₦airaland Forum

President Bola Tinubu’s administration has sunk Nigeria’s economy into new depths, bleeding the nation to a revenue-to-GDP of 2.6 per cent, “among the lowest globally”, a rebased GDP report by the National Bureau of Statistics released in August stated.

Although the rebasing, updated from the base year 2010 to 2019, showed that the nominal GDP rose from N269.3 trillion in 2010 to N364.6 trillion in 2024, the economy was performing worse in terms of dollar denomination. Despite the increase, Nigerians face the harsh reality of a currency whose value has eroded amid skyrocketing inflation.

“Debt-to-GDP appears lower at 40.6 per cent in 2024, potentially suggesting more fiscal space; however, revenue-to-GDP is just 2.6 per cent, among the lowest globally, which limits the government’s real capacity,” the bureau said.

The NBS blamed the sluggish economy on Mr Tinubu’s naira depreciation policy, which obliterated its purchasing power among its international counterparts. A dollar exchanged for as high as N1,600 per Mr Tinubu’s free float, which he implemented days after assuming office in June 2023.

“In dollar terms, the economy has shrunk drastically, from a peak of US$636.7 billion in 2022 to US$246.5 billion in 2024, driven by currency depreciation,” stated the bureau. “Similarly, using a modest population growth rate of 2.5 per cent, GDP per capita has collapsed from US$2,914 to US$1,036 over the same period, reflecting weaker purchasing power and lower welfare.”

The report revealed that some sectors had yet to fully recover from the COVID-19 pandemic, noting that it took longer than anticipated for the majority of sectors to resume operations at full capacity.

The industrial sector, including manufacturing, construction, and oil and gas, suffered double-digit declines after the pandemic.

“Per capita GDP in U.S. dollar terms fell from US$2,913.78 in 2022 to US$1,035.91 in 2024, a decline that places Nigeria 33rd in Africa despite being the continent’s fourth-largest economy,” the NBS stated.

The bureau advised the government and citizens not to be deceived by robust statistical figures into complacency but rather to focus on accelerating revenue reforms in non-oil taxation and digital tax reforms, “shifting from incremental budgets to performance-based allocations and deepening financial intermediation through credit market reforms, stronger institutions, and capital market diversification to fund growth.”

https://gazettengr.com/tinubus-policy-drastically-shrank-nigerias-economy-nbs/

Let me go and ask Reno if this news is true or false

Tinubulation is a weapon fashioned against Nigeria.

Nawa Nlfpmod, de hunger wey dey town no be here, na NBS talk am.

For a man that built Lagos, but bequeath slums to most parts. People are hungry, angry and frustrated by bad thought polices.

The GDP is rising in naira so it's fine

ogododo:
Nawa Nlfpmod, de hunger wey dey town no be here, na NBS talk am.

If dem ask you if you never chop since morning. You go begin vex.

Gazette?

Mtchew.

That's to say he is under performing, despite his sycophant singing his praises all over nairaland.
Time will tell

Is it possible the old economy was based on lies, and this is the real economy, with minimal government distortions, a stronger foundation from which to build?

I really want to believe this

..youwill see waves of attack from the front desk Laptop Crews..

..if this man tilumbu is not dealth with before 2027...even those who grabbed Laptops & met at tge propaganda Media parley in Abuja recently will call for his head..

..the stipends they gave them to come on social media will dawn on them before 2027...when they visit the markets..

..helll..anuis..continue

Source: Razor gazette the comedian

Ikaeniyan0:
The GDP is rising in naira so it's fine

..which Laptop did you use to comment this nonsense...?

..you think writing "GDP is rising" makes it true.& it will better the economic disaster tilumbu brought upon Nigeria..?

..dey play with delusions..



..

helinues:
Source: Razor gazette the comedian

Dis man helinues you need to see a psychiatrist really fast

helinues:
Source: Razor gazette the comedian

..hellll..anuis..is this how to engage logically..?

..does this comment of yours Sound coherent..?

..what happened to your logical engagement mantra..?

..why the attack..?

Tochi3:


..hellll..anuis..is this how to engage logically..?

..does this comment of yours Sound coherent..?

..what happened to your logical engagement mantra..?

..why the attack..?

Please which of the media I mentioned above is your name because I don't understand this daily crying on my mentions

helinues:
Please which of the media I mentioned above is your name because I don't understand this daily crying on my mentions

..hellll..anuis...

..be careful..dont make me pounce hard on you..

..you accuse everyone nöt buying your shenanigans..crying everyday of logical engagement & coherency...

..you hsve all of a sudden abandoned what you like to cry preach everyday..

..tell me..what is logical about your comment on this thread..? ..huh..

..you like to quote other sane Nairalanders..crying & wailing about "coherenvy", "logical engagement"..but here you are been the worse of what you accuse others of..

..you think i will not call you out with your double Standards..?

..you must be dreaming..

Tochi3:


..which Laptop did you use to comment this nonsense...?

..you think writing "GDP is rising" makes it true.& it will better the economic disaster tilumbu brought upon Nigeria..?

..dey play with delusions..



..

Instead of this your incoherent comment, provide evidence i'm wrong

Emilokun doesn't care about statistics, hear him "NA STATISTICS WE GO CHOP?

His major focus is on building an Agbado economy of palliative and propaganda, where purchasing power of the masses has been eroded, under 2 years, 7.2 million small scale business shutdown. Misplaced priorities is the order of the day.

Nawa ooo, tins no be am againooooooooooo

Ikaeniyan0:
Instead of this your incoherent comment, provide evidence i'm wrong

..FDL...

..front desk lap...

He is pushing to increase his allowances and salaries with that of his grab and run with it cotravelers.

Smart people know Tinubus policies bare very bad and myopic

No be so madam Oby yarn us yesterday, say Tinubu no plan well.