Adewole Adebayo, the 2023 presidential candidate of the Social Democratic Party (SDP), has criticized the Federal Government’s plan to rebase the Consumer Price Index (CPI), arguing that such a move will not curb inflation.
Reacting to claims by the National Bureau of Statistics (NBS) that methodological rebasing could lower inflation by 10 percentage points, Adebayo dismissed the idea as a superficial fix with no real impact on the economy.
Taking to his official X handle, @Pres_Adebayo, he asserted that the only sustainable way to reduce inflation is by boosting productivity, expanding employment, and improving essential services and infrastructure.
“The real solution to inflation lies in increasing employment, enhancing productivity—especially in agriculture and mining—and strengthening social services and infrastructure,” Adebayo stated. “You cannot manipulate economic data and expect real-world prices to fall. The cost of production must be tackled before the cost of consumption can be addressed.”
He accused the ruling All Progressives Congress (APC) of using economic statistics as a smokescreen to obscure the realities of poverty and insecurity.
Adebayo warned that the government’s current approach to economic management, particularly in the context of the 2025 budget, risks deepening the country’s economic woes.
“The government must recognize the looming macroeconomic meltdown and stagnant productivity,” he cautioned. “This attempt to ‘cook’ inflation figures will not change the lived reality of Nigerians.”
He urged policymakers to adopt practical solutions that address the structural causes of inflation rather than relying on statistical adjustments that fail to reflect real economic conditions.
