The National Bureau of Statistics (NBS), once regarded as a reliable source of economic intelligence, is now drawing concern for its failure to release timely and critical reports.
From GDP to tax revenue, employment to investment trends, several datasets expected on a monthly or quarterly basis have not been updated, in some cases, for nearly a year.
EDITOR’S PICKS
TheCable observed that at least ten reports are missing or delayed, including the GDP report for Q1 2025, Company Income Tax (CIT) report for Q4 2024 and Q1 2025, Value Added Tax (VAT) report for Q4 2024 and Q1 2025, Federation Account Allocation Committee (FAAC) report for nearly one year, and Internally Generated Revenue (IGR) report for 2024 half-year and full-year, and 2025 half-year reports.
Others are Capital Importation report for Q4 2024 and Q1 2025, Rail Transport Data for Q4 2024 and Q1 2025, Employment (Labour Force) data for Q3, Q4 2024, and Q1 2025, Telecoms data for Q2, Q3, Q4 2024, and Q1 2025, and Electricity report for Q3, Q4 2024, and Q1 2025.
Additionally, the Cost of a Healthy Diet Report, though not part of the core “ten,” was also highlighted as missing since August 2024, despite being a monthly publication.
EKO HOT BLOG observed that this breakdown is more than a bureaucratic glitch. The absence of updated data is disrupting decision-making for government institutions, investors, businesses, researchers, and development partners who depend on these figures for risk assessment, planning, and policy evaluation.
Investors and Public Institutions Flying Blind
Private investors, foreign and domestic, rely heavily on the NBS’s data to gauge economic stability, identify growth sectors, and plan capital flows. With the delay in the Q1 2025 GDP report and the last capital importation data stuck at Q3 2024, stakeholders are left flying blind.
“When such delays occur, everyone involved in making use of these data are forced to the alternative; outdated data or projected estimates which are based on historical patterns, and this is not always true as pattern changes every now and then,” said economist Muhammad Bello, who spoke with TheCable.
“So, basing decisions based on estimates only might not truly reflect the true economic climate, and this can lead to poor business, investment and policy decisions.”
Similarly, the non-release of employment data since Q2 2024 is a red flag for firms evaluating labour market conditions or social investors planning interventions in job creation. For an economy battling record unemployment, this silence comes at a steep cost.
Bello noted that in January, the Central Bank of Nigeria (CBN) had to postpone its monetary policy committee (MPC) meeting because the NBS had delayed the release of the December inflation report. He described the delay as “very bad”.
“Every single decision by the Central Bank has ripple implications for people, business and investors, and during that period, a lot of business and investors were left in suspense, unable to plan or even respond to issues. And this doesn’t speak well of our institutions,” he said.
“Operating with missing or outdated information creates a ripple effect of poor decisions and policy missteps that have a huge social and economic cost.”
Tax Reforms Without Data
The country is undergoing a major tax reform under President Bola Tinubu’s administration, with new laws expected to reshape how company income tax (CIT) and value-added tax (VAT) are collected and allocated. Yet, the last published CIT and VAT reports only cover Q3 2024.
This gap prevents policymakers and analysts from assessing the early impacts of these fiscal changes. Experts say that without updated data, the government risks implementing policies in a vacuum, with no way to course-correct based on real outcomes.
Also, the delay in publishing the FAAC reports, last seen for July 2024, means Nigerians lack transparency over how federal revenue is distributed to states and local governments. This weakens fiscal accountability and hampers financial planning at sub-national levels.
Compounding this is the absence of the IGR report for 2024 and 2025. These reports are vital for evaluating state-level economic resilience and tax collection efforts.
Credibility on the Line
Beyond the technical delays, concerns are mounting over the credibility and independence of the NBS. According to Bello, many Nigerians now believe the agency is no longer immune from political interference, with delays and methodology changes increasingly seen as politically motivated.
He warns that such institutional distrust could be dangerous for any economy.
FURTHER READING
In essence, data is the bedrock of sound policy and investment decisions. When it disappears or arrives too late, it leaves the economy vulnerable to guesswork and missteps. If NBS does not move to restore its role as a transparent, reliable data body, it risks compounding the very crises it is meant to help solve.
Philip Ibitoye is a Special Correspondent with EKO HOT BLOG. Click here to find daily analysis and critical insight on trending issues in Lagos and other parts of Nigeria.
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