BudgIT, a nonprofit focused on government transparency, has underscored the importance of the National Bureau of Statistics’ (NBS) independence as it works to rebase Nigeria’s Gross Domestic Product (GDP) and Consumer Price Index (CPI). The move, set for completion by the end of the month, aims to use 2019 as the new base year for GDP and 2024 for CPI, ensuring that economic indicators more accurately reflect current realities.
Gabriel Okeowo, BudgIT’s country director, stressed that the rebasing should align with public policy changes over the last decade, highlighting shifts in sectors and how these changes will be represented. He also called for enhanced communication around the rebasing process, urging the NBS to foster trust and provide policymakers with clear insights to avoid reckless decision-making.
The NBS, led by Adeyemi Adeniran, affirmed its commitment to transparency and openness, ensuring that the rebasing will provide a precise reflection of Nigeria’s economic structure. Adeniran emphasized that the exercise is not designed to meet expectations but to maintain global standards, with the goal of enhancing effective governance and informed policymaking.
Source: LEADERSHIP