Don tasks FG on periodic release of statistics on economy

An academic, Dr Olusanya Olubusoye has advised the Federal Government to produce and release statistics periodically on the state of the nation’s economy.

Olubusoye, a Lecturer at the Department of Statistics, University of Ibadan gave the advice in an interview with newsmen on Sunday in Abuja.

He said there was the need for the Federal Government to produce and release convincing statistics on the recovery process of the economy.

“There is need for periodic release of statistics about the state of the economy.

“It is not sufficient to have an agenda like Economic Recovery and Growth Plan (ERGP) that guarantees seven to eight per cent growth.

“The question is how do we know when we are growing at one, two, three per cent?

“Quality statistics will tell and tell convincingly too,’’ he said.

Olubusoye, also the second Vice-President, Nigerian Statistical Association (NSA) said that the association had been pleading with government at all levels to invest in the production of official statistics.

According to him, the association has passionately pleaded with the government to see production of official statistics as public goods just like roads, railway, airports, etc.

“Good data will tell the story better and it requires good funding for the National Bureau of Statistics (NBS),’’ the official said.

He, however, said that the Federal Government could not substantiate the statement credited to the Minister of Finance Mrs Kemi Adeosun that Nigeria was already out of recession to an extent.

“It is difficult to contest figures that are not made available.

“Not just making it available but revealing the methodology for producing it.

“This is the time government needs to produce quality statistics to convince both citizens and international community about the recovery process of the economy,’’ he said.

Newsmen report that the Federal Government officially declared that the economy had entered recession in August 2016, when the second quarter Gross Domestic Product (DGP) declined by -2.06 per cent.

Meanwhile, some analysts said that Nigeria was gradually exiting recession with the growing GDP and slight improvement in job creation.

According to them, GDP is now projected to grow by one per cent.

Some economists had cited inflation figures and stability in the crude oil price as indicators that the country would soon exit recession.

NBS, in its latest report said that the country’s inflation as measured by Consumer Price Index (CPI) further dropped to 16.10 per cent in June from 16.25 per cent in May.

According to NBS, this is the fifth consecutive decline in the rate of inflation since January.
NAN

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