Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has accused the President Bola Tinubu administration of misrepresenting the state of Nigeria’s economy through what he described as “creative accounting” and selective use of statistics.
Atiku said no amount of statistical presentation could conceal the economic hardship facing Nigerians, insisting that the government’s performance should be measured by its impact on citizens rather than official figures.
In a statement issued on Sunday by his Senior Special Assistant on Public Communication, Phrank Shaibu, the former vice president criticised recent comments by Presidential Fiscal Policy and Tax Reforms Committee Chairman, Taiwo Oyedele, who had defended the administration’s economic reforms, including the removal of fuel subsidy, debt management strategy and workers’ welfare policies.
According to Atiku, the government’s claim that savings from fuel subsidy removal are being used to reduce inherited liabilities is contradicted by publicly available financial records.
He argued that rather than reducing its debt to the Central Bank of Nigeria (CBN), the Tinubu administration had significantly increased its borrowing.
“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,” the statement said.
Citing figures attributed to CBN Governor Olayemi Cardoso, Atiku claimed government borrowing from the apex bank rose by ₦17.39 trillion between May 2025 and May 2026, representing a 77.6 per cent increase.
He said the figures undermined the government’s narrative that subsidy savings were being used to reduce public debt.
“This completely destroys the narrative that subsidy savings are being used to reduce government indebtedness. Nigerians deserve honesty, not creative accounting,” he said.
Questions Over Workers’ Welfare
Atiku also disputed the administration’s claims that subsidy savings had improved workers’ welfare, arguing that key elements of the new wage package remain unpaid.
“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 stated.
NELFUND Funding Claim
The former vice president also questioned the government’s assertion that proceeds from fuel subsidy removal were financing the Nigerian Education Loan Fund (NELFUND).
He noted that the agency’s management had previously disclosed receiving a ₦50 billion injection from funds recovered by the Economic and Financial Crimes Commission (EFCC).
“The Chief Executive Officer of NELFUND publicly stated that the scheme received a ₦50 billion 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 said.
Borrowing, Interest Rates
Atiku further blamed the administration’s economic policies for rising borrowing costs, arguing that repeated increases in the Monetary Policy Rate (MPR) had made credit more expensive 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 said.
‘Reality Differs From Official Figures’
The former vice president maintained that government officials were relying on statistics that did not reflect the realities experienced by ordinary Nigerians.
According to him, rising food prices, persistent inflation, business closures, unemployment, naira depreciation and increasing poverty paint a more accurate picture of the economy than official presentations.
“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.
Atiku insisted that governments are ultimately judged by the quality of life of their citizens, not by official presentations or media appearances.
“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 urged the Federal Government to abandon what he described as media spin and instead address the country’s economic challenges with sincerity, competence and accountability.
The latest exchange adds to the growing debate between the Tinubu administration and opposition figures over the impact of key economic reforms introduced since May 2023, particularly 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 footing, critics argue that they have fuelled inflation, weakened purchasing power and worsened the cost-of-living crisis for millions of Nigerians.
