Politics

GDP Growth Doesn’t Fill Empty Stomachs, ADC Tells Federal Government

Published by Tope Fakinlede on July 23rd, 2025.

GDP Growth Doesn’t Fill Empty Stomachs, ADC Tells Federal Government

The African Democratic Congress (ADC) has criticized the federal government for celebrating Nigeria’s rebased Gross Domestic Product (GDP), calling it a deceptive public relations move that ignores the country’s harsh economic realities.

In a statement released by its National Publicity Secretary, Mallam Bolaji Abdullahi, the party dismissed the excitement over the new GDP figures as mere “economic window dressing” that does little to ease the daily struggles of ordinary Nigerians.

“While officials are parading impressive numbers, millions of citizens are trapped in deepening poverty, battling soaring food prices, and living with decaying infrastructure,” the statement read.

The ADC noted that GDP growth should translate to real-life improvements—something Nigerians are yet to experience.

“True economic progress isn’t about massaging figures to make the government look good. It’s about improving lives—putting food on tables, creating jobs, and fixing roads, schools, and hospitals,” the party emphasized.

While acknowledging that GDP rebasing is a standard statistical method to reflect economic changes, the ADC argued that this administration is using it as a distraction to cover up years of economic mismanagement under the All Progressives Congress (APC).

The party highlighted that Nigeria’s GDP, which peaked at $509 billion after the 2014 rebasing, has now dropped to around $244 billion. Once Africa’s largest economy, Nigeria has now slipped to fourth place, behind South Africa, Egypt, and Algeria.

“This isn’t just about data adjustment. It reflects a failure to build on what was inherited. The naira-denominated GDP might look larger at ₦373 trillion, but that number is inflated by a rapidly devalued currency that has reduced real wealth and crushed purchasing power,” the statement said.

ADC also pointed out that Nigeria’s GDP per capita has fallen dramatically—from $3,223 in 2014 to just about $1,000 today. According to the party, this decline shows that the government is not managing the economy responsibly, especially when it comes to spending and borrowing.

“The government may be using this rebasing to make its debt profile look better on paper, but that doesn’t mean more borrowing is justified. What Nigeria desperately needs is fiscal prudence—not inflated budgets and extravagant spending in the face of widespread suffering.”

The party further criticized the government’s failure to diversify the economy despite repeated promises. Key sectors like agriculture, manufacturing, and technology, the ADC noted, have either stagnated or deteriorated.

“This administration prefers announcements and token reforms over substance. The economy remains fragile and incapable of lifting millions out of poverty.”

According to the ADC, the rebasing exercise is less about fixing the economy and more about shifting the narrative. “This isn’t economic transformation—it’s statistical rebranding,” the statement added.

The party concluded by challenging the federal government to face reality. “If you ask the average Nigerian whether things have improved since President Tinubu took office, the answer is a clear no. The people see through the charade. Rebased GDP figures may look good on TV, but they don’t pay hospital bills, put children in school, or reduce hunger.”