Panellists disagree over GDP, living standards

Panellists at the event yesterday disagreed over whether Nigeria’s reported Gross Domestic Product (GDP) growth is translating into improved living standards, with sharp exchanges between opposition figures and the government representative.

Former House of Representatives member Nnenna Elendu-Ukeje, who represented Bende Federal Constituency in Abia State, questioned why official GDP figures appear disconnected from the lived experiences of most Nigerians.

She said the federal government was better placed to explain the contradiction, noting that economic growth figures are difficult to defend “once the numbers do not reflect in the lives of the average Nigerian”.

Elendu-Ukeje cited the tenure of former Coordinating Minister of the Economy, Ngozi Okonjo-Iweala, arguing that reforms at the time produced tangible outcomes, including over 60 per cent external debt relief, which enabled the funding of critical socio-infrastructural projects.

She cautioned against equating electoral continuity with effective governance, stressing that democracy should be measured by outcomes rather than longevity.

“Democracy is not validated by how long it lasts, but by what it delivers to the people,” she said, referencing a recent World Bank report that put about 75 per cent of Nigerians below the poverty line.

A former governor of Kaduna State, Nasir El-Rufai, had also during his recorded presentation reiterated the criticism, listing what he described as major areas of failure, including lack of accountability, economic hardship and rising inequality.

He questioned optimistic projections about GDP growth, warning that headline figures mask deepening hardship.

“You hear GDP growth, like the government representative talking about over four per cent GDP growth by 2026, but the lurid reality is far from this rosy picture,” El-Rufai said.

“Poverty is widespread. Inflation, especially food inflation, has destroyed purchasing power. Policy shocks have accumulated without buffers,” he added.

Responding, the Senior Special Adviser to the President on Public Communications and Orientation, Mr Sunday Dare, defended the government’s position, arguing that key economic indicators show signs of recovery.

He cited declining inflation figures, the narrowing of currency arbitrage by about 70 per cent, and savings from fuel subsidy removal, which he said have resulted in a 60 per cent increase in revenues available to sub-national governments.

Dare questioned what he described as selective acceptance of World Bank data by critics.

“Who can quarrel with the current GDP?” he asked. “The World Bank is where we all run to. When people quote figures about Nigerians living in poverty, it is the World Bank that provides that data.

“But when the same World Bank says the growth outlook and prospects for the Nigerian economy are better, the opposition quarrels with the same institution,” he said.

Nigerians can now invest ₦2.5 million on premium domains and profit about ₦17-₦25 million. All earnings paid in US Dollars. Rather than wonder, click here to find out how it works.

Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.