ADC Mocks Tinubu Govt On GDP Rebasing
It said that GDP rebasing has only exposed the economic decay and leadership failure of the All Progressives Congress (APC) over the years.
According to ADC, 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, the ADC added.
“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.
“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.
“This 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.
“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?”
