ADC Rejects Edun’s Claim of Economic Progress, Alleges “Weaponised Poverty”

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says Nigeria’s economy has turned a corner under President Bola Tinubu, citing improved growth, declining inflation, and a drop in food prices. Mr Edun said a 50-kilogram bag of rice now costs about ₦80,000, down from ₦120,000 last year, alongside lower prices for garri, pepper, and tomatoes.

In a statement titled ‘Nigeria Turns Towards Prosperity’, Edun noted that GDP grew by 4.23 percent in the second quarter of 2025, while inflation has fallen to 18.02 percent after months of steady decline. He added that the exchange rate gap has narrowed significantly and foreign reserves have risen above $43 billion, describing these indicators as evidence of stability and renewed investor confidence.

Also Read: President Tinubu directs FEC committee to tackle rising food costs

The minister said the government’s reforms were designed to boost productivity, attract private investment, and support vulnerable citizens through direct cash transfers. He also acknowledged ongoing challenges such as high debt servicing costs and low revenue-to-GDP ratios but maintained that Nigeria is “firmly on the right path.”

However, the African Democratic Congress has dismissed the government’s claims, accusing it of “weaponising poverty” and manipulating food prices for political gain. The party’s spokesman, Bolaji Abdullahi, said the reported drop in food costs was artificial and driven by import waivers that hurt local farmers. He described the government’s statements as “propaganda,” insisting that most Nigerians are still struggling under rising living costs and insecurity.