CPI, GDP Rebasing: NBS’ Independence Sacrosanct – BudgIT

BudgIT, the nonprofit organisation that uses technology to promote transparency and accountability in government spending, has emphasised that the independence of the NBS is crucial for this process, asserting that accurate data is vital for effective policy making and economic planning.

The National Bureau of Statistics (NBS) had announced its plans to rebase figures for the Gross Domestic Product (GDP) and Consumer Price Index (CPI), by the end of this month, aiming to reflect current economic realities.

The rebasing, which will use 2019 as the new base year for GDP and 2024 for CPI, is expected to enhance the understanding of Nigeria’s economic structure and improve inflation tracking.

This is as the NBS said it remains committed to collaborating with stakeholders to ensure accurate data production.

Country director for BudgiT, Gabriel Okeowo said what Nigerians wanted to see in the current rebasing exercise was that the rebasing is a product or culmination of public policy changes that had happened over time.

“We must ask ourselves what sectors have significantly changed in the last five to 10 years and are we showing how evidently in this new rebasing of GDP framework.

Okeowo added that in carrying out the rebasing exercise, the NBS should ensure it communicates trust, informs policy and ensures citizens can view very robust data about themselves.

He said that the NBS should ensure it effectively communicates the results of the CPI and GDP rebasing.

“Double your communication budget so you can appear at critical sections of the society, the media, to communicate the importance of what has been done.

“Also to communicate the insights, the processes and the policy shifts and policy agendas that have brought us to where we are at this point.

“It is extremely important to do that as you use it as an opportunity to strengthen trust within the institution.”

Okeowo said that it was important that the implications and deductions from the data be communicated to public policymakers, to avoid reckless policy decisions.

He said the NBS must remain independent and free from political interference saying the NBS must tell Nigerians the truth no matter how ugly it is or no matter how politically expedient it is.

The statistician general of the federation, Adeyemi Adeniran stated this at a Sensitisation Workshop on the rebasing of Gross Domestic Product (GDP) and Consumer Price Index (CPI) for Civil Society Organisations (CSOs) in Abuja on Monday.

Adeniran said the workshop which was organised by BudgiT exemplified the bureau’s commitment to openness, collaboration and stakeholder engagement.

He said this was in tandem with the United Nations fundamental principles of official statistics, particularly Principle 3 which focused on accountability and transparency.

“This approach essentially means that our processes are open, collaborative, and rigorous.

“Making sure that, as much as possible, we leave no stone unturned in our bid to measure and report accurately, the size of the economy and the level of price changes.

“Today’s workshop exemplifies our commitment to this openness, collaboration, and stakeholder engagement.

“We recognise that the credibility and utility of our statistics are enhanced through the active participation of diverse stakeholders, including private sector operators, academia, economic experts and analysts, media executives, CSOs, and government.”

Adeniran said the rebasing exercise was vital in ensuring the  GDP and CPI  were current and accurate reflections of the economic realities on the ground.

He said due to evolving economies, new industries, and shifting consumption patterns, it was vital to update Nigeria’s statistical measures to capture these changes.

The S-G said that the process was crucial for informed policymaking, strategic planning, and effective governance, highlighting the NBS’ significant professionalism in conducting it.

“As we finalise this process of the rebasing of our GDP and CPI estimates, I want to highlight this key point.

“The rebasing exercise is designed to ensure that our economic indicators accurately reflect the current structure of our economy, incorporating new and emerging sectors, updating our consumption baskets, and refining our data collection methods.

“It is not to suit the expectations of anyone or entity, but simply to measure accurately in line with the global standards and practice.

“This is our responsibility as the official producer of data in Nigeria.”