By Luminous Jannamike
ABUJA – The African Democratic Congress (ADC) has accused the administration of President Bola Ahmed Tinubu of using Nigeria’s recent GDP rebasing exercise as a ‘diversionary tactic’ to mask the country’s worsening economic realities.
In a statement issued on Tuesday, the opposition party described the rebasing as a cynical public relations move aimed at deflecting attention from record food inflation, deepening poverty, and decaying infrastructure.
The statement, signed by the ADC National Publicity Secretary, Mallam Bolaji Abdullahi, criticised the Federal Government for ‘celebrating economic cosmetics’ at a time when most Nigerians are battling unprecedented hardship.
“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,” Abdullahi said.
The party argued that while GDP rebasing may improve statistical indicators such as the debt-to-GDP ratio, it does little to change the lived experiences of Nigerians.
Highlighting the contrast between past and present figures, the ADC recalled that after a previous rebasing in 2014, Nigeria’s GDP stood at $509 billion, making it the largest economy in Africa.
However, following the recent exercise, the figure has fallen to $244 billion, placing Nigeria behind South Africa, Egypt, and Algeria.
“This is not a triumph; it is a blunt indictment of the APC government’s failure to grow the economy it inherited,” the party said.
While acknowledging the increase in nominal GDP to ₦373 trillion, the ADC dismissed the growth as ‘largely illusory,’ attributing it to a sharp and mismanaged devaluation of the naira.
The party also pointed out that GDP per capita has plunged from $3,223 in 2014 to just about $1,000, significantly eroding purchasing power.
“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,” the party noted.
The ADC further condemned what it described as the government’s inability to fulfil its promise of economic diversification, arguing that sectors such as agriculture, manufacturing, and infrastructure have either stagnated or declined under the APC-led administration.
“This government is not trying to fix the economy. It is trying to reframe it, relying on statistical manipulation rather than policy substance,” the statement read.
The party also questioned the timing and transparency of the rebasing process, accusing the administration of rushing the announcement ‘like a campaign slogan’ rather than engaging stakeholders in a credible and inclusive manner.
“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,” Abdullahi stated.
The ADC declared that genuine economic progress must be earned through sound policy and accountable leadership, not statistical tweaks.
“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 party added.
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