Former President of the Chartered Institute of Bankers of Nigeria (CIBN), Dr Okechukwu Unegbu, has rejected the latest inflation figures released by the National Bureau of Statistics (NBS), insisting that Nigeria’s actual headline inflation rate is between 35 and 40 per cent.
The development comes after the NBS released its Consumer Price Index (CPI) and inflation report for July 2026, which put Nigeria’s headline inflation rate at 14.43 per cent.
Unegbu, however, argued that the official figure does not adequately capture the economic realities confronting Nigerians in markets and at points of transaction.
He maintained that inflation had not significantly improved despite the decline reported by the statistics agency.
“For me, the inflation that is dropping is neither here nor there,” Unegbu told DAILY POST.
“It doesn’t make sense to me because, for me, it is still construed.”
According to the former CIBN president, the true measure of inflation should be assessed against the living conditions of ordinary Nigerians and the prices they encounter daily.
“This is what I say: Inflation is based on looking at the public spread – how people are living,” he said.
He questioned whether the reported decline in inflation had translated into tangible relief for households, particularly in the prices of essential commodities and services.
“What is the standard of living like? Okay, were you able to buy your fuel, let’s say, N600 per litre?” he asked.
Unegbu said Nigerians would only feel the impact of falling inflation if the prices of goods and services declined significantly in the market.
“And for me, it is not improving. If inflation drops in society, it will reflect on the general public. You go to the market; you should be able to buy one orange for N5, not buy one orange for N15. So, these are the issues,” he said.
He further disclosed that he maintains an independent record of inflation trends and argued that the figures indicate that inflation remains high.
“So, inflation, for me, the dropping does not make sense. We keep our own record, and our own record says inflation is still high in Nigeria,” Unegbu said.
“So, my figure is far more, up to 35-40 per cent,” he added.
Unegbu’s comments challenge the latest official inflation data from the NBS and highlight the continuing debate over whether headline inflation figures adequately capture the cost-of-living pressures experienced by households across Nigeria.
