The All Progressives Congress (APC) has defended the economic reforms introduced by the administration of Bola Ahmed Tinubu, describing the current hardship faced by Nigerians as a temporary consequence of efforts to rebuild the country’s economy.
The party issued the response following criticism from the African Democratic Congress (ADC), which recently cited reports suggesting that poverty levels are increasing across Nigeria.
In a statement signed by its National Publicity Secretary, Felix Morka, the APC described the ADC’s interpretation of a report presented at the Agora Policy Dialogue as misleading and politically motivated.
According to the ruling party, key reforms introduced by the Tinubu administration—including the removal of fuel subsidies and the unification of Nigeria’s foreign exchange system—were necessary steps to address long-standing structural challenges in the economy.
The statement noted that before May 29, 2023, the fuel subsidy and foreign exchange regimes had become significant threats to Nigeria’s economic stability, adding that previous administrations avoided scrapping them due to concerns about the short-term hardship the reforms might trigger.
The APC further argued that the subsidy system had consumed trillions of naira annually while mainly benefiting fuel importers and middlemen rather than ordinary citizens. It said funds previously spent on subsidies are now being redirected to key sectors such as infrastructure, healthcare, education, and social development.
While acknowledging the current economic strain, the party maintained that reforms typically involve short-term sacrifices that eventually produce long-term benefits. It also claimed that there are early signs that economic conditions are beginning to improve.
Citing economic data, the APC said Nigeria’s Gross Domestic Product grew by 4.4 percent last year and is projected to reach 5.5 percent in the current fiscal year. The party also noted that the country’s foreign reserves have exceeded $50 billion and that inflation is gradually easing.
The APC reaffirmed its commitment to continuing reforms aimed at ensuring long-term economic stability, growth, and improved living standards for Nigerians.
