Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has criticised the President Bola Tinubu administration over its handling of the economy, insisting that “no amount of lying with statistics” can hide what he described as the government’s worsening economic performance.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku accused the administration of attempting to rewrite Nigeria’s economic realities through “creative accounting” and polished public presentations, arguing that the hardship experienced by Nigerians contradicts the government’s claims of progress.
He dismissed recent remarks by the Minister of Finance, Taiwo Oyedele, defending the administration’s reforms, including fuel subsidy removal, debt management and workers’ welfare, contending that publicly available financial records contradict the government’s narrative.
According to Atiku, rather than reducing debt to the Central Bank of Nigeria (CBN), the Tinubu administration increased borrowing from the apex bank by ₦17.39 trillion 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 said.
The former vice president also challenged claims that savings from fuel subsidy removal had improved workers’ welfare, arguing that key aspects of the new wage package remain unpaid despite government commitments.
On education, Atiku questioned the government’s assertion that subsidy savings were financing the Nigerian Education Loan Fund (NELFund), noting that the agency had stated it received a ₦50 billion injection from funds recovered by the Economic and Financial Crimes Commission (EFCC).
He further blamed the administration’s economic policies for rising borrowing costs, saying higher Monetary Policy Rates have made credit more expensive for businesses while increasing the nation’s debt-servicing burden. He urged the government to abandon what he described as media spin and address Nigeria’s economic challenges with sincerity, competence and accountability.
However, the Presidency rejected Atiku’s criticism, insisting that the Tinubu administration’s reforms are yielding measurable results and positioning Nigeria for long-term economic recovery.
In a statement titled “Facts, Not Fear: A Point-by-Point Response to Atiku Abubakar on Nigeria’s Reform Journey,” Special Adviser to the President on Information and Strategy, Bayo Onanuga, accused Atiku of relying on outdated economic data while ignoring improvements recorded since the reforms began.
Onanuga maintained that while democracy allows political disagreement, such debates should be based on current facts rather than “frozen snapshots of history.”
He said Atiku’s assessment focused largely on developments in the 2024 fiscal year and overlooked subsequent progress, including the expansion of the Nigerian Education Loan Fund.
According to the Presidency, more than 1.64 million students have benefited from NELFund, with over ₦303 billion disbursed across 300 higher institutions, describing the programme as evidence that the administration’s reforms are delivering tangible results.
