The African Democratic Congress (ADC) has sharply criticised President Bola Tinubu’s administration for celebrating Nigeria’s recently rebased Gross Domestic Product (GDP), calling it “economic cosmetics” that fail to reflect the everyday hardship faced by Nigerians.
In a statement issued on Tuesday by its National Publicity Secretary, Mallam Bolaji Abdullahi, the ADC said the government is using the revised GDP figures as a public relations stunt to cover up worsening poverty, rising inflation, and collapsing infrastructure.
“You can’t rebase hunger. Nigerians cannot eat GDP,” Abdullahi said.
The government recently announced that Nigeria’s rebased nominal GDP now stands at ₦373 trillion. However, the ADC argued that the figures are misleading, pointing out that the increase is largely due to the sharp fall in the value of the naira, which has drastically reduced the purchasing power of ordinary citizens.
The party noted that Nigeria’s GDP per capita has dropped from \$3,223 in 2014 to just about \$1,000 today, calling the new figures “bloated, hollow numbers” that do not reflect real growth.
“Economic growth isn’t about dressing up numbers to look good. If it doesn’t improve the lives of Nigerians, then it’s meaningless,” the statement read.
The ADC further criticised the government for using the rebased GDP to give the false impression of a healthier economy, especially to justify more borrowing. It said that despite the new numbers, over 90% of government revenue still goes into debt servicing.
According to the party, there has been no real improvement in key sectors like agriculture, industry, electricity, healthcare, or security. It warned that GDP rebasing should not be used as a “campaign slogan,” but rather, there should be honest dialogue about its true implications.
“If this is the government’s way of solving problems, then it might as well try to rebase insecurity, rebase electricity to 24 hours, and rebase hunger off our streets,” the ADC stated.
The opposition party concluded that instead of being a victory for the government, the rebased GDP is a reminder of “a lost decade of squandered potential, hollow leadership, and broken economic promises.”
GDP rebasing is a standard economic practice used to update the structure of an economy by using more recent data. While it can offer a clearer picture of economic activity, critics argue that it should not be confused with actual improvement in living conditions. This is Nigeria’s second major GDP rebasing since 2014, when the country briefly became Africa’s largest economy. Today, it ranks behind South Africa, Egypt, and Algeria.
