APC, opposition clash over FG’s revenue growth claim
The All Progressives Congress and opposition parties on Wednesday clashed over President Bola Tinubu’s claim that Nigeria has already achieved its 2025 revenue target.
While the APC insisted that the President has placed Nigeria on the path of economic recovery, the African Democratic Congress, Labour Party, New Nigeria Peoples Party and the Coalition of United Political Parties accused Tinubu of celebrating statistics while citizens struggle under severe economic hardship.
Also, economists expressed scepticism about the President’s assertion that the Federal Government had stopped borrowing locally, as they called for clarification from the managers of the economy.
The experts pointed to the continuous debt market operations by the Debt Management Office and the Central Bank of Nigeria, questioning the president’s assertion and its alignment with the current economic realities.
For years, Nigeria has depended heavily on crude oil, which accounts for about 70 per cent of government revenue and over 90 per cent of foreign exchange earnings.
Successive administrations have repeatedly promised to diversify the economy, yet oil has remained the main source of revenue.
In 2023, upon assuming office, President Tinubu launched a series of reforms aimed at repositioning the economy.
One of his most significant steps was the removal of fuel subsidy, a policy that has since triggered severe economic hardship. The removal pushed up transport costs, worsened food inflation, fuelled a foreign exchange crisis, and deepened the overall cost-of-living burden for millions of Nigerians, while freeing more revenues for the government.
Although federal allocations to states have increased under Tinubu’s administration, the impact has not been felt at the grassroots level.
Poverty, insecurity, and other social vices have continued to escalate, forcing many Nigerians to seek greener pastures abroad.
While the reforms have delivered some marginal gains, the weight of hardship on ordinary citizens remains overwhelming.
