The Nigeria Labour Congress (NLC) has rejected the National Bureau of Statistics (NBS) report that claimed the Nigerian economy grew by 3.46% in the third quarter of 2024.
In a sharp response, the NLC accused the Tinubu-led administration of fabricating the figures to deceive Nigerians and paint an overly optimistic picture of the country’s economic situation.
Chris Onyeka, the National Assistant General Secretary of the NLC, spoke out against the report, calling it a “voodoo document” that does not reflect the harsh realities faced by the Nigerian people daily.
“The data being presented is a fabrication designed to mislead the public,” Onyeka told reporters, questioning the authenticity of the NBS report.
The NBS had earlier praised the country’s economic performance, citing a 3.46% growth in the Gross Domestic Product (GDP) for the third quarter of 2024, signaling recovery from the reforms implemented by President Bola Tinubu’s administration.
President Tinubu himself hailed the 3.46% GDP growth, stating that it demonstrated the success of the government’s economic policies.
“These numbers show that Nigeria is on the path to recovery,” Tinubu said in a statement following the report’s release.
The NBS also highlighted that the latest growth rate surpassed the 2.54% recorded in the same period of the previous year and was higher than the 3.19% growth seen in the second quarter of 2024.
According to the NBS, the services sector was largely responsible for the country’s positive GDP performance.
However, the NLC is skeptical of these claims, insisting that the growth figures do not align with the difficulties Nigerians face in their everyday lives.
Onyeka pointed out the ongoing economic struggles, stressing that “unemployment cannot be coming down in Nigeria when factories are closing shops.”
The NLC official also referred to the increasing levels of inventory in businesses and the decline in consumer spending as signs that the economy is not improving.
“How can unemployment decrease when businesses are shutting down, and people are not spending as they used to?” Onyeka asked. “If anything, unemployment is increasing, not decreasing.”
He expressed doubt about the validity of the NBS report, accusing the agency of distorting facts to present a false narrative about the state of the economy.
Onyeka went further to challenge the NBS to explain the sectors that are supposedly driving job creation. He questioned how new employment opportunities could be arising when employers are facing rising costs, slowing economic activities, and weak consumer demand.
“Where are the jobs coming from?” Onyeka demanded. “Is it from the sectors where employers are complaining of poor sales and a slowdown in economic activities? The numbers just don’t add up.”
He also criticized the NBS for its failure to provide a clear and realistic analysis of the country’s economic conditions, describing the report as nothing more than a “figment of imagination concocted by people who want to manipulate figures.”
“The truth remains: the NBS has become a failed institution,” Onyeka said. “Much like INEC in the eyes of the public, the NBS has lost credibility due to its continued issuance of questionable data.”
The NLC’s rejection of the NBS report adds to a growing sense of disillusionment among many Nigerians who feel that official economic statistics do not match their personal experiences.
The country continues to grapple with high unemployment rates, inflation, and rising costs of living, leading many to question the accuracy of government reports.
The NLC’s stance also highlights a broader concern about the independence and integrity of national institutions, which many critics argue are being compromised for political gain.
In the face of these accusations, the NBS has yet to respond to the NLC’s claims. However, the agency’s data has already come under scrutiny from various quarters, with many Nigerians expressing skepticism about the reported growth figures.
As the debate over Nigeria’s economic performance intensifies, the government will likely face increased pressure to justify its claims and provide more transparent, accurate data that reflects the true state of the country’s economy.
