ABUJA — The African Democratic Congress (ADC) has accused President Bola Tinubu’s administration of peddling misleading economic claims, faulting the government’s boast of record-breaking revenue growth amid worsening hardship in the country.
In a statement on Thursday, the party’s National Publicity Secretary, Mallam Bolaji Abdullahi, described the Federal Government’s narrative of generating ₦20.59 trillion between January and August 2025 as “propaganda” that does not reflect the realities Nigerians are facing.
The ADC argued that the figure falls far short of the ₦41.81 trillion revenue projection in the 2025 budget, adding that only 52.68% of statutory revenue and 15% of VAT actually accrue to the Federal Government.
On the exchange rate, the party dismissed Tinubu’s recent claim that the dollar traded at ₦1,900 when he assumed office, calling it “patently false.” According to the ADC, the official rate on May 29, 2023, was ₦460.72, while the parallel market ranged between ₦700 and ₦800.
The party also accused the administration of masking its growing dependence on debt, citing recent bond auctions by the Debt Management Office worth ₦136.16 billion and the National Assembly’s approval of a $21 billion loan in July, which it said has pushed Nigeria’s total debt stock to $120 billion.
Beyond borrowing, the ADC condemned what it described as “insensitive” policies, including the newly introduced 5% petrol tax and a 300% increase in passport issuance fees.
“The Tinubu administration is taxing the very survival of the people, monetising hardship, and celebrating suffering as success,” the statement read.
The party maintained that rather than lifting Nigerians out of poverty, the government’s policies have deepened hardship, leaving the nation firmly stuck as the “poverty capital of the world.”
Comments