“Tinubu is celebrating GDP growth while the market tells a different story” — Atiku’s aide
Paul Ibe, an aide to the African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has criticised the Tinubu administration’s economic narrative, arguing that Nigerians’ lived experiences do not reflect the positive macroeconomic figures being highlighted by the government.
Ibe made the remarks in a post on X while questioning the administration’s repeated celebration of GDP growth, trade figures, revenues and other economic indicators as evidence that its policies, popularly described as “Tinubunomics”, are working.
“The Tinubu administration keeps celebrating GDP growth, trade figures, revenues and other macroeconomic statistics as proof that #Tinubunomics is working.
“But Nigerians don’t live inside GDP tables. They live in the market. And the market is telling a very different story.”
He compared petrol prices under the current administration with those recorded in May 2023, saying the increase was more significant to ordinary Nigerians than improvements reflected in GDP figures.
“In May 2023, NBS recorded average petrol price at ₦238.11/litre. Today, petrol is around ₦1,350/litre at many outlets.
“That is what the average Nigerian feels—not a GDP percentage.”
Ibe also acknowledged that headline inflation has declined from the 22.41 per cent recorded in May 2023 to 15.43 per cent, but argued that the lower rate does not mean that prices have fallen.
“May 2023 headline inflation was 22.41%. Today it is lower at 15.43% though product of a rebased CPI and GDP.
“But let’s be honest about what that means: prices are still rising. They have simply been rising more slowly. And food inflation was still 20.31% in July 2026.”
Turning to the cost of food, Ibe cited the price of rice as an example of the pressure faced by households.
“Consider rice, our most popular staple food. NBS recorded 1kg of locally sold rice at about ₦555 in May 2023. By May 2024, it was already ₦1,608.89. This is the economy Nigerians experience every day. Not GDP. Food.”
He further questioned whether the increase in the minimum wage had translated into improved living standards, arguing that higher nominal wages could be outweighed by rising household expenses.
“Yes, the minimum wage increased from ₦30,000 to ₦70,000. But a 133% increase in nominal wages means little if the cost of feeding, transporting and housing a family has increased even faster.
“What matters is purchasing power. Not the headline salary figure.”
Ibe also pointed to the depreciation of the naira, comparing its value against the US dollar in May 2023 with the current rate.
“On May 29, 2023, the naira was around ₦461/$. Today, the referenced market rate is around ₦1,323/$.
“The naira’s weakness eventually finds its way into the price of food, drugs, machinery, transport and almost everything else.”
He cited a World Bank estimate on poverty, saying the figure should be a greater concern to the government than positive economic presentations.
“The World Bank estimates that about 63%, that is nearly 7 out of every 10 Nigerians were below the national poverty line in 2025, with another seven million people estimated to have fallen into poverty that year.
“That should matter more to government than another celebratory GDP presentation.”
While acknowledging the importance of economic growth, Ibe argued that GDP figures should ultimately be judged by whether they translate into improved living conditions for Nigerians.
“Economic growth matters. But GDP is a means, not the end. The real questions are: can Nigerians afford food? Can they pay rent? Can they afford transport Can they pay school fees, especially with the resumption of the new school session this week? Can they afford medicine? Can small businesses survive?
“Nigerians don’t eat GDP no matter how delicious it may be. They don’t spend trade statistics at the market. They don’t pay their children’s school fees with foreign reserves. They don’t cook with economic growth.”
Ibe said the ultimate measure of the administration’s economic policies should be whether ordinary Nigerians are now better able to meet their basic needs than they were when President Bola Tinubu assumed office.
“The ultimate test of Tinubunomics is simple: is the average Nigerian better able to live, eat, work and provide for their family than they were on May 29, 2023?
“That is the question the Tinubu administration should answer and not spending precious time and resources whitewashing the lived reality of Nigerians.”
The Tinubu administration keeps celebrating GDP growth, trade figures, revenues and other macroeconomic statistics as proof that #Tinubunomics is working.
But Nigerians don’t live inside GDP tables. They live in the market. And the market is telling a very different story.
In… pic.twitter.com/ST6LhPBUIr
— Paul Ibe (@omonlakiki) September 9, 2026
