Economy: ‘ You Are lying With Statistics’- Atiku Slams Tinubu
Former vice president and presidential candidate of the African Democratic Congress, Atiku Abubakar, has slammed the President Bola Tinubu-led government over its management of the economy.
Atiku accused the administration of attempting to rewrite Nigeria’s economic realities through what he called “creative accounting” and polished public presentations, maintaining that the daily hardship confronting Nigerians tells a completely different story.
In a statement issued on Sunday by his Senior Special Assistant on Public Communication, Phrank Shaibu, the former vice president dismissed recent comments by the Minister of Defence, Taiwo Oyedele, who had defended the administration’s economic reforms, including the removal of fuel subsidy, debt management strategy and workers’ welfare initiatives.
According to Atiku, the government’s explanation that savings from the removal of fuel subsidy are being deployed to reduce inherited liabilities is inconsistent with publicly available financial records.
He argued that rather than reducing indebtedness to the Central Bank of Nigeria, the Tinubu administration had significantly expanded 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.
“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,” the statement partly read.
Citing recent figures disclosed by CBN Governor Olayemi Cardoso, Atiku said government borrowing from the apex bank increased by ₦17.39tn between May 2025 and May 2026, representing a 77.6 per cent rise.
“This completely destroys the narrative that subsidy savings are being used to reduce government indebtedness. Nigerians deserve honesty, not creative accounting,” he stated.
The former vice president also challenged the administration’s claim that subsidy savings have translated into improved welfare for Nigerian workers.
He maintained that key components of the new wage package remain outstanding despite official commitments.
“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. The promised wage award has equally not been fully implemented. These are not opposition allegations; they are the grievances of organised labour,” he added.
On education financing, Atiku questioned the government’s assertion that proceeds from subsidy removal were funding the Nigerian Education Loan Fund.
He noted that the agency’s management had publicly stated that it received a ₦50bn injection from funds recovered by the Economic and Financial Crimes Commission.
“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? Nigerians are tired of an administration that changes its story each time it is confronted with facts,” he added.
The ADC chieftain further blamed the government’s economic policies for soaring borrowing costs, arguing that the sharp increase in the Monetary Policy Rate had made credit increasingly unaffordable for businesses while worsening the country’s debt servicing burden.
“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. The government’s insatiable appetite for borrowing has crowded out productive businesses while pushing debt servicing to unsustainable levels. To now blame interest rates is nothing short of an admission of policy failure,” he stated.
The former vice president said government officials were relying on statistical presentations that bear little resemblance to the realities experienced by ordinary Nigerians.
“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. These are the realities Nigerians confront daily—not the glossy presentations from government officials,” he said.
Declaring that the administration’s performance should be judged by its impact on citizens rather than official data, Atiku insisted that Nigerians had already reached their verdict.
“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. Economic hardship cannot be explained away with clever rhetoric. Nigerians are living the consequences every day,” he added.
He urged government officials to abandon what he described as media spin and instead confront Nigeria’s economic challenges with sincerity, competence and accountability.
The latest exchange follows an ongoing war of words between the Tinubu administration and opposition figures over the impact of key economic reforms introduced since May 2023, including 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 path, critics argue that they have triggered soaring inflation, sharp increases in the cost of living and declining purchasing power for millions of Nigerians.
The debate has intensified in recent weeks as government officials continue to defend the reforms amid persistent public concern over rising food prices, exchange rate volatility and the broader cost-of-living crisis.
