Atiku Slams Tinubu’s Administration Over Management Of Economy

The African Democratic Congress presidential candidate, Atiku Abubakar, has slammed the President Bola Tinubu-led government over its management of the economy.

Atiku said that “no amount of lying with statistics” can shield the administration from what he described as its worsening economic record.

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.