APC Condemns Nigeria's GDP Rebasing Exercise.

The All Progressives Congress said that by rebasing Nigeria's Gross Domestic Product (GDP) the Federal Government only 'ridiculed' itself.

This position was expressed in a statement issued on Thursday by the APC Interim National Publicity Secretary, Alhaji Lai Mohammed.

Nigeria became the largest African economy after its GDP was rebased on Sunday, April 6.

The APC said that the rebasing was the FG's response to the World Bank report that had declared Nigeria a country with one of highest levels of poverty.

According to the statement, this shows that Nigeria's economic growth celebrated by the current administration is "not a result of deliberate public policies".

The APC further said that what the FG managed to achieve by rebasing GDP was the shift of public attention pressing problems such as insecurity, inadequate power supply and unemployment.

To support its point, the APC referred to statistics form other sources.

Gross Domestic Product, or simply GDP, is the market value of all final goods and services produced within a country in a given period, usually one year.

GDP rebasing is a common statistical procedure undertaken to ensure that national accounts statistics present the most accurate reflection of the economy as possible. It is a process of replacing present price structure (base year) to compile volume measures of GDP with a new (more recent) base year.

Nigeria's old GDP base year was 1990. Now 2008 is the base year.

After rebasing, Nigeria's GDP grew by 89% – from N42.4trillion to N80.2 trillion. However, this has not made Nigerians richer as nearly 100 million of them live on less than $1 a day.

Source: Legit.ng