The African Democratic Congress has disputed President Bola Tinubu’s claims of record-breaking revenue growth, stating that the figures are misleading and do not reflect the realities faced by Nigerians. According to a statement released by the party’s National Publicity Secretary, Mallam Bolaji Abdullahi, the government’s assertion of achieving N20.59 trillion in revenue between January and August 2025 is at odds with the N41.81 trillion projected in the 2025 budget.

The party argued that the celebrated revenue figures are unrealistic and amount to propaganda, as only a fraction of the statutory revenue and VAT accrue to the Federal Government. Specifically, the ADC noted that only 52.68% of statutory revenue and 15% of VAT go to the Federal Government. The party also took issue with President Tinubu’s comments on the naira exchange rate, saying his claim that the dollar traded at N1,900 when he assumed office was inaccurate. Official records show that the exchange rate on May 29, 2023, was approximately N460.72, while the parallel market rate was between N700 and N800.

Furthermore, the ADC criticized the government’s borrowing practices, pointing out that the Debt Management Office recently raised N136.16 billion through bond auctions, and the National Assembly approved a $21 billion loan in July, pushing the national debt to $120 billion. The party also denounced the recently introduced 5% petrol tax and the 300% hike in the cost of obtaining a Nigerian passport, describing these measures as cruel and insensitive.

The ADC maintained that instead of alleviating poverty, government policies have exacerbated the plight of Nigerians, leaving the country with significant economic challenges. The party’s statement emphasized that the government’s actions are having a negative impact on the population, with the country struggling to address issues of poverty and economic growth. As the situation continues to unfold, it remains to be seen how the government will respond to these criticisms and address the concerns of the ADC and other stakeholders.