The African Democratic Congress (ADC) has criticised the Tinubu administration’s celebration of Nigeria’s rebased Gross Domestic Product (GDP), describing it as a misleading public relations stunt that fails to reflect the economic realities faced by ordinary Nigerians.
In a statement issued by the party’s National Publicity Secretary, Mallam Bolaji Abdullahi, the ADC dismissed the fanfare surrounding the rebased GDP figures as “economic cosmetics” that do little to address rising poverty, food inflation, and infrastructural decay.
“While government officials are busy touting new GDP numbers, millions of Nigerians are struggling with hunger, unemployment, and insecurity,” Abdullahi said. “Economic growth means nothing if it doesn’t improve the lives of citizens or put food on their tables.”
The party emphasised that while GDP rebasing is a neutral statistical exercise meant to reflect structural changes in the economy, the Tinubu-led administration has used it to mask deeper economic failings. According to the ADC, Nigeria’s GDP has plummeted from $509 billion in 2014 when it last underwent rebasing—to $244 billion today, dropping the country to the fourth-largest economy in Africa, behind South Africa, Egypt, and Algeria.
Abdullahi described the current increase in nominal GDP, now ₦373 trillion, as illusory, blaming it on currency devaluation that has eroded national wealth and purchasing power. He noted that GDP per capita has fallen sharply from $3,223 in 2014 to just about $1,000 in 2024.
“The rebasing may improve debt-to-GDP ratios on paper, but it doesn’t justify further borrowing,” he said. “What the country needs is fiscal discipline, not more loans driven by statistical manipulation.”
The ADC also criticised the administration’s failure to deliver on promises of economic diversification. Key sectors such as agriculture, manufacturing, and infrastructure have either stagnated or declined, the party noted, accusing the government of relying on “headline-driven reforms” that do not translate into real economic development.
“There is no improvement in industrial output, no rise in incomes, and no increase in access to basic services like electricity, healthcare, or education. The numbers are hollow,” the statement read.
The party said the rebasing announcement was rushed and treated more like a political campaign than an economic reform. It argued that the process lacked transparency and stakeholder engagement.
“True economic progress must be built, not borrowed. It must be felt by the people not just announced at press briefings,” Abdullahi said.
The ADC concluded that the rebased GDP is not a sign of progress but a damning verdict on a decade marked by mismanagement, missed opportunities, and broken promises.
