The All Progressives Congress (APC) has accused the African Democratic Congress (ADC) of deliberately misleading Nigerians over a recent report on the country’s rising poverty rate, insisting that ongoing economic reforms by the Federal Government remained necessary for long-term national recovery.
In a statement issued yesterday in Abuja, APC National Publicity Secretary, Felix Morka, described the opposition party’s interpretation of a report presented at the Agora Policy dialogue as “mischievous and misleading.”
The ADC had reportedly cited the report, which indicated that Nigeria’s poverty rate rose from 49 per cent to 63 per cent, as a “damning verdict” on the economic policies of President Bola Ahmed Tinubu. However, the ruling party argued that the opposition party’s position either reflected ignorance of economic policy or a deliberate attempt to distort the purpose and benefits of ongoing reforms.
According to the APC, the removal of fuel subsidy and the harmonisation of foreign exchange regimes were long overdue decisions that previous administrations avoided due to concerns about the temporary hardship they could cause.
Morka said Tinubu demonstrated political courage by announcing the end to the fuel subsidy during his inauguration on May 29, 2023, and subsequently implementing foreign exchange reforms aimed at correcting structural distortions in the economy.
He noted that the previous subsidy regime had become a heavy burden on public finances, consuming trillions of Naira annually while benefiting mainly middlemen, fuel import cartels and smugglers rather than ordinary Nigerians. “The fuel subsidy regime drained national resources and enabled inefficiencies and corruption.
Its removal is one of the most consequential fiscal policy decisions in Nigeria’s recent history,” the statement said. The APC maintained that resources previously spent on subsidy were now being redirected to key sectors such as infrastructure, education, healthcare and social development.
While acknowledging that economic reforms often come with temporary hardship, the ruling party said the difficult choices were necessary to rebuild the country’s economy and ensure long-term prosperity.
