The African Democratic Congress (ADC) has criticised the administration of President Bola Tinubu, accusing it of celebrating false and misleading revenue figures while implementing policies that inflict hardship on Nigerians.
The party, in a press statement released on Thursday and signed by Bolaji Abdullahi, its National Publicity Secretary claimed there is a significant N21.22 trillion shortfall between the 2025 budget projections and actual revenue collections. Abdullahi challenged the government’s recent claims of record-breaking revenue growth.
He pointed out that the 2025 budget had projected a total revenue of N41.81 trillion, yet the government is celebrating the collection of only N20.59 trillion. According to Abdullahi, these figures do not align with the government’s claims of meeting its revenue targets.
Abdullahi further argued that the government’s revenue assertions are unrealistic, highlighting that the Federal Government only receives a portion of the total revenue, specifically 52.68% of statutory revenue and 15% of VAT.
He also questioned why the government continues to resort to heavy borrowing despite its claims of robust revenue collection, stating that this exposes the hollowness of the government’s achievements.
Abdullahi also condemned what it called “cruel and insensitive” policies, specifically the newly introduced 5% petrol tax and the 300% increase in passport fees.
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He noted that these measures are punishing struggling citizens and pushing more people into poverty. Abdullahi believed these policies are contrary to the government’s celebration of revenue gains, which it described as a “propaganda performance.”
“The President also made laughable statements about the exchange rate, claiming that when he took office on May 29, 2023, the dollar-to-naira rate was N1,900 to a dollar, and that it is now N1,450. This is patently false.
“A simple Google search will show that on the morning President Tinubu was sworn in, the naira traded at approximately N460.72 to the US dollar, and between N700 and N800 in the parallel market.
The reality is that under President Tinubu’s watch, the naira has lost more than 50% of its value, wiping out savings and leaving ordinary Nigerians to bear the brunt through skyrocketing food prices, soaring rents, and suffocating transport costs”, Abdullahi said.
