African Democratic Congress (ADC) has described the recent celebration of Nigeria’s rebased Gross Domestic Product (GDP) by the President Bola Tinubu administration as misleading and a public relations stunt disguised as economic progress.
In a statement released by the party’s national publicity secretary, Mallam Bolaji Abdullahi, the ADC described the fanfare around the rebased GDP as “economic cosmetics” that neither improves the quality of life for ordinary Nigerians nor solves the foundational crises crippling the economy.
According to the party, while government officials are busy touting a new GDP figure, millions of Nigerians are 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 majority of the people behind and is not felt on the dining table, and in the marketplace,” Abdullahi said.
The spokesman said GDP rebasing is a neutral statistical tool to reflect structural changes in the economy but in the hands of the APC government, it has become a mirror, exposing the economic decay and leadership failure of the over the years.
He said 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.”
The party added that the 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.
“The truth is that this government is not trying to fix the economy. It is trying to reframe it, relying on statistical manipulation rather than policy substance. Nigerians are not fooled. Ask any citizen whether their life has improved since President Tinubu assumed office two years ago, and the answer will be a resounding no. Yet, the APC-led federal government wants us to believe that the results of this rebasing exercise is a sign of prosperity.
“We can all see what they are really trying to do: manipulate the debt-to-GDP ratio to justify more borrowing. But no matter how they manipulate the numbers, the fact remains that over 90% of government revenue is still used to service existing debt. Foreign direct investment is not flowing in. Investor confidence remains low. Public hospitals are still empty, and schools remain underfunded. State governments are still dependent on federal allocations, and many cannot even pay salaries. What then is the value of a rebased GDP that does not impact lives?
“If this is the Tinubu administration’s solution to everything, then it should also try to rebase its way out of the insecurity it promised to end. Rebase the national grid into 24-hour electricity. Rebase the hospitals back to life. Rebase the country away from hunger. And while at it, rebase the suffering of the millions of families it has plunged into poverty.
“Instead of engaging stakeholders in a transparent conversation about the rebasing process and its implications, the government rushed to announce it like a campaign slogan. It has chosen propaganda over policy, headlines over substance. But rebasing GDP is not economic reform, it is simply a new way of counting the same broken economy.
“We have rebased the economy, yes. But this government has not rebased its thinking. Until it does, all the GDP recalibrations in the world will remain what they are, statistical seduction with no meaning for ordinary Nigerians,” the opposition party added.
The ADC further said true economic growth must lift the people, be felt and not announced.
It also added that it must be built, not borrowed.
“As far as we are concerned, this rebasing is not a triumph. It is a verdict. A verdict on a lost decade of squandered potential, hollow leadership, and broken economic promises,” the ADC added.
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