The African Democratic Congress (ADC) has described the recent fanfare around the rebased Gross Domestic Product (GDP) as misleading and a mere public relations stunt disguised as economic progress.
In a statement on Tuesday by the party’s National Publicity Secretary, Mallam Bolaji Abdullahi, ADC said the celebration by the President Bola Tinubu’s administration about the rebased GDP was only an “economic cosmetics” with no improvement in the quality of life of ordinary Nigerians nor has it solved the foundational crisis crippling the Nigerian economy.
According to the ADC, in real terms, the Tinubu administration was trying to cover its economic failures with unjustifiable economic cosmetics.
“While government officials were busy touting a new GDP figure, millions of Nigerians were battling record food inflation, grinding poverty, and collapsing infrastructure.
“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,” it added.
ADC National Publicity Secretary 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 N373 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,” ADC Spokesperson added.
Furthermore, he said, “This economic recalibration has also exposed the emptiness of the APC’s long-promised economic diversification. The sectors that should anchor our future, like agriculture, manufacturing, infrastructure, and innovation, have either stagnated or regressed.
“Instead of unleashing productivity, this government has relied on shallow, headline-driven reforms. And the result is a structurally weak economy unable to compete or lift millions out of poverty.
“What has become clear is that the Tinubu administration is attempting to cover its economic failure with statistical cosmetics. 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. This can only be described with one word: deception.”
