The African Democratic Congress (ADC) has condemned the President Bola Tinubu administration’s recent celebration of Nigeria’s rebased Gross Domestic Product (GDP).
The party labelled the celebration as a deceptive public relations exercise that masks underlying economic hardship.
In a statement by Bolaji Abdullahi, the party’s National Publicity Secretary, dismissed the fanfare surrounding the new GDP figures as mere ‘economic cosmetics.’
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Abdullahi stated that these rebased statistics do not translate into an improved quality of life for ordinary Nigerians nor do they address the fundamental crises gripping the economy.
“Economic growth is not about dressed-up numbers that make the government look good. Economic growth means nothing if it leaves the majority of the people behind and is not felt on the dining table, and in the marketplace,” Abdullahi stated.
He added, “You can’t rebase hunger because Nigerians cannot eat GDP.”
According to him, while government officials highlight new GDP figures, millions of Nigerians continue to grapple with record food inflation, pervasive poverty, and crumbling infrastructure.
Abdullahi argued that the GDP rebasing, ordinarily a neutral statistical tool, has instead become a stark indicator of the All Progressives Congress (APC)’s prolonged economic decay and leadership failures.
Abdullahi pointed to a significant decline in Nigeria’s economic standing, noting that the nation’s GDP has plummeted from $509 billion in 2014, following a previous rebasing, to a mere $244 billion today.
This dramatic drop, he claimed, has seen Nigeria fall from its position as Africa’s largest economy to fourth place, now trailing behind South Africa, Egypt, and Algeria.
Abdullahi views this not as a mere technical adjustment, but as a ‘blunt indictment of a government that has failed to grow what it inherited, let alone transform it.’
Abdullahi further argued that while Nigeria’s nominal GDP in Naira terms has increased to ₦373 trillion, this figure is largely ‘illusory,’ being a direct consequence of a ‘steep and poorly managed currency devaluation.’
This devaluation, he maintains, has significantly eroded national wealth and stripped Nigerians of their purchasing power, with GDP per capita crashing from $3,223 in 2014 to barely $1,000 currently.
Abdullahi cautioned that while rebasing might cosmetically improve the debt-to-GDP ratio on paper, it should not be misinterpreted as an opportunity for ‘reckless borrowing’.
He stressed Nigeria’s need for fiscal discipline, which he said the current government has allegedly failed to demonstrate through its ‘bloated, ill-prioritised budgets and wasteful spending.’
He also criticised what he called the ‘emptiness’ of the APC’s long-promised economic diversification, alleging that key sectors crucial for future growth, such as agriculture, manufacturing, infrastructure, and innovation, have either stagnated or regressed.
Abdullahi added that the administration has opted for ‘statistical cosmetics’ and ‘deception’ over genuine economic reform, leading to a ‘structurally weak economy unable to compete or lift millions out of poverty.’
“There is no real increase in industrial output. No boost in agricultural productivity. No rise in real income. No improvement in electricity, health care or security. Just bloated, hollow numbers,” Abdullahi stated.
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He said the government is attempting to ‘reframe’ the economy through ‘statistical manipulation’ rather than substantive policy changes.
Abdullahi noted that ‘Nigerians are not fooled’ and that their lives have not improved since Tinubu took office two years ago.
