The African Democratic Congress (ADC) has openly criticized the recent fanfare by the Tinubu administration over Nigeria’s economics rebased Gross Domestic Product (GDP).
The opposition party described the government’s jubilation as a misleading public relations stunt disguised as genuine economic progress.
In a statement released to Naija News by ADC National Publicity Secretary Mallam Bolaji Abdullahi, the party called the rebased GDP figures “economic cosmetics” that fail to address Nigeria’s economic crises.
Instead of providing real improvements, the ADC argued these statistics serve to dress up numbers for political applause while millions of Nigerians continue to suffer.
‘A Mirage of Prosperity Masking Economic Decay’
Ordinarily, GDP rebasing is a technical process meant to reflect structural changes within the economy accurately.
However, the ADC insists that the Tinubu government has exploited this process to cover up leadership failures and economic decay.
Nigeria’s previous GDP figure stood at $509 billion in 2014 after a rebasing exercise.
Today, the nation’s GDP has plummeted to $244 billion, dropping Nigeria from Africa’s largest economy to fourth place behind South Africa, Egypt, and Algeria.
“The drop is not just a recalibration it is a blunt indictment of APC’s failure to grow or transform the economy it inherited,” Abdullahi declared.
Currency Devaluation and False Growth Figures
While the nominal GDP has risen to ₦373 trillion in naira terms, the ADC contended this number is largely illusory.
It results from sharp, poorly managed currency devaluation that has eroded national wealth and slashed purchasing power.
GDP per capita has crashed dramatically, falling from $3,223 in 2014 to barely $1,000 today.
The party argued that rebasing helps to sanitize the debt-to-GDP ratio on paper but fuels reckless borrowing instead of fiscal discipline.
“This government’s bloated and misprioritized budgets reflect wasteful spending amid widespread suffering,” the ADC statement read.
Empty Promises of Diversification Exposed
The ADC charged that the Tinubu administration’s long-promised economic diversification is a hollow claim.
Key sectors like agriculture, manufacturing, infrastructure, and innovation have stagnated or declined.
Instead of fostering productivity, the government has relied on superficial reforms and headline-grabbing announcements that mask the economy’s structural weakness.
Millions remain trapped in poverty with no meaningful rise in income or living standards.
“There is no real growth in industrial output, no surge in agricultural productivity, and no improvement in electricity, healthcare, or security,” Abdullahi said bluntly.
Statistical Manipulation over Real Reform
The party highlighted that the government’s focus on statistical manipulation reflects a strategic deception.
Tinubu’s administration is reframing the economy without fixing its foundational problems.
“Nigerians clearly see no improvement in their lives since this administration took office two years ago,” the statement said.
Yet, the government urges citizens to accept rebasing results as signs of prosperity, a narrative the ADC vehemently rejects.
Debt and Investor Confidence: A Bleeding Economy
According to the ADC, the government’s manipulation aims to justify increased borrowing under the guise of improved fiscal health.
However, the harsh reality shows over 90% of government revenue is devoted to servicing existing debt.
Foreign direct investment remains scarce, and investor confidence is low.
Public hospitals and schools are neglected, and many state governments depend entirely on federal allocations, struggling even to pay salaries.
The Human Cost: Poverty and Suffering Ignored
The ADC delivered a poignant indictment of the government’s disregard for the people’s welfare.
Rebase the hunger and poverty suffered by millions,” the statement demanded sarcastically.
By pushing GDP rebasing as a victory, the government ignores the daily reality for Nigerians suffering under economic hardship, hunger, and insecurity.
Propaganda over Policy: A Government in Denial
Instead of engaging transparently with stakeholders or outlining concrete policy changes, the government reportedly rushed the rebasing announcement as a political slogan.
This approach underscores a preference for propaganda over genuine economic reform.
A Verdict on a Decade of Failure
The ADC concluded that despite the rebasing exercise, the government has failed to rebase its thinking or leadership approach.
The party labeled the rebasing not as a triumph but as a verdict on lost decades characterized by squandered potential, hollow leadership, and broken promises.
True economic growth, the ADC insisted, should lift lives, not just numbers on a balance sheet.
