APC to ADC: Economic reform is never cost-free anywhere
The ruling All Progressives Congress (APC) has defended the economic reforms of the President Bola Tinubu led-administration, insisting that major economic restructuring is never painless and that the temporary hardship experienced by Nigerians is part of a necessary transition toward long-term stability.
In a press statement signed on Saturday by the party’s National Publicity Secretary, Felix Morka, the APC said criticism from the opposition African Democratic Congress (ADC) over rising poverty figures was misleading and failed to acknowledge the necessity of the government’s economic reforms.
The APC also accused the ADC of misleading Nigerians over recent poverty statistics, insisting that the economic reforms introduced by President Tinubu’s administration are necessary steps toward long-term national recovery.
The ruling party said the removal of fuel subsidy and the unification of Nigeria’s foreign exchange system were long-overdue decisions aimed at preventing economic collapse.
According to the APC, previous administrations had avoided implementing such reforms due to fears of temporary economic hardship, despite broad agreement among policymakers that the policies were unsustainable.
The party described the ADC’s interpretation of a report presented at an Agora Policy dialogue—which suggested that poverty may have risen from 49 percent to 63 percent—as politically motivated and lacking economic understanding. It argued that even the report acknowledged the necessity of structural reforms to correct long-standing distortions in the economy.
The APC also criticised the opposition party for what it called a failure to present alternative economic policies, accusing it instead of focusing solely on attacking government programmes.
Defending the fuel subsidy removal, the APC said the policy had for decades placed heavy pressure on government finances, consuming trillions of naira while encouraging inefficiency, corruption, and fuel smuggling. It added that funds previously spent on subsidies are now being redirected to infrastructure, healthcare, education and social development.
Highlighting what it described as early gains from the reforms, the APC said Nigeria’s Gross Domestic Product (GDP) grew by 4.4 percent last year and is projected to grow by 5.5 percent this year. It also claimed foreign reserves have risen above $50 billion, while inflation is trending downward. The party further pointed to growth in non-oil exports and increased revenue allocations to states and local governments as signs of economic progress.
