{"id":120894,"date":"2025-07-22T20:59:45","date_gmt":"2025-07-22T19:59:45","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=120894"},"modified":"2025-07-22T20:59:45","modified_gmt":"2025-07-22T19:59:45","slug":"gdp-you-cant-rebase-hunger-poverty-adc-tells-tinubu","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/gdp-you-cant-rebase-hunger-poverty-adc-tells-tinubu\/","title":{"rendered":"GDP: You can\u2019t rebase hunger, poverty, ADC tells Tinubu"},"content":{"rendered":"<div>By Myke Agunwa, Abuja<\/div>\n<div><\/div>\n<div>The African Democratic Congress (ADC) has mocked the Tinubu administration on the recent celebration of Nigeria\u2019s rebased Gross Domestic Product (GDP), describing it as misleading, a cynical public relations stunt disguised as economic progress.<\/div>\n<div><\/div>\n<div>The National Bureau of Statistics (NBS) had announced that Nigeria\u2019s nominal GDP is N372.82 trillion as of 2024 following the rebasing exercise.<\/div>\n<div><\/div>\n<div>In its \u2018Rebasing of Gross Domestic Product (GDP)\u2019 report on Monday, NBS said the nominal GDP for Nigeria is much larger than previously estimated.<\/div>\n<div><\/div>\n<div>\u201cThe rebased estimates with the new base year of 2019 indicate that the nominal GDP for Nigeria is much larger than previously estimated. In 2019, the rebased nominal GDP at market prices stood at N205.09 trillion, N213.64 trillion in 2020, N243.30 trillion in 2021, N274.23 trillion in 2022, N314.02 trillion in 2023, and N372.82 trillion in 2024\u201d NBS stated.<\/div>\n<div><\/div>\n<div>But the opposition party, in a statement released on Tuesday by the party\u2019s Acting National Publicity Secretary, Mallam Bolaji Abdullahi, described the fanfare around the rebased GDP as \u201ceconomic cosmetics\u201d that neither improves the quality of life for ordinary Nigerians nor solves the foundational crises crippling the economy.<\/div>\n<div><\/div>\n<div>According to the party, while government officials are busy touting a new GDP figure, millions of Nigerians are battling record food inflation, grinding poverty, and collapsing infrastructure. \u201cEconomic 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,\u201d Abdullahi said.<\/div>\n<div><\/div>\n<div>The coalition party said that with the rebasing, the Tinubu administration is attempting to cover its economic failure with statistical cosmetics. It said that there is no real increase in industrial output, no boost in agricultural productivity, no rise in real income, no improvement in electricity, health care or security.<\/div>\n<div><\/div>\n<div><\/div>\n<div>\u201cOrdinarily, GDP rebasing is a neutral statistical tool to reflect structural changes in the economy. But in the hands of this government, it has become a mirror, exposing the economic decay and leadership failure of the All Progressives Congress (APC) over the years. Nigeria\u2019s 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\u2019s largest economy to fourth place, now behind South Africa, Egypt, and Algeria. 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.<\/div>\n<div><\/div>\n<div>\u201cWhile the nominal GDP in naira terms has increased to \u20a6373 trillion, the figure is largely illusory. It is the product of a steep and poorly managed currency devaluation that has shrunk national wealth and stripped Nigerians of their purchasing power. 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.<\/div>\n<div><\/div>\n<div>&#8220;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.<\/div>\n<div><\/div>\n<div>\u201cThis economic recalibration has also exposed the emptiness of the APC\u2019s 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,\u201d ADC stated.<\/div>\n<div><\/div>\n<div><\/div>\n<div>ADC claimed that the government is not trying to fix the economy.<\/div>\n<div><\/div>\n<div>\u201cIt 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.<\/div>\n<div><\/div>\n<div>\u201cWe 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.<\/div>\n<div><\/div>\n<div>\u201cIf this is the Tinubu administration\u2019s 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. And while at it, rebase the suffering of the millions of families it has plunged into poverty.<\/div>\n<div><\/div>\n<div>\u201cInstead of engaging stakeholders in a transparent conversation about the rebasing process and its implications, the government rushed to announce it like a campaign slogan. It has chosen propaganda over policy, headlines over substance. But rebasing GDP is not economic reform, it is simply a new way of counting the same broken economy.<\/div>\n<div><\/div>\n<div>\u201cWe have rebased the economy, yes. But this government has not rebased its thinking. Until it does, all the GDP recalibrations in the world will remain what they are, statistical seduction with no meaning for ordinary Nigerians, &#8221; the statement added.<\/div>\n<div><\/div>\n<div>The ADC says that true economic growth must lift the people. \u201cIt must be felt, not announced. And it must be built, not borrowed. 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.\u201d<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>By Myke Agunwa, Abuja The African Democratic Congress (ADC) has mocked the Tinubu administration on the recent celebration of Nigeria\u2019s rebased Gross Domestic Product (GDP), describing it as misleading, a&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":112201,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-120894","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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