Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has criticised the administration of President Bola Tinubu over its handling of the economy, accusing it of using statistics to mask worsening economic conditions.
In a statement issued on Sunday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said no amount of “lying with statistics” could conceal what he described as the hardship facing Nigerians.
He was responding to recent remarks by the Minister of Finance, Taiwo Oyedele, who defended the administration’s economic reforms, including the removal of fuel subsidy, debt management measures and workers’ welfare initiatives.
Atiku argued that the government’s claim that savings from fuel subsidy removal were being used to reduce inherited liabilities was inconsistent with publicly available financial records.
According to him, the Federal Government’s indebtedness to the Central Bank of Nigeria (CBN) has increased rather than declined since Tinubu assumed office in May 2023.
He said the government’s exposure to the apex bank had risen from about ₦26.9 trillion in May 2023 to more than ₦40.38 trillion, insisting that the administration merely restructured existing debt instead of repaying it.
Quoting figures attributed to CBN Governor Olayemi Cardoso, Atiku claimed government borrowing from the apex bank increased by ₦17.39 trillion between May 2025 and May 2026, representing a 77.6 per cent increase.
He also faulted the administration’s claims on workers’ welfare, arguing that key components of the new wage package, including the 40 per cent peculiar allowance and wage award, had yet to be fully implemented despite official commitments.
On education funding, Atiku questioned the government’s position that proceeds from subsidy removal were financing the Nigerian Education Loan Fund (NELFUND).
He noted that the agency’s management had previously disclosed receiving a ₦50 billion injection from funds recovered by the Economic and Financial Crimes Commission (EFCC), asking why the government was now attributing the funding to subsidy savings.
The former vice president further blamed the administration’s economic policies for rising borrowing costs, saying the increase in the Monetary Policy Rate had made credit more expensive for businesses while worsening the country’s debt servicing obligations.
According to him, soaring food prices, persistent inflation, business closures, unemployment, naira depreciation and rising poverty reflect the realities facing Nigerians despite the government’s economic projections.
He urged the Federal Government to focus on addressing the country’s economic challenges rather than relying on what he described as media spin and statistical presentations.
The latest criticism comes amid continued exchanges between the Tinubu administration and opposition figures over the impact of key economic reforms introduced since May 2023, particularly the removal of fuel subsidy and the liberalisation of the foreign exchange market.
While the Federal Government maintains that the reforms are necessary to stabilise public finances, attract investment and place the economy on a sustainable growth path, critics argue that they have fuelled inflation, increased the cost of living and weakened the purchasing power of Nigerians.
