The African Democratic Congress (ADC) has described reports indicating that Nigeria’s poverty rate has risen to 63% following the removal of petrol subsidy as the real scorecard of President Bola Tinubu’s administration.
The party said the figures represent the direct consequences of what it called the Government’s ill-defined neoliberal economic policies and a reflection of the deepening economic hardship confronting millions of Nigerians.
In a statement issued on Friday by the National Publicity Secretary, Bolaji Abdullahi, the ADC said the latest report confirms what citizens across the Country have been experiencing daily including a steady rise in the cost of living, shrinking purchasing power and worsening economic conditions.
According to the party, the report, which was presented at a policy dialogue in Abuja on Thursday, shows that Nigeria’s poverty rate rose sharply from about 50% before the removal of petrol subsidy to 63% afterwards.
The ADC said the spike in poverty was largely driven by the ripple effects of higher fuel prices, which have significantly increased transportation costs and pushed up the prices of food, goods and other basic necessities
The latest report showing that Nigeria’s poverty rate has climbed to 63 % following the removal of petrol subsidy by President Tinubu three years ago is a damning verdict on the administration’s economic policies,” the statement said. “It only confirms what millions of Nigerians already know from their daily experience – the cost of living is rising rapidly, purchasing power is collapsing and families across the country are being pushed deeper into hardship”, it added.
The party further argued that the development highlights the consequences of what it described as the government’s hasty removal of fuel subsidy without fully considering the implications for ordinary Nigerians.
According to the ADC, the policy decision has triggered inflationary pressures across the economy, worsening living conditions for vulnerable households and deepening economic inequality.
