Nepal's tourism sector is often celebrated through headline arrival figures, but a closer look reveals inconsistencies that deserve serious public scrutiny. While official narratives highlight success, the data and policies behind them tell a more troubling story. According to the Nepal Tourism Board, Nepal welcomed about 1.15 million foreign tourists in 2025 – just a 1% increase from 2024 and still below pre-pandemic levels. While this may sound encouraging, the composition of these arrivals matters. A substantial portion consists of regional and repeat visitors from neighbouring countries, along with non-resident Nepalis and frequent cross-border travellers. Many of these arrivals contribute little to tourism revenue or the formal tourism economy. The contrast with regional competitors is stark. Thailand, for instance, received more than 35 million foreign visitors in 2024, making it one of the world's most visited destinations. Nepal's comparatively modest figures underscore not only our untapped potential but also how far we lag behind destinations with comparable cultural and natural appeal. One major factor undermining Nepal's competitiveness is its entrenched dual pricing system. Foreign tourists are routinely charged significantly higher prices than Nepali citizens for identical services, particularly domestic flights under the so-called 'dollar fare' system. In some cases, foreigners pay more than 2.5 times the local fare. This disparity extends to trekking permits, national parks, and heritage sites. While supporters argue that dual pricing reflects purchasing power differences and generates revenue, it often has the opposite effect. For many travellers, it creates frustration and distrust, sending an unwelcoming message. Competing destinations in Southeast Asia offer transparent, predictable pricing, making Nepal appear unnecessarily expensive by comparison. Equally concerning is how tourism data is presented. Arrival figures are often cited as indicators of economic success without clear distinctions between leisure tourists, short-stay border entries, NRNs, business travelers, or repeat crossings. This inflates perceptions of progress and masks deeper structural issues that discourage longer stays and higher-value tourism. If Nepal is serious about tourism-led growth, three reforms are overdue: rationalising pricing to ensure fairness and competitiveness; improving data transparency to reflect real economic impact; and investing in connectivity to reduce costs and improve access. Nepal deserves to compete globally not only on natural beauty, but on credibility, policy, and value. Celebrating inflated numbers while ignoring weak data and discriminatory pricing risks complacency – and losing travellers to destinations that do better. Dev is a retired Math and Statistics Professor at Butte College and California State University, USA