Atiku Knocks Tinubu’s Economic Claims, Alleges Government Is ‘Whitewashing’ Reality

Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has criticised the Tinubu administration’s defence of its economic policies, accusing the government of attempting to “whitewash” Nigeria’s economic realities with official statistics despite the hardship faced by millions of citizens.

Atiku made the remarks in a statement issued on Sunday by his Senior Special Assistant on Public Communication, Phrank Shaibu, in response to recent comments by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele.

He argued that the administration’s claims on public debt, fuel subsidy savings, debt servicing and workers’ welfare were inconsistent with publicly available data and the lived experiences of Nigerians.

On the utilisation of savings from the removal of fuel subsidy, Atiku disputed the government’s assertion that the funds were being used to reduce inherited liabilities.

“As of May 2023, when President Tinubu assumed office, the federal government’s exposure to the Central Bank of Nigeria stood at approximately ₦26.9 trillion. Today, that exposure has ballooned to over ₦40.38 trillion.

“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,” he said.

The former vice president also cited figures he attributed to the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, claiming that the apex bank’s credit to the federal government had risen significantly within one year.

“This completely destroys the narrative that subsidy savings are being used to reduce government indebtedness. Nigerians deserve honesty, not creative accounting,” he stated.

Atiku further challenged the government’s claim that subsidy savings were improving workers’ welfare, alleging that critical components of the new wage package remained unimplemented.

“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 said.

On the Nigerian Education Loan Fund (NELFUND), Atiku questioned the government’s funding narrative.

“The Chief Executive Officer of NELFUND publicly stated that the scheme received a ₦50 billion injection from recovered funds by the Economic and Financial Crimes Commission (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 former vice president also faulted the government’s explanation for rising debt servicing costs, arguing that soaring interest rates were the consequence of its own economic policies.

“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.

“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 said.

Atiku maintained that the country’s economic performance could not be measured solely through official figures.

“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 stated.

He added that governments are ultimately judged by the living standards of their citizens rather than statistical 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. Economic hardship cannot be explained away with clever rhetoric. Nigerians are living the consequences every day,” Atiku said.

He called on government officials to focus on tackling Nigeria’s economic challenges instead of engaging in what he described as media spin.

The federal government had yet to respond to Atiku’s latest remarks as of the time of filing this report.