The African Democratic Congress (ADC) has described the recent celebration of Nigeria’s rebased Gross Domestic Product (GDP) by the Tinubu administration as misleading and a cynical public relations stunt disguised as economic progress.
The party’s National Publicity Secretary, Bolaji Abdullahi, in a statement issued Wednesday wondered about the fanfare around the rebased GDP, saying neither improves the quality of life for ordinary Nigerians nor solves the foundational crises crippling the economy.
He noted that while government officials are busy touting a new GDP figure, millions of Nigerians are battling record food inflation, grinding poverty, and collapsing infrastructure.
Abdulahi added the economic growth is not about dressed up numbers that make the government look good.
He noted 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.
Abdulahi said: “Ordinarily, GDP rebasing is a neutral statistical tool to reflect structural changes in the economy. But in the hands of this government, it has become a mirror, exposing the economic decay and leadership failure of the All Progressives Congress (APC) over the years.
“Nigeria’s GDP, which stood at $509 billion in 2014 after a previous rebasing, has now collapsed to $244 billion.
“In a single decade, Nigeria has fallen from Africa’s largest economy to fourth place, now behind South Africa, Egypt, and Algeria.
“This is not merely a technical recalibration, it is a blunt indictment of a government that has failed to grow what it inherited, let alone transform it.
“While the nominal GDP in Naira terms has increased to ₦373 trillion, the figure is largely illusory. It is the product of a steep and poorly managed currency devaluation that has shrunk national wealth and stripped Nigerians of their purchasing power.
“GDP per capita has crashed from $3,223 in 2014 to barely $1,000 today. The rebasing might make the debt-to-GDP ratio look better on paper, but it does not create room for more reckless borrowing.
“What Nigeria needs is fiscal discipline, something this government has consistently failed to demonstrate, as seen in its bloated, ill-prioritised budgets and wasteful spending amidst a sea of suffering.”