The All Progressives Congress (APC) has said economic reforms come with unavoidable costs, defending President Bola Tinubu’s policies and accusing opposition parties of misleading Nigerians about the country’s rising poverty rate.
In a statement issued by its National Publicity Secretary and obtained by ENigeria Newspaper, Felix Morka, the ruling party said critics of the administration’s economic policies were ignoring the reality that major structural reforms are rarely painless.
“Economic reform is never cost-free. It is not cost-free anywhere in the world, and it is not cost-free in Nigeria. The temporary hardship experienced by Nigerians was an inevitable cost of reforms meant to secure a better future for the country,” the statement said.
“Today, the advantages of the reforms are clearly visible, and Nigeria is in a better situation because of them. Nigerians know this and have remained calm and supportive in their backing of the government and its reform efforts,” the statement added.
The APC’s statements were part of its recent responses to the African Democratic Congress (ADC), which cited a report presented at an Agora Policy dialogue indicating that Nigeria’s poverty rate had risen from 49 percent to 63 percent. According to the opposition party, the increase reflected the consequences of President Tinubu’s economic policies, particularly the removal of petrol subsidy.
However, the APC dismissed the interpretation, describing it as a deliberate distortion of the report.
“The African Democratic Congress’ attempt to spin the report as a damning verdict on this administration’s economic policies reflects either a shocking ignorance of economic policy or a wilful refusal to recognise the justification for, and the transformative impacts of ongoing reforms,” Morka said.
The ruling party maintained that the fuel subsidy regime and the multiple foreign exchange systems in place before May 29, 2023 had become a major threat to Nigeria’s economic stability.
The APC claims that while previous administrations had acknowledged the need for reforms, they lacked the political will to carry them out because of concerns about temporary economic hardship.
The party pointed out that President Tinubu took decisive action by harmonizing the nation’s exchange rate systems and terminating the fuel subsidy soon after taking office.
“These courageous and historic policy changes liberated Nigeria from the grips of economic stagnation and disintegration, providing our nation with a viable opportunity to rebuild a stronger, more resilient and prosperous economy,” the statement said.
The APC also criticised the ADC for attacking the government without presenting alternative policy proposals.
“Clearly, the ADC does not recognise itself as a political party. The party has not articulated a single alternative policy position or prescription beneficial to Nigerians.
“Condemning the APC and its policies has become its operating manifesto, with absolutely nothing to offer by itself,” the party added.
The party also pointed to what it described as early signs of economic recovery, including improved economic growth and stronger foreign reserves.
“Our economy has rebounded and is expanding steadily. The country’s Gross Domestic Product grew by 4.4 percent last year and is projected to expand by 5.5 percent this fiscal year, with foreign reserves now exceeding $50 billion which isthe highest level in nearly two decades,” the statement said.
It also stated that non-oil exports had exceeded $6 billion in 2025 and that states and local governments were now getting larger revenue allotments to fund development, while inflation was steadily decreasing.
The APC also highlighted a number of intervention programs that the administration implemented to mitigate the effects of the reforms, such as student loan programs, cash transfer programs, and the implementation of compressed natural gas (CNG) projects.
“As the administration continues to prioritise social investments, the benefits will reach larger segments of the population,” the statement added, clarifying that the Tinubu government remains committed to rebuilding the nation’s economy for the benefit of present and future generations.
