Atiku Accuses Tinubu’s Government of ‘Lying With Statistics’ on Economy
Former Vice President Atiku Abubakar has accused President Bola Tinubu’s administration of distorting Nigeria’s economic realities, dismissing recent efforts by Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, to defend the government’s economic record.
In a statement issued on Sunday by his Senior Special Assistant on Public Communication, Phrank Shaibu, the African Democratic Congress (ADC) presidential candidate argued that the administration’s claims on public debt, fuel subsidy removal, debt servicing, and workers’ welfare were inconsistent with publicly available data.
Atiku specifically challenged the government’s assertion that Nigerian workers had benefited from improved welfare, arguing that the Federal Government has yet to fully implement the new minimum wage. He noted that a 40 percent peculiar allowance tied to the wage adjustment remains unpaid, despite official directives stating it should have taken effect from May 1, 2026, describing these as concerns raised by organised labour rather than opposition talking points.
On public debt, Atiku pointed to an alleged disclosure by Central Bank of Nigeria (CBN) Governor Olayemi Cardoso, who reportedly said the CBN’s credit to the federal government rose from ₦22.99 trillion in May 2025 to ₦40.38 trillion in May 2026, an increase of ₦17.39 trillion, or 77.6 percent, within a single year. He argued this figure undermines the government’s narrative that fuel subsidy savings are being used to reduce inherited debt, claiming instead that existing obligations were merely repackaged, with Ways and Means advances converted into Treasury Bills and bonds while new obligations were taken on.
He also questioned how the Nigerian Education Loan Fund (NELFUND) is financed, noting that the scheme’s chief executive had publicly stated it received a ₦50 billion injection from funds recovered by the Economic and Financial Crimes Commission (EFCC), and asked why the government was separately presenting subsidy savings as the funding source.
On debt servicing costs, Atiku argued the administration bears direct responsibility, contending that the Monetary Policy Rate had climbed sharply under Tinubu, crowding out the private sector and making borrowing prohibitively expensive for manufacturers. He listed food prices, inflation, unemployment, naira depreciation, and business closures as the everyday realities confronting Nigerians that he said no official presentation could obscure.
Atiku urged government officials to abandon what he called media spin and confront the country’s economic challenges with sincerity, adding that no official presentation could change the daily reality facing Nigerians.
The criticism forms part of a broader, sustained line of attack Atiku has directed at the administration’s economic management in recent months, including previous claims regarding budget duplication allegations and an IMF disclosure concerning omitted public expenditure figures.
The Presidency and Oyedele’s committee have previously defended the administration’s reforms, pointing to macroeconomic indicators they say demonstrate improvement, though Atiku maintains such indicators are selectively presented and do not reflect the lived experience of ordinary Nigerians. The exchange reflects an ongoing and contested debate between the government and opposition figures over the true state of Nigeria’s economy ahead of the 2027 general election.
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