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Why Nigerians Are Not Feeling Inflation Drop – Economists

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Despite Nigeria recording its seventh consecutive month of disinflation, economists and financial analysts have raised concerns that the easing inflation trend has brought little or no relief to Nigerians and households already overwhelmed by high living costs and economic hardship.

The National Bureau of Statistics (NBS) reported that headline inflation slowed to 16.05 per cent in October 2025, down from 18.02 per cent in September, one of the strongest single-month declines this year.

Food inflation also moderated to 13.12 per cent, compared to 16.9 per cent in the previous month.

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But economists and analysts insist the improved figures do not reflect the economic reality facing millions of Nigerians.

The Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, said the gains from the latest figures have not translated into real cost-of-living relief because price pressures remain elevated across essential sectors.

READ ALSO:Why U.S. Military Intervention In Nigeria Will Be Messy, Says Adeyemi

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Inflationary pressures remain elevated in critical household sectors—including food, transportation, housing, utilities, education, and health—which jointly account for 84 percent of inflation,” Yusuf noted.

He attributed the limited impact of disinflation to persistent structural challenges such as high logistics costs, energy constraints, insecurity in food-producing regions and climate-related disruptions that continue to suppress supply.

According to him, “the full welfare benefits are yet to be sufficiently felt by households due to persistent structural constraints.”

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Yusuf advised that deeper and sustained reforms across key sectors—supported by coordinated monetary, fiscal and structural policies—are necessary to turn statistical improvements into real economic progress.

‘NBS Inflation Figures Are Flawed’ — Former CIBN President, Okechukwu

In an interview with DAILY POST, Mazi Okechukwu Unegbu, former President of the Chartered Institute of Bankers of Nigeria (CIBN), said the October inflation report is detached from the real-life experience of Nigerians.

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READ ALSO:Nigerian Military Kills 50 Jihadists During Army Base Raids

Unegbu insisted the country’s true inflation rate is significantly higher than official figures suggest.

The inflation figure by the National Bureau of Statistics is flawed because it does not reflect reality. In real terms, the country’s inflation is as high as 29 percent,” he said.

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He argued that the persistent rise in the cost of food, rent, transportation, fuel, and other essentials shows that the declining inflation rate “does not make sense” to the average Nigerian.

Why Nigerians Still Feel No Relief — Oyedokun

An economist and a university don, Prof Godwin Oyedokun, said most Nigerians feel no impact from the inflation slowdown because the structural drivers of the cost-of-living crisis remain intact.

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READ ALSO:US Lawmakers Demand Answers From Trump Administration Over Chinese Chemical Shipments To Iran

He outlined six reasons why Nigerians are yet to feel the impact of inflation: “Prices are still rising— just more slowly- A drop in inflation does not mean prices are falling. Nigerians are still paying historically high amounts for food, transport, energy and rent.

“Incomes remain stagnant- Wages, pensions and SME earnings have failed to keep up with inflation for two years, weakening purchasing power.

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“Key cost drivers remain unresolved- Exchange-rate volatility, high energy costs, logistics inefficiencies, insecurity in food belts and elevated interest rates continue to fuel price increases.

READ ALSO:Two Nigerians Sentenced For Attempting To Obtain Ghana Cards With False Identities

Inflation expectations are still high- Businesses expect prices to rise further and therefore adjust prices upward in advance.

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State-to-state variations distort relief- Some states still record much higher food and transportation inflation than the national average.

“Poverty levels overshadow economic data- With high unemployment and widespread poverty, even a slowdown in inflation does little to improve household welfare.”

Prof. Oyedokun concluded that “Nigerians have yet to feel any relief because the level of prices— not just the rate of change— remains painfully high, and the structural conditions driving hardship persist.”

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Xenophobic Attacks: Oshiomhole Tells FG To Retaliate Against South African Companies In Nigeria

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Senator Adams Oshiomhole has called on the Federal Government to retaliate against South African businesses operating in Nigeria following the recent attacks on Nigerians in South Africa.

Speaking during plenary on Tuesday, Oshiomhole said the Federal Government should consider revoking the working license of South African owned companies such as MTN and DSTV.

He argued that Nigeria must respond firmly to what he described as persistent hostility against its citizens.

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READ ALSO:South Africa To Investigate ‘Mystery’ Of Planeload Of Palestinians

“I am not going to shed tears. If you hit me, I hit you. I think it is appropriate in diplomacy. It is an economic struggle,” Oshiomhole said.

He argued that while some South Africans accuse Nigerians of taking their jobs, Nigerians should return home and take over employment opportunities created by major South African companies operating in the country, including MTN and DSTV.

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When we hit back, the President of South Africa will not only talk but will also go on his knees to recognise that Nigeria cannot be intimidated.

READ ALSO:South African Ambassador Found Dead Outside Paris Hotel

We will not condone any life being lost. If a crime has been committed under the South African law they have the right to bring any such person to justice, but to kill our people as if we are helpless, we will not allow that,” Oshiomhole added.

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DAILY POST reports that several Nigerians in South Africa have reportedly been attacked, and their businesses destroyed, in ongoing xenophobic attacks in the country.

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IGP Orders Officers Display Name Tag On Uniform, Gives Update On State Police

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The Inspector General of Police, IGP, Tunji Disu, has ordered all police personnel to always have their name tags on their uniforms for easy identification.

Disu disclosed that only police personnel who are undercover are exempted from displaying their name tags.

Speaking on Tuesday, Disu said: “All police officers should have their name tags. All of us on the high table have our names apart from the undercover among us so if you look at all the Commissioners of Police we have our name tags, so it’s not our standard.

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All the Commissioners of Police are here and that is why we called this meeting, we have list of things like this that we will want to discuss with the Commissioners of Police, we have told them earlier and we will still let them know that every that happens within their area of jurisdiction falls under their control.”

On the issue of state police, the IGP said: “Since we got the signal that the Federal Government of Nigeria intend to establish State Police and since we are the federal police, we decided to take the bull by the horn and put down our own side of what we believe on how the state police should be run.

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“A lot of things were taken into consideration, a lot of comparative analysis was done and it has been transmitted to the National Assembly.”

 

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Court Orders SERAP To Pay DSS Operatives N100m For Defamation

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The High Court of the Federal Capital Territory has ordered a non-governmental organization, the Socio-Economic Rights and Accountability Project, SERAP, to pay N100 million as damaged to two operatives of the Department of the State Services, DSS, for unjustly defaming them in some publications.

The court also ordered SERAP to tender public apologies to the defamed officers,
Sarah John and Gabriel Ogundele, in two national newspapers, two television stations and its website.

Besides, the organization was also ordered to pay the two operatives N1 million as cost of litigation and 10 percent post-judgment interest annually on the judgment sum until it’s fully liquidated.

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Justice Yusuf Halilu of the High Court of the Federal Capital Territory gave the order on Tuesday while delivering judgment in a N5.5 billion defamation suit instituted against SERAP by the DSS operatives.

The judge found SERAP liable for unjustly defaming the two DSS operatives with allegations that they unlawfully invaded its Abuja office, harassed and intimidated its staff, in September 2024.

READ ALSO:How We Arrested Terror Suspect Who Threatened To Kill Students, Teachers In Abuja — DSS

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In the offending publication on its website and Twitter handle, SERAP alleged that the two operatives unlawfully invaded and occupied its office with sinister motives.

The judge held that the publication was in bad taste especially from an organization established to promote transparency and accountability, as nothing in the publication was found to be truthful.

The DSS staff had listed SERAP as 1st defendant in the suit marked CV/4547/2024. SERAP’s Deputy Director, Kolawole Oluwadare, was listed as the 2nd defendant.

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In the suit, the claimants – Sarah John and Gabriel Ogundele – accused the two defendants of making false claims that they invaded SERAP’s Abuja office on September 9, 2024..

Counsel to the DSS, Oluwagbemileke Samuel Kehinde, had while adopting his final address in the mater urged the judge to grant all the reliefs sought by his client in the interest of justice.

READ ALSO:DSS Arrests Suspected Gunrunner, Recovers 832 Rounds Of Ammunition

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He admitted that although the names of the two claimants were not mentioned in the defamation materials, they had however established substantial circumstances that they are the ones referred to in the published defamation article by SERAP on its website.

The counsel submitted that all ingredients of defamation have been clearly established and the offending publication referred to the two officials of the secret police.

However, SERAP, through its counsel, Victoria Bassey from Tayo Oyetibo, SAN, law firm, asked the court to dismiss the suit on the ground that the two claimants did not establish that they were the ones referred to in the alleged defamation materials.

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She said that SERAP used “DSS officials” in the alleged offending publication, adding that the two claimants must establish that they are the ones referred to before their case can succeed.

Similar arguments were canvassed by Oluwatosin Adefioye who stood for the second defendant, adding that there was no dispute in the September 9, 2024 operation of DSS in SERAP’s office.

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He said that since SERAP in the publication did not name any particular person, the claimants must plead special circumstances that they were the ones referred to as the DSS officials.

Besides, he said that there is no organization by name Department of State Services in law, hence, DSS cannot claim being defamed adding that the only entity known to law is National Security Agency.

The claimants had in the suit stated that the alleged false claim by SERAP has negatively impacted on their reputation.

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The DSS also stated, in the statement of claim, that, in line with the agency’s practice of engaging with officials of non-governmental organisations operating in the FCT to establish a relationship with their new leadership, it directed the two officials – John and Ogunleye – to visit SERAP’s office and invite them for a familiarization meeting.

The claimants added that in carrying out the directive, John and Ogunleye paid a friendly visit to SERAP’s office at 18 Bamako Street, Wuse Zone 1, Abuja on September 9 and met with one Ruth, who upon being informed about the purpose of the visit, claimed that none of SERAP’s management staff was in the country and advised that a formal letter of invitation be written by the DSS.

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John and Ogundele, who claimed that their interactions with Ruth were recorded, said before they immediately exited SERAP’s office, Ruth promised to inform her organisation’s management about the visit and volunteered a phone number – 08160537202.

They said it was surprising that, shortly after their visit, SERAP posted on its X (Twitter) handle – @SERAPNigeria – that officers of the DSS are presently unlawfully occupying its office.

The claimant added, “On the same day, the defendants also published a statement on SERAP’s website, which was widely reported by several media outfits, falsely alleging that some officers from the DSS, described as “a tall, large, dark-skinned woman” and “a slim, dark skinned man,” invaded their Abuja office and interrogated the staff of the first defendant (SERAP).

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John and Ogundele stated that “due to the false statements published by the defendants, the DSS has been ridiculed and criticised by international agencies such as the Amnesty International and prominent members of the Nigerian society, such as Femi Falana (SAN)”.

“Due to the false statements published by the defendants, members of the public and the international community formed the opinion that the Federal Government is using the DSS to harass the defendants.”

READ ALSO:SERAP To Court: Stop CBN From ‘Implementing ‘Unlawful, Unjust ATM Fee Hike’

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They added that the defendants’ statements caused harm to their reputation because the staff and management of the DSS have formed the opinion that the claimants did not follow orders and carried out an unsanctioned operation and are therefore, incompetent and unprofessional.

The claimants therefore prayed the court for the following reliefs: “An order directing the defendants to tender an apology to the claimants via the first defendant’s (SERAP’s) website, X (twitter) handle, two national daily newspapers (Punch and Vanguard) and two national news television stations (Arise Television and Channels Television) for falsely accusing the claimants of unlawfully invading the first defendant’s office and interrogating the first defendant’s staff.

“An order directing the defendants to pay the claimants the sum of N5 billion as damages for the libellous statements published about the claimants.

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“Interest on the sum of N5b at the rate of 10 percent per annum from the date of judgment until the judgment sum is realised or liquidated.

“An order directing the defendants to pay the claimants the sum of N50 million as costs of this action.”

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