APC tackles ADC, says Tinubu’s reforms necessary to ‘rescue Nigeria from economic stagnation’

The All Progressives Congress (APC) says the economicpolicies introduced by the Bola Tinubu administration are reversing decades ofstructural distortions in Nigeria’s economy. Felix Morka, national publicity secretary of the APC, saidthe reforms were necessary to rescue the country from economic stagnation. In a statement issued on Saturday, Morka said the fuelsubsidy and foreign exchange regimes operated before May 29, 2023, had becomean existential threat to Nigeria’s economic survival. He said removing or reforming the systems had long been partof the national agenda. Morka said previous administrations lacked the politicalwill to implement the reforms due to concerns about temporary hardship. He said Tinubu announced the removal of fuel subsidy on theday of his inauguration. Morka added that the administration later harmonisedNigeria’s multiple foreign exchange regimes. Morka criticised the African Democratic Congress (ADC) forwhat he described as an attempt to misrepresent a recent report presented at anAgora Policy dialogue. “The African Democratic Congress (ADC’s) attempt to spin arecent report presented at the Agora Policy dialogue indicating a rise ofpoverty rate of 63 percent from 49 percent as a ‘damning verdict on thisadministration’s economic policies’, speaks either to its shocking ignorance ofeconomic policy or its willful blindness to the justification for, andtransformative impacts of, ongoing economic reforms,” he said. Morka said the report cited by the ADC acknowledged the needfor reforms aimed at correcting structural distortions in the economy. He accused the opposition party of failing to presentalternative policy proposals. “Clearly, the ADC does not recognize itself as a politicalparty,” he said. “The ADC has not articulated a single alternative policyposition or prescription of benefit to Nigerians. “Condemning the APC and its policies has become itsoperating manifesto with absolutely nothing to offer by itself or by itspower-mongering leaders. “The ADC continues to wallow in the idea that its emptyattacks will somehow endear the party to Nigerians. “But Nigerians are, by far, smarter than that. They know theParty that’s working for them and those that are only shooting the breeze anddisturbing the airwaves like the ADC.” Morka said fuel subsidy removal “represents one of the mostconsequential fiscal policy decisions” in Nigeria’s recent history. He said the policy previously consumed trillions of nairaannually while offering limited benefits to citizens. Morka said resources previously spent on subsidy are nowbeing redirected to sectors such as infrastructure, education, healthcare andsocial development. “Today, the benefits of the reforms have become moreself-evident and Nigeria is better for it,” he said. “Nigerians understand this and have been stoic and patrioticin their highly valued support of the government and its reforms.” Morka said Nigeria’s economy is expanding steadily, addingthat the country’s gross domestic product grew by 4.4 percent last year. Morka added that the economy is projected to grow by 5.5percent this fiscal year, adding that subnational governments are alsoreceiving higher revenue allocations. Morka said the administration has introduced socialprotection measures to cushion the impact of reforms. He said the initiatives include cash transfers, student loanfacilities, and compressed natural gas interventions. Morka said the APC-led administration remains committed torebuilding Nigeria’s economy for present and future generations.

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