Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has criticised the President Bola Tinubu administration over its handling of Nigeria’s economy.
He accused the Federal Government of trying to disguise the country’s economic realities with what he described as misleading statistics and creative accounting. According to Atiku, no amount of statistical presentation can erase the hardship millions of Nigerians experience every day. He made the remarks in a statement issued on Sunday by his Senior Special Assistant on Public Communication, Phrank Shaibu.
The statement came after presidential adviser Taiwo Oyedele defended the administration’s economic reforms, including the removal of fuel subsidy, debt management strategy and workers’ welfare initiatives.
Atiku disputes debt reduction claims
Atiku argued that the government’s explanation of how it spends savings from fuel subsidy removal does not agree with publicly available financial records. He said the Tinubu administration has increased its exposure to the Central Bank of Nigeria (CBN) instead of reducing it.
“As of May 2023, when President Tinubu assumed office, the Federal Government’s exposure to the Central Bank of Nigeria stood at approximately ₦26.9tn. Today, that exposure has ballooned to over ₦40.38tn.”
The former vice president maintained that the government simply converted existing liabilities into treasury bills and bonds while taking on fresh obligations.
“This administration has not reduced its indebtedness to the CBN. It has merely changed the label on the debt by converting Ways and Means advances into treasury bills and bonds while simultaneously piling up fresh obligations. That is debt restructuring—not debt repayment.”
Atiku also referred to figures recently released by CBN Governor Olayemi Cardoso. He said government borrowing from the apex bank increased by ₦17.39 trillion between May 2025 and May 2026. According to him, those figures contradict the government’s claim that subsidy savings are reducing public debt.
Questions workers’ welfare claims
The former vice president also challenged the administration’s claim that workers have benefited from the subsidy removal policy. He argued that key components of the new wage package remain outstanding despite official promises.
“Which salary increase is the government talking about? The Federal Government is yet to fully implement the new minimum wage. The 40 per cent peculiar allowance tied to the wage adjustment remains unpaid despite official directives that it should take effect from May 1, 2026.”
He added that the promised wage award has also not been fully implemented. According to Atiku, organised labour has repeatedly raised concerns over the outstanding payments.
Raises questions over NELFUND funding
Atiku also disputed the government’s claim that subsidy savings are financing the Nigerian Education Loan Fund (NELFUND). He noted that the agency’s management previously said it received a ₦50 billion injection from funds recovered by the Economic and Financial Crimes Commission (EFCC).
“The Chief Executive Officer of NELFUND publicly stated that the scheme received a ₦50bn injection from recovered funds by the EFCC. If that is the case, why is the government now presenting subsidy savings as the source?”
He said Nigerians deserve clear and consistent explanations about how public funds are being spent.
Blames policies for rising borrowing costs
The ADC presidential candidate also criticised the administration’s monetary policies. He argued that rising interest rates have made borrowing increasingly difficult for businesses. According to him, the government’s borrowing pattern has also increased debt servicing costs.
“Who drove interest rates to their current levels? Under this administration, the Monetary Policy Rate has climbed dramatically, making borrowing prohibitively expensive for manufacturers and the private sector.”
He added that the government cannot blame current interest rates without accepting responsibility for its own policies.
Says hardship tells the real story
Atiku maintained that government officials continue to rely on statistics that do not reflect the realities facing ordinary Nigerians. He pointed to rising food prices, inflation, unemployment, naira depreciation and declining purchasing power as evidence of worsening economic conditions.
“Food prices have spiralled beyond the reach of ordinary families. Inflation continues to erode incomes. Businesses are shutting down. Unemployment remains alarming. The naira has suffered unprecedented depreciation, while poverty has deepened across the country.”
The former vice president insisted that Nigerians judge governments by the quality of life they provide rather than by official presentations.
“Governments are judged not by PowerPoint presentations or television interviews but by the quality of life of their citizens. On that score, this administration has failed spectacularly.”
Atiku urged government officials to address Nigeria’s economic challenges with sincerity, competence and accountability. He said they should stop relying on media narratives and focus on improving the lives of citizens.
His latest remarks add to the ongoing exchanges between the Tinubu administration and opposition figures over recent economic reforms. The debate has centred on fuel subsidy removal, foreign exchange liberalisation and the rising cost of living in the country.
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