Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has accused the President Bola Tinubu administration of relying on official statistics to mask what he described as the worsening economic hardship facing Nigerians.
In a statement issued on Sunday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said no amount of “lying with statistics” or “creative accounting” could change the reality of soaring food prices, inflation, unemployment and declining purchasing power across the country.
According to him, the administration’s claim that savings from the removal of fuel subsidy are being used to reduce inherited liabilities is inconsistent with publicly available financial records.
He alleged that the Federal Government’s debt exposure to the Central Bank of Nigeria had increased rather than declined since President Bola Tinubu assumed office in May 2023.
The former vice president also faulted the government’s claim that subsidy savings had improved workers’ welfare, arguing that the new minimum wage, the 40 per cent peculiar allowance and the promised wage award had yet to be fully implemented.
Atiku further questioned the Federal Government’s explanation that fuel subsidy savings were funding the Nigerian Education Loan Fund (NELFUND), noting that the agency had previously disclosed receiving a ₦50 billion intervention from funds recovered by the Economic and Financial Crimes Commission.
He also blamed the administration’s economic policies for rising interest rates, saying the high cost of borrowing was hurting manufacturers and private businesses while increasing Nigeria’s debt-servicing burden.
“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,” Atiku said.
The former vice president maintained that governments should be judged by the quality of life of their citizens rather than official presentations, insisting that Nigerians were experiencing the impact of the administration’s economic policies firsthand.
The latest criticism comes amid continuing exchanges between the Tinubu administration and opposition figures over the impact of key 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 reforms are necessary to stabilise the economy and attract investment, critics argue that they have worsened the cost-of-living crisis.
