The governing All Progressives Congress (APC) has faulted the claim by the African Democratic Congress (ADC) that its economic policies were responsible for the economic hardship being experienced by Nigerians.

Quoting statistics from a policy dialogue held in Abuja on Thursday, National Publicity Secretary of the ADC, Bolaji Abdullahi, noted that the unilateral removal of fuel policy by President Bola Tinubu pushed the inflation rate from 50% to 63% with its attendant socio- economic misery for Nigerians.

Responding through a statement on Saturday, the APC national Publicity Secretary, Felix Morka, claimed that the removal of fuel subsidy and multiple foreign exchange regimes were actions precipitated by a national consensus, as it enjoyed the buy-in of the average Nigerian.

He further declared that rather than fuel poverty, it “unshackled Nigeria from the throes of economic stagnation and disintegration and gave our country a fighting chance to build back a stronger, more resilient and prosperous economy.”

While it admitted that Nigerians are passing through trying times economically, the APC, in its statement, described it as a transient, fading hardship that is meant to build and guarantee a better future for all Nigerians.

The statement also listed the gains of the economic reforms of the Tinubu administration.

It read in part, “The fuel subsidy removal represents one of the most consequential fiscal policy decisions in the country’s recent history.

“For decades, the fuel subsidy regime placed a devastating burden on public finances, gulping trillions of Naira, upwards of 90 per cent of total revenue, annually, while delivering limited benefits to ordinary Nigerians.

“In reality, the fuel subsidy regime enabled widespread inefficiencies, corrupt and fraudulent dealings, large-scale fuel smuggling across borders, enriched middlemen and import cartels to the detriment of Nigerians.

“The regime was a gaping fiscal hole that drained resources that are now being redirected to vital sectors such as infrastructure development, education, healthcare and social development under the present APC-led administration.

“Often, economic reform entails making difficult choices among competing alternatives or between maintaining an existing but destructive system or instituting an efficient and beneficial system, as was the case with the fuel subsidy removal.

“Economic reform is never cost-free. It’s not cost-free anywhere in the world, and it’s not cost-free in Nigeria.

“The transient and now fading hardship experienced by Nigerians was an inevitable cost of reforms that are meant to build and guarantee a better future for all Nigerians.

“Today, the benefits of the reforms have become more self-evident, and Nigeria is better for it. Nigerians understand this and have been stoic and patriotic in their highly valued support of the government and its reforms.

“Our economy has rebounded and is expanding steadily. The country’s Gross Domestic Product (GDP) grew by 4.4 per cent last year and is projected to expand by 5.5 per cent this fiscal year, with a foreign reserve in excess of $50 billion, the highest in nearly two decades.

“Inflation continues to decline and is now trending down towards a single digit. Food inflation is currently at its lowest level in about 13 years.

“In 2025, non-oil export reached over $6 billion, while subnational and local council governments now receive unprecedented high levels of revenue allocations our country has ever known, geared to drive effective governance and accelerated development at those levels.

“Macro-economic progress made continues to create job opportunities and wealth for our people. Farmers are reaping the benefits of their labour more than ever before.

“The administration has introduced and continues to implement a range of social protection measures designed to cushion transient hardships on vulnerable Nigerians.

“These include cash transfer programmes, targeted interventions such as student loan facilities, the CNG roll-outs, and broader initiatives aimed at supporting households and strengthening their resilience.

“As the administration continues to prioritise social investments, its benefits will reach larger segments of our population.

“The APC-led administration of President Bola Tinubu will not relent in its determined effort to rebuild our country’s economy for the good of the present and future generation of Nigerians.” (Nigerian Tribune)

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