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Cabinet officials

ADC Criticizes Federal Government for Ignoring Real Issues Amid Economic Woes

Strategic Insights

— 2 min read

The African Democratic Congress (ADC) has criticized the Bola Ahmed Tinubu administration for cherry-picking comments from World Trade Organization (WTO) Director-General Dr. Ngozi Okonjo-Iweala, ignoring her more critical calls for urgent measures to grow the economy and establish social safety nets for millions of Nigerians suffering the negative impacts of the government's reforms. While acknowledging efforts by the federal government to stabilize the economy, Okonjo-Iweala emphasized the need for growth, job creation, and income expansion to cushion the impact of ongoing reforms on vulnerable Nigerians.

Key Takeaways:

  • The ADC criticized the Tinubu administration for ignoring the core message in Okonjo-Iweala's comments, focusing only on the part where she commended the administration for stabilizing the economy.
  • Okonjo-Iweala called for the creation of social safety nets to mitigate the suffering of Nigerians at the receiving end of the government's policy reforms.
  • The government's policy choices, such as fuel subsidy removal, naira devaluation, and tariff hikes, have triggered economic hardship and made social safety nets essential.
  • GDP growth in Q1 2025 was 3.13 percent, and Q2 registered barely over 3 percent, a sluggish pace that fails to meet the expectation of broad-based expansion.
  • Headline inflation remains unyielding at 22.22 percent as of June, with food inflation at 21.97 percent, making millions of Nigerians pay more for basic necessities.
  • Petrol prices now average N1,037.66 per liter, a significant burden on households and small businesses.
  • The naira trades at around N1,530 to the dollar, drastically weaker than President Tinubu's pre-reform levels of N460, eroding purchasing power across the board.
  • Dr. Ngozi Okonjo-Iweala emphasized that economic stability that leaves the majority in grinding poverty is meaningless and that the government needs to urgently grow the economy to put money in people's pockets.
  • The ADC believes that such candour from a global economic leader underscores the urgent need for federal government policies that address the daily harsh realities of millions of Nigerians.

Statistics:

  • GDP growth in Q1 2025: 3.13 percent
  • Q2 GDP growth: barely over 3 percent
  • Headline inflation as of June: 22.22 percent
  • Food inflation as of June: 21.97 percent
  • Petrol prices (average per liter): N1,037.66
  • Exchange rate (Naira to Dollar): N1,530
  • Pre-reform exchange rate (Naira to Dollar): N460

Sources:

  • Dr. Ngozi Okonjo-Iweala's comments as quoted by the ADC
  • Mallam Bolaji Abdullahi's statement as ADC National Publicity Secretary
  • Economic data from the Federal Government and international organizations (cited but not specified in the original text)

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