Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has launched a fresh attack on the Bola Tinubu administration, accusing it of masking Nigeria’s economic problems with statistics while millions of citizens continue to struggle with rising hardship.
In a statement released on Sunday, August 2, by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku argued that no amount of official data could erase what Nigerians experience daily.
According to him, “no amount of lying with statistics” can hide what he described as the government’s worsening economic performance.
Atiku dismissed recent remarks by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, who defended the administration’s economic reforms, including the removal of fuel subsidy, debt management policies and workers’ welfare programmes.
The former vice president questioned the government’s claim that savings from subsidy removal had been used to reduce inherited debts, insisting that the Federal Government’s liabilities to the Central Bank of Nigeria (CBN) had instead grown significantly.
“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.
Quoting figures recently disclosed by CBN Governor Olayemi Cardoso, Atiku said government borrowing from the apex bank rose by ₦17.39 trillion between May 2025 and May 2026, representing a 77.6 per cent increase.
“This completely destroys the narrative that subsidy savings are being used to reduce government indebtedness. Nigerians deserve honesty, not creative accounting,” he stated.
Atiku also challenged the administration’s claim that workers had benefited from the reforms, 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 added.
On education funding, Atiku questioned the government’s assertion that subsidy savings were financing the Nigerian Education Loan Fund (NELFUND).
He pointed out that the agency’s management had previously stated that it received 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 ₦50bn 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 added.
The former vice president also blamed the government’s economic policies for rising borrowing costs, saying the increase in the Monetary Policy Rate had made loans too expensive for businesses while worsening Nigeria’s debt burden.
READ ALSO: Atiku Accuses Tinubu Government Of Deepening Nigeria’s Debt Crisis
“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 stated.
Atiku maintained that official economic figures do not reflect the realities facing ordinary Nigerians.
“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.
He insisted that the government’s performance should be judged by its impact on citizens rather than economic 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,” he added.
Atiku urged government officials to stop relying on public relations and instead address the country’s economic challenges with transparency and accountability.
His comments come amid a sustained exchange between the Tinubu administration and opposition leaders over the impact of major economic reforms introduced since May 2023, including the removal of fuel subsidy and the liberalisation of the foreign exchange market.
While the Federal Government says the measures are necessary to stabilise the economy and attract investment, critics argue they have fuelled inflation, weakened purchasing power and worsened the cost-of-living crisis for millions of Nigerians.