    “Miscellaneous goods and services at 0.37 per cent; restaurant and hotels at 0.27 per cent; alcoholic beverage, tobacco and kola at 0.24 per cent; recreation and culture at 0.15 per cent and communication at 0.15 per cent.”

    It said the percentage change in the All-Items Index in March 2023 was 1.86 per cent on a month-on-month basis.

    “This indicates a 0.15 per cent increase compared to the 1.71 per cent recorded in February 2023.

    ”This means that in March 2023, on average, the general price level was 0.15 per cent higher relative to February 2023.”

    The percentage change in the average CPI for the 12 months ending March 2023 over the average of the CPI for the previous 12 months period was 20.37 per cent.

    “This indicates a 3.83 per cent increase compared to the 16.54 per cent recorded in March 2022.”

    It said increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.

    The report said the food inflation rate in March 2023 was 24.45 per cent on a year-on-year basis, which was 7.25 per cent higher compared to the rate recorded in March 2022 at 17.20 per cent.

    “The rise in food inflation is caused by increases in prices of bread and cereals, potatoes, yams and other tubers, and oil and fat, fish, vegetable, fruits, meat, and spirits.”

    It said on a month-on-month basis, the food inflation rate in March was 2.07 per cent, which was a 0.16 per cent rise compared to the rate recorded in February 2023 at 1.90 per cent.

    The report said the “All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 19.86 per cent in March 2023 on a year-on-year basis.

    “This increased by 5.94 per cent compared to 13.91 per cent recorded in March 2022.”

    “On a month-on-month basis, the core inflation rate was 1.84 per cent in March 2023, which was a 0.78 per cent rise compared to what it stood at in February 2023 at 1.06 per cent.”

    According to the report, the highest increases were recorded in prices of gas, passenger transport by Air, liquid fuel, fuels, lubricants for Personal transport equipment, and vehicles spare parts.

    “Others are maintenance and repair of personal transport equipment and solid fuel, medical services, and passenger transport by road, among others.

    “The average 12-month annual inflation rate was 17.41 per cent for the 12 months ending March 2023, this was 3.85 per cent points higher than the 13.56 per cent recorded in March 2022.”

    The report said on a year-on-year basis in March 2023, that the urban inflation rate was 23.07 per cent, which was 6.63 per cent higher compared to the 16.44 per cent recorded in March 2022.

    “On a month-on-month basis, the urban inflation rate was 2.00 per cent in March 2023, representing a 0.15 per cent rise compared to February 2023 at 1.85 per cent.”

    It said the corresponding 12-month average for the urban inflation rate was 21.00 per cent in March 2023.

    “This was 3.90 per cent higher compared to the 17.10 per cent reported in March 2022.”

    The report said on a year-on-year basis in March 2023, the rural inflation rate was 21.09 per cent, which was 5.67 per cent higher compared to the 15.42 per cent recorded in March 2022.

  • Domestic Airfares Rises by 97% In One Year– NBS

    Domestic Airfares Rises by 97% In One Year– NBS

    The National Bureau of Statistics recent data has indicated that the average cost of airplane tickets in Nigeria rose from N37,022.97 in November 2021 to N73,267.57 in November 2022.

    According to the NBS’ Transport Fare Watch report for November 2022, this represents an increase of 97.09 percent.

    The report also showed that that the average price of a single flight ticket increased by 0.09 per cent from N73,198.65 in October to N73,267.57 in November, 2022.

    The NBS report read in part read, “In air travels fare, the average fare paid by air passengers for specified routes single journey, increased by 0.09 per cent on a month-on-month from N73,198.65 in October 2022 to N73,267.57 in November 2022.

    “On a year-on-year, the fare rose by 97.90 per cent from N37,022.97 in November 2021.”

    It also disclosed the states with the highest average prices of airplane tickets on a single journey, and they included Taraba (N77,100), Delta (N76,500) as well as Bayelsa and Oyo with N76,100 each.

    The states with the lowest prices were Niger (N67,100), Gombe (N70,000) and Nasarawa (N70,100).

    The report also disclosed that the average fare paid by commuters for bus journeys within the city per drop increased by 0.12 per cent in November 2022 on a month-on-month from N636.30 in October 2022 to N637.10.

    on a year-on-year basis, however, the average fare paid by commuters for bus journeys within the city per drop rose by 42.69 per cent from N446.50 recorded in November 2021, According to the NBS.

    The report also said the average fare paid by commuters for bus journey intercity per drop rose to N3,848.48 in November 2022.

    This was an increase of 0.07 per cent on a month-on-month compared to the value of N3,845.81 in October 2022.

    NBS said on a year-on-year basis, the fares rose by 45.53 per cent from N2,644.50 in November 2021.

    Earlier in the year, Economic Confidential reported a rise in the cost of transportation amid the rising subsidy costs.

    The report also indicated that the average cost of bus transportation within Nigerian cities rose from N122.83 in January 2017 to N470.83 in December 2021.

    This means that the cost of intra-city bus transportation has risen by 283 per cent in four years.

    Like the cost of bus transportation, the cost of fuel subsidy has also been increasing.

    In 2017, the Nigerian National Petroleum Corporation said that it spent N144.53bn in subsidising premium motor spirit.

    In 2021, the NNPC said fuel subsidy gulped N1.43tn, although there was no record for under-recovery in January.

  • NBS: In 3 Months, FG Earns N1.4trn From VAT, CIT

    NBS: In 3 Months, FG Earns N1.4trn From VAT, CIT

    The National Bureau of Statistics (NBS) has disclosed that the federal government generated N1.435trn from Value Added Tax (VAT) and Company Income Tax (CIT) in the third quarter of 2023.

    NBS, in reports it released, stated that the government made N810bn from CIT and N625bn from VAT.

    It stated that on aggregate, the CIT for Q3 2022 indicated a growth rate of 13.41 per cent on a quarter-on-quarter basis from N714.40 billion in Q2 2022.

    It stated also that sectoral contributions for the top three largest shares during the period were manufacturing with 28.76 (N138.9bn); information and communication with 27.31 (N231.9bn) and financial & insurance with 8.81 per cent (N42.5bn).

    For VAT, it stated the N625.39bn was a growth rate of 4.21 per cent on a quarter-on-quarter basis from N600.1bn. 

    It said local payments recorded were N367.93bn while foreign VAT payments were N121.85bn and import VAT contributed N135.61.

  • Food Prices Soar, FCT, Abia Lead – NBS

    Food Prices Soar, FCT, Abia Lead – NBS

    The Federal Capital Territory (Abuja) and Abia State have led a number of other southern states as food prices soar to record levels in 2022.

    This is according to data from “selected food prices” reports by the National Bureau of Statistics during the period in review.

    The reports show that food prices have risen highest in the FCT, Abia, Ebonyi, Rivers, and Edo states in 2022. Further analysis showed that the southeastern region has recorded the highest food prices in the country.

    Prices of food items observed within this period included staple foods such as rice, beans, yam tuber, tomatoes, agric eggs, bread, beef, among others. Findings showed that food prices witnessed significant price increases across the board in the year 2022.

    For example, the average price of 1kg of tomato rose on a year-on-year basis by 30.79 per cent from N347.47 in October 2021 to N454.46 in October 2022. Similarly, the average price of a bottle of palm oil increased by 33.22 per cent from N727.21 in October 2021 to N968.76 per cent in October 2022.

    This soaring food prices comes just as the NBS disclosed that 62.9 per cent of Nigerians — nearly 133 million people — are multidimensionally poor.

    Speaking with our correspondent, the Lagos chapter Chairman of the All Farmers Association of Nigeria, Mr Femi Oke said factors such as logistics, increased demand, as well as government’s unwillingness to invest in large scale cultivation of certain agricultural products are the reason behind soaring food prices in the country.

    He said, “Diesel and fuel are affecting logistics and transportation. Most of these products are coming from the north. They will factor in their transportation.

    “Diesel is almost a thousand naira per litre right now. It will affect food prices, and the Nigerian government is not doing anything about it. Why is the government not doing something strategic to curb grain importation? In the last ten years, if we deliberately invested in grain or wheat, by now we would be producing and not importing. This is what is happening to us. There is no family in Nigeria that does not take grain or wheat. What is the government doing about it?”

    Commenting on the reason why food prices have been higher in the southeast, Oke noted that social tensions and frequent farmers-herders clashes have negatively impacted farming activities in the region.

    He added, “When you don’t allow your people to go to the farm. With the sit at home, people are afraid to go to the farm.

    “Fulani herdsmen, herder-farmers clash is also rampant in the east, coupled with the climatic change, almost all the farmlands have been washed away. This is the reason behind the current food prices.”

    On his part, the president of the Premium Bread-Makers Association of Nigeria, Emmanuel Onuorah agreed with the statistics body’s data that bread price had witnessed an increase of 36.68 per cent in 2022.

    He said, “The increase could have been worse. It could have been up to 50 per cent. But if we do 50 per cent, you have to balance it.

    “If you don’t balance it, you will go out of business. Our own production, our capacity utilisation has dropped by 70 per cent. Before, in my bakery, I was doing 110 bags (flour). Today I’m doing 30, 40 bags. I had 150 workers. Today I have just over 40 workers. I was doing two to three shifts. Today I’m doing one shift.”

    In a recent report titled ‘Africa’s Inflation Among Region’s Most Urgent Challenges,’ the International Monetary Fund said Nigeria and its Sub-Saharan counterparts are facing one of the most challenging economic environments in years, marked by a slow recovery from the pandemic, rising food and energy prices, and high levels of public debt.

    According to the IMF, with food and energy accounting for half of the household consumption in sub-Saharan Africa, living costs across the region have spiraled. It estimated that 12 percent of the region’s population will face acute food insecurity by the end of this year.