The African Democratic Congress (ADC) has challenged President Bola Tinubu’s claim of record‑breaking revenue growth, calling the figures misleading and out of touch with Nigerians’ realities. In a statement, the party’s National Publicity Secretary, Mallam Bolaji Abdullahi, noted that the government’s assertion of N20.59 trillion in revenue from January to August 2025 contradicts the N41.81 trillion projected in the 2025 budget. The ADC argued that the celebrated revenue numbers are unrealistic propaganda, pointing out that only a fraction of statutory revenue and VAT actually reaches the Federal Government—specifically, 52.68 % of statutory revenue and 15 % of VAT.
The party also disputed Tinubu’s remarks on the naira’s exchange rate, stating that his claim the dollar traded at N1,900 when he took office is inaccurate. Official records show the rate on 29 May 2023 was about N460.72, while the parallel market rate ranged between N700 and N800. Additionally, the ADC criticized the government’s borrowing practices, noting that the Debt Management Office recently raised N136.16 billion through bond auctions and that the National Assembly approved a $21 billion loan in July, pushing the national debt to $120 billion.
The ADC condemned the newly introduced 5 % petrol tax and the 300 % increase in the cost of obtaining a Nigerian passport, describing these measures as cruel and insensitive. It maintains that, rather than alleviating poverty, government policies have worsened Nigerians’ plight and left the country facing significant economic challenges. The party’s statement emphasized that these actions negatively impact the population, hindering efforts to address poverty and promote economic growth. As the situation unfolds, it remains to be seen how the government will respond to the ADC’s criticisms and the concerns of other stakeholders.
Comments are closed for this story.