ZION B-BC
NEWSLETTER.
A Publication of the Zion Faith
Bible-Believing Church Kpeyegyi Abuja Nigeria.
{Vol. 14. NO 614
20th July 2025} “…ONLY The Truth, Will Set You Free! (John.8:32).
PRAY & FAST EVERY WEDNESDAY TO STOP BLOODSHED IN NIGERIA!
NIGERIA’S RE-BASED GDP IS A HOAX – MASSES ECONOMIC PAINS CONTINUE
UNABATED!
The National Bureau of
Statistics, (NBS), says the nation’s Gross Domestic Product (GDP) has hit
N372.82trn naira in spite of prevailing and glaring poverty rates across the
land!
The government agency
on 21st July, 2025, stated that Nigeria’s economy grew by 3.13 per
cent in the first quarter of 2025 from the 2.27 per cent recorded in the same
period in 2024.
In nominal terms, the
economy grew to N372.82 trillion from N205.09 trillion in the base year of
2019.
During the Goodluck
Jonathan’s Administration, the Editorial Board of the Zion B-BC Newsletter in
our publication, Vol.2. No.37 of 27th
April 2014, titled, “NIGERIA’S RE-BASED GDP SHOULD DELIVER DIVIDENDS OF
DEMOCRACY!” canvassed and advocated that the politically-crafted Gross Domestic
Product (GDP) should not be another hoodwink!
OUR FEARS WERE
CONFIRMED!
Eleven years down the
line from Jonathan to Buhari and now Tinubu’s directionless and horrifically-
corrupt regime, Nigeria’s Economy has nose-dived from Gross Domestic Product to
GROSS DEMONIC PRODUCT!
Within that period, not
less than 133 million Nigerians have been classified as MULTI-DIMENSIONALLY
POVERTY- STRICKEN by the World Bank and International Monetary Fund (IMF), to
which successive governments had become LAP DOGS!
In 2013, Nigeria’s GDP
estimate was put at USD$510billiion dollars or NGN80.3 trillion naira, the
highest since 1990 when it was last calculated and catapulted the country’s
economy as THE LARGEST IN AFRICA and 26th globally.
Even at that global
economic elevation, a World Bank research revealed that about 100million
Nigerians dwelt in abject poverty ON A PER CAPITA OF USD$1.5 dollar or NGN250
NAIRA PER DAY – which exposed that RE-BASED GDP – a total contradiction, a
PAPER TIGER!
AND YET - NIGERIA ‘S
2025 RE-BASED GDP BY THE NATIONAL BUREAU OF STATISTICS (NBS), PRESENT UPGRADED
FIGURES!
Speaking during a press
briefing, the Statistician General of the Federation, Prince Adeyemi Adeniran,
said the economy was rebased from the 2010 base year to 2019.
He added that by
ranking the GDP estimates at the 2019 base year, Real Estate ranked third
displacing Crude Oil and Natural Gas to the fifth position.
This is due to better
coverage of the Real Estate informal sector. The top five activities are crop
production (17.58%), trade (17.42%), real estate (10.78%), telecommunications
(6.78%), and crude petroleum and natural gas (5.85%) as against crop production
(19.62%), trade (15.61%), crude petroleum and natural gas (8.60%),
telecommunications (8.25%), and real estate (6.24%) recorded in the previous
estimates of 2019.
He added that the
exercise began in 2018/2019 as economies are dynamic and change from time to
time, influencing household purchase and government thus the need to rebase.
He said the informal
sector increased to 42.5 per cent from 41.4 per cent.
He, however, said the
rebasing is not instituted or directed by the government to meet any target but
maintained that the elaborate data collection activities embarked on by the
Bureau led to significant improvements in the coverage of activities such as
digital economic activities, water transportation, activities of pension funds
administrators, National Health Insurance Authority [NHIA], Nigerian Social
Insurance Trust Fund [NSITF], activities of modular refineries, domestic
households as employers of labor, informal sector activities, quarrying and
other mining activities.
He added that in
nominal terms, Nigeria’s economy was estimated at N205.09 trillion,
representing a 41.1% increase from the previous base year value.
Expo: “Nominal terms”
means that the much-publicized Re-Based GDP percentages are insensitive figures
to further heighten the terrible hardship, suffering and hyper-inflation
already created in the DOLLARIZED ECONOMY to further impoverish the
downtrodden!
Whereas, Real term GDP
growth in 2024, which portrayed actual costs and inflation rates of goods and
services was 3.38%!
Nominal GDP measures
the total value of goods and services produced in an economy using current
market prices, while real GDP adjusts for inflation by using prices from a base
year. Real GDP provides a more accurate picture of economic growth because it reflects
changes in the quantity of goods and services produced, rather than just price
fluctuations.
Naira depreciation and GDP growth
While the
current GDP numbers appear high in naira terms, it is lower when converted to
dollars.
Using the
current N1, 529.53 per dollar rate, the data shows that the economy is worth
$243,526,768,148.72 billion in dollar terms.
This
shows that Nigeria is still behind South
Africa which economy is worth $410,338 billion, Egypt with $347,342bn and
Algeria with $268,885bn.
According to economic
analysts, what the NBS did this time around is to aggregate all the activities
in the economy using basically three approaches: the production approach, the
income approach and the expenditure approach.
However, the GDP
rebasing still creates a communication gap between Government and Citizens who
hear that the economy is bigger, but jobs would still be scarce, inflation may
not automatically drop, and living standards may not suddenly improve!
Ultimately, the
challenge is not whether the GDP figure is big or small. To the ordinary person
the legitimate question to ask would be: How is the bigger economy serving the
people? Does it translate into jobs, affordable food, working schools, functioning
hospitals, and a better life?
WHAT IS THE PURPOSE OF
A RE-BASED ECONOMY AMIDST RISING POVERTY
RATE?
Despite the rise in the
economy as revealed with the current re-based GDP, reports show otherwise.
The World Bank in May
2025 projected that the poverty rate in Nigeria is expected to rise by 3.6 per
cent over the next five years.
This was according to
the bank’s Africa’s Pulse report, released during the Spring Meetings of the
International Monetary Fund (IMF) and the World Bank in Washington, DC.
The NBS’s
multi-dimensional poverty index indicated that 63% of persons living within
Nigeria (133 million people) are multi-dimensionally poor.
This is in addition to
the reduced purchasing power, following the removal of subsidy from premium
motor spirit (PMS) also known as petroleum in 2023 and the currency has since
lost almost 70% of its value against the dollar.
WHAT IS GROSS DOMESTIC
PRODUCT (GDP)?
Gross Domestic Product
(GDP) is the total monetary value of all final goods and services produced
within a country’s borders in a specific time period, typically a year or a
quarter. It serves as a key indicator of a country’s economic health and is
used to gauge the size of its economy and the living standards of its
population.
GDP represents the
total market value of all goods and services produced within a country,
including those produced for consumption, investment, government spending, and
net exports (exports minus imports).
GDP helps economists,
policymakers, and investors understand the overall economic activity of a
nation, track its growth or decline over time, and compare it to other
countries.
BUT IN NIGERIA THE
PURPOSE OF GDP IS TO HOODWINK THE INFORMAL SECTOR AND COVER UP GOVERNMENT’S
CHAINS OF FAILURES!
NBS CURRENT PRICES OF
PETROLEUM PRODUCTS.
1. Premium Motor Spirit (PMS), N1, 027.26.
2. Avg price/litre. PMS (May-2025) ₦1, 758.26.
3. Automotive Gasoline Oil (AGO) ₦2,175.29.
4. National Household Kerosene (NHK):₦8,167.43.
5. Liquefied Petroleum (Cooking) Gas 5Kg (LPG): N7, 985.60,
subject to month-to-month and year-on-year increases at the whims and caprices
of retailers and distributors)! Source: The Office of the Statistician-General.
MR. WALE EDUN SAYS
ECONOMY IS ON COURSE!
The Minister of
Finance, Wale Edun, has described the release of Nigeria’s 2024 rebased Gross
Domestic Product (GDP) figures alongside the Q1 2025 growth estimate of 3.13%,
as clear indicators of economic resilience and the success of ongoing reforms.
He added that the GDP rebasing, carried out by
the National Bureau of Statistics (NBS), is Nigeria’s first since 2014 and
aligns with international best practices and offers a more accurate,
comprehensive view of the country’s economic structure, reflecting evolving
sectors such as digital technology, entertainment, and professional services.
(FALSE – read early paragraphs above for the truth)!
THE ADVOCACY FOR
CITIZENS - ORIENTED ONE HOUSE PARLIAMENTARY SYSTEM OF GOVERNMENT IN NIGERIA IS
NON- NEGOTIABLE!
1. This demand is gaining momentum daily while the corrupt and
dirty politicians are ganging and warming up for the 2027 General Elections!
2. On another plank, Legislators from all divides are
collecting humongous allowances in the guise of amending the 1999 MILITARY
PRESIDENTIAL CONSTITUTION!
3. Mr. President on his own part is looking forward to
borrowing more money in Dollars for “INFRASTRUCTURES!”
4. AND THE ALMIGHTY GOD IS ABOUT TO “REWARD EVERYONE ACCORDING
TO THEIR DEEDS” (Romans. 2:6).
[EXPECT A PRIME MINISTER IN NIGERIA
NOW!]
Please look forward to more divine revelation in
the next edition of Zion B-BC Newsletter as you share this with friends and
remain blessed in the Lord. [For weekly access, to this newsletter, log on
to: facebook.com/zionfaithbible.believingchurch
or http://www.zfbbc1.blogspot.com,
Please
look forward to divine revelations in The
Sure Word Gospel Tracts, Our divinely inspired books on the Amazon KINDLE
Store Namely: The Unbroken Chain of Grace, Nigeria’s Pot Pourri
(Volumes 1-5), Godly Politicking For World Peace, and The Wedding Mascot Died
If you
have not accepted the Lord Jesus Christ as your personal Lord and Saviour,
don’t miss this great opportunity as you pray
this prayer: Lord Jesus; I confess that I am a sinner who needs to be
saved through the grace of the New Testament in your Blood, shed on the Cross
at Calvary; I renounce every sin in my life and accept you as my Lord and
personal Saviour. Please forgive me and write my name in the Book of Life.
Amen. If you prayed this prayer, you have been admitted into the family of sons
and daughters of God, who are born-again. Congratulations!
I am
yours sincerely, THE WATCHMAN Dr. David B.A. Olufon, Resident Pastor and
Editor. 08130669886, 08058436756. g-mail-dvdolufon@gmail.