President Muhammadu Buhari has advised Nigerians to be wary of the inaccurate statistics from world financial bodies, including the World Bank and the International Monetary Fund.
The president emphasized the significant role an accurate collection of data can play in the country's social and economic planning.
He suggested that local institutions, like the Central Bank, are in a much better position to collate such financial records, as the data presented would represent the accurate financial statistics, unlike that of foreign agencies.
"Today, most of the statistics quoted about Nigeria are developed abroad by the World Bank, IMF, and other foreign bodies. Some of these statistics are wild estimates that bear little relation to the facts on ground," President Buhari stated.
"We can only plan realistically when we have reliable data. As a government, we are taking very serious steps to improve the quality of data available for policymaking, and today I charge the Presidential Economic Advisory Council to prioritise the collection of primary data."
The president added that he had already raised the matter with the recently constituted economic council, where he encouraged them to fully prioritise a framework on data collection that would ensure future national planning and policymaking more logical and accessible.