Emmanuel Obi
The All Progressives Congress (APC) has accused the African Democratic Congress (ADC) of misleading Nigerians over claims that recent economic reforms under President Bola Tinubu have worsened poverty levels in the country.
In a statement issued on March 14, the ruling party said the ADC misrepresented a report discussed at an Agora Policy dialogue which indicated that Nigeria’s poverty rate had risen from 49 percent to 63 percent.
According to the APC, the opposition party’s interpretation of the report as a “damning verdict” on the administration’s economic policies was misleading and ignored the broader context of ongoing reforms.
The party said the removal of fuel subsidy and the harmonisation of foreign exchange regimes—announced shortly after President Bola Tinubu assumed office on May 29, 2023—were necessary steps to address long-standing structural distortions in the economy.
“It was a matter of national consensus that the fuel subsidy and foreign exchange regimes as operated prior to May 29, 2023 had become an existential threat to the country’s economic survival,” the statement said.
The APC argued that although previous administrations had recognised the need for reforms, they failed to implement them due to concerns about the short-term economic hardship they might impose on citizens.
Defending the current administration’s policies, the party described the removal of fuel subsidy as one of the most significant fiscal decisions in Nigeria’s recent history.
“For decades, the fuel subsidy regime placed a devastating burden on public finances, consuming trillions of naira annually while delivering limited benefits to ordinary Nigerians,” the statement added.
The APC also maintained that the subsidy system had enabled widespread inefficiencies, corruption and large-scale fuel smuggling across Nigeria’s borders, benefiting middlemen and import cartels.
According to the party, funds previously spent on fuel subsidies are now being redirected to key sectors such as infrastructure, education, healthcare and social development.
The statement further criticised the ADC, accusing it of failing to present alternative policy proposals while focusing mainly on condemning the ruling party’s economic policies.
The APC said Nigerians were capable of assessing the reforms and determining which political actors were offering practical solutions to the country’s economic challenges.
