GDP rebasing a PR stunt, not real progress – ADC slams FG

The African Democratic Congress (ADC) has criticised the recent celebration of Nigeria’s rebased Gross Domestic Product (GDP) by the Federal Government, describing it as “misleading” and a “cynical public relations stunt disguised as economic progress.”

In a statement released by the party’s National Publicity Secretary, Mallam Bolaji Abdullahi, the ADC dismissed the fanfare surrounding the updated GDP figures as mere “economic cosmetics” that do nothing to improve the quality of life for everyday Nigerians or address the deeper structural problems affecting the country.

“While government officials are celebrating a new GDP figure, millions of Nigerians are struggling with rising food inflation, deepening poverty, and decaying infrastructure,” the statement read.

“Economic growth is not about dressed-up numbers that flatter the government. It must be felt on the dining table and in the marketplace.”

The party acknowledged that GDP rebasing is a standard statistical exercise meant to reflect changes in an economy, but said the Tinubu-led government has turned it into a mirror reflecting years of economic mismanagement and leadership failure by the All Progressives Congress (APC).

According to the ADC, Nigeria’s GDP, which was valued at $509 billion in 2014 after the last rebasing, has now dropped to just $244 billion, putting the country in fourth place behind South Africa, Egypt, and Algeria.

It described this fall as a stark sign of the APC’s failure to grow, let alone transform, the economy it inherited.

“Though the GDP in naira has increased to ₦373 trillion, it is largely deceptive,” the party said, blaming the rise on a poorly handled currency devaluation that has weakened national wealth and significantly reduced Nigerians’ purchasing power.

The ADC further noted that Nigeria’s GDP per capita has plunged from $3,223 in 2014 to just around $1,000, warning that the improved debt-to-GDP ratio resulting from the rebasing could be misused to justify further unsustainable borrowing.

“This government doesn’t need room to borrow more, it needs fiscal discipline, something it has repeatedly failed to demonstrate,” the statement continued.

“With bloated and poorly prioritised budgets, wasteful spending continues while Nigerians suffer.”

The party also pointed out that the rebased data only underscores the government’s failure in key areas like agriculture, manufacturing, infrastructure, and innovation.

Instead of unlocking growth and productivity, the government has depended on superficial reforms that have failed to lift millions out of poverty.

“The reality is this government is not fixing the economy, it’s reframing it using statistical tricks, not meaningful policies. Nigerians are not deceived.

Ask anyone if their life has improved since President Tinubu took office, and the answer will be no.”

The ADC concluded by warning that the rebasing is likely being used to manipulate Nigeria’s debt figures in order to justify more loans.

“Regardless of the numbers, over 90% of government revenue still goes to debt servicing.”

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“Investor confidence is low, foreign investment is drying up, hospitals and schools are in bad shape, and most states are unable to pay salaries.”

“What use is a rebased GDP that has no real impact on people’s lives?”