APC defends Tinubu reforms amid rising poverty concerns

The All Progressives Congress (APC) has defended the economic hardship currently experienced by Nigerians, describing it as a temporary effect of reforms implemented by the administration of Bola Ahmed Tinubu aimed at rebuilding the country’s economy.

The party issued the clarification in response to criticisms from the African Democratic Congress (ADC), which recently highlighted reports indicating a rise in poverty levels across the nation.

In a statement signed by its National Publicity Secretary, Felix Morka, the APC dismissed the ADC’s interpretation of a report presented at the Agora Policy Dialogue as “misleading and politically motivated.”

The ruling party said that reforms such as the removal of fuel subsidies and the unification of Nigeria’s foreign exchange system were necessary measures to correct long-standing structural distortions in the economy.

“Prior to May 29, 2023, the fuel subsidy and foreign exchange regimes had become major threats to the nation’s economic survival. Past administrations avoided removing them due to fear of the temporary hardship reforms might cause,” the statement read.

The APC stressed that the fuel subsidy had consumed trillions of naira annually, often benefiting middlemen and fuel import cartels more than ordinary citizens. The party said that the funds previously used for subsidies are now being redirected to critical sectors such as infrastructure, healthcare, education, and social development.

“Economic reforms often come with short-term sacrifices but ultimately yield long-term benefits,” the party added, noting that signs of easing hardship are already emerging.

Citing economic indicators, the APC highlighted that Nigeria’s Gross Domestic Product (GDP) grew by 4.4 percent last year and is projected to expand by 5.5 percent in the current fiscal year. It also noted that foreign reserves have surpassed $50 billion and inflation is gradually declining.

The party concluded by reaffirming its commitment to sustaining reforms that ensure economic stability, growth, and prosperity for Nigerians.