Shuaibu Idris, CEO of Time-Line Consulting, has criticized the Nigerian Federal Government for allegedly manipulating economic data, urging that it risks damaging the NBS’s credibility. He indicated that reported growth figures do not match the severe challenges businesses face, emphasizing the need for accuracy and transparency in economic reporting to maintain public trust and effective policymaking.
A financial expert has urged the Nigerian Federal Government to refrain from manipulating economic data, warning that this could undermine the credibility of the National Bureau of Statistics (NBS). Shuaibu Idris, Managing Director/CEO of Time-Line Consulting, expressed his concerns on Channels Television’s Business Morning, emphasizing that contradictory statistics may misrepresent economic stability and distort public perception.
Idris pointed out that the latest NBS report shows Nigeria’s economy grew by 3.84% in real terms, which appears to conflict with the harsh realities businesses and citizens are enduring. He stressed that economic data should not serve as a mere propaganda tool to create a misleading sense of well-being.
Idris criticized the inconsistencies in recent economic reports, asserting that some figures are questionable and might even conflict between different government sectors. He highlighted the disconnect between reported growth and the financial struggles experienced by many companies, which have led to widespread business closures due to inflation, high interest rates, and insufficient working capital.
Highlighting the risk of losing public trust, Idris warned the NBS may become irrelevant if it fails to address the economic challenges faced by the populace in its reporting. He noted that the Bureau’s silence on significant economic concerns could further alienate the public.
Idris called for increased transparency and accuracy in economic data reporting, drawing a parallel between data integrity and effective medical diagnosis. He insisted that without truthful reporting on economic ailments, policy responses would be ineffective, stating that many current statistics are not credible. He urged the government and the NBS to prioritize transparency to sustain public confidence and foster a better business environment.
In conclusion, Shuaibu Idris has raised critical concerns about the integrity of economic data released by the NBS, warning that misleading statistics can harm public trust and obscure the real economic situation in Nigeria. He advocates for a more transparent and accurate approach to data reporting to foster better economic policymaking and restore confidence among investors and the populace.
Original Source: nairametrics.com
