ABUJA — Former Vice President Atiku Abubakar has launched a scathing attack on the Presidency’s defence of President Bola Tinubu’s economic record, describing it as a “desperate attempt to substitute propaganda for performance” and insisting that Nigerians are not fooled by official statistics.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said it was “remarkable” that the State House devoted thousands of words to attacking the opposition while failing to answer the question every Nigerian is asking: If the economy is doing so well, why are Nigerians getting poorer?
He cited staggering economic indicators to support his argument, noting that 767 factories have shut down and 335 more remain in distress under the current administration.
“As the Yoruba rightly say, the one who defecated yesterday may quickly forget, but the person who cleaned up the mess never does. Nigerians have not forgotten the pain this administration unleashed through the disastrous management of every fiscal year since 2024,” Atiku said.
Government Accused of Contradictions
The former Vice President said the Presidency’s response was remarkable not for the strength of its arguments but for the contradictions it inadvertently exposed.
“The State House celebrates macroeconomic indicators while ordinary Nigerians struggle with microeconomic realities. It speaks glowingly about GDP growth while families skip meals. It boasts of debt ratios while businesses shut their doors. It trumpets reforms while millions of citizens slide deeper into poverty,” he said.
Atiku noted that even institutions frequently cited by the Presidency, including the International Monetary Fund, have consistently warned that macroeconomic stabilisation has yet to translate into broad improvements in living standards. The latest IMF Article IV Consultation estimated that 63 per cent of Nigerians now live below the national poverty line, while approximately 27 million Nigerians faced food insecurity in late 2025.
“Those are not opposition figures; they are the findings of an independent international institution often quoted by the government itself,” he added.
‘Nigerians Cannot Eat GDP’
The presidential candidate of the African Democratic Congress (ADC) delivered a blunt assessment of the government’s economic messaging.
“Governments are not elected to improve spreadsheets. They are elected to improve the lives of their people. Nigerians cannot eat GDP. They cannot cook with debt-to-GDP ratios. They cannot pay school fees with statistical projections,” Atiku said.
“The true measure of economic management is whether families are living better today than they were yesterday. On that score, this administration has failed.”
Oil Revenues ‘Mortgaged’, Says Atiku
The former Vice President seized on the Presidency’s explanation regarding Nigeria’s oil revenues, describing it as the most revealing part of the government’s entire response.
“In attempting to rebut our position, the Presidency inadvertently strengthened it. It admitted that despite higher international crude oil prices, Nigerians cannot fully benefit because substantial volumes of the nation’s crude have already been committed under crude-backed financing arrangements,” he said.
“That is not a defence. It is an indictment.”
Atiku demanded full disclosure of all such transactions, asking who authorised them, how many barrels have been pledged, what the repayment terms are, and who the counterparties are. “These are not political questions; they are constitutional questions about transparency and accountability,” he said.
Healthcare and Education Criticised
The former Vice President also took aim at the government’s claims of achievement in healthcare and education.
He noted that the Federal Ministry of Health had informed the National Assembly that only ₦36 million had been released to the ministry under the 2025 Appropriation Act. “That is not the testimony of the opposition; it is the official position of the government itself,” he said.
On education, Atiku dismissed the government’s reliance on the student loan scheme as proof of transformation. “Helping students finance higher education is commendable. But student loans alone do not constitute education reform,” he said.
‘This Is Not True Federalism’
Atiku rejected the Presidency’s attempt to describe increased allocations to states as “true federalism.”
“True federalism is not simply sending more money to states after unleashing inflation on the entire country. True federalism means devolving powers, strengthening institutions, respecting constitutional responsibilities and allowing sub-national governments to become genuine centres of economic productivity,” he said.
“Passing the burden of economic hardship to states while the Federal Government continues to centralise power is not restructuring. It is merely devolving pain.”
Tax Reforms ‘Strangulating’ Businesses
Responding to the Presidency’s defence of its tax reforms, Atiku said no tax policy can succeed in an economy where businesses are already struggling to survive.
“Manufacturers are battling record energy costs. Small businesses face multiple taxes, rising electricity tariffs, escalating logistics expenses and declining consumer demand. Families are paying more for virtually every essential service,” he said.
“A tax reform that expands government revenue while ordinary citizens become poorer cannot honestly be described as progressive.”
‘Subsidy Dividends Remain Invisible’
Turning to the fuel subsidy removal, Atiku said Nigerians have never opposed difficult reforms but reject hardship without accountability.
“The Tinubu administration promised that subsidy removal would free enormous resources for infrastructure, healthcare, education, transportation and social protection. Three years later, Nigerians are entitled to ask: where are those dividends?” he said.
“Instead of relief, they have experienced the highest fuel prices in history, unprecedented transport costs, soaring food inflation, collapsing purchasing power and an economy where millions now struggle to afford even one decent meal a day.”
Final Verdict
The former Vice President concluded that the government’s defence had failed on every substantive point.
“No amount of official spin can conceal the widening gap between government narratives and the daily realities confronting millions of Nigerians. The administration is implementing the 2024, 2025 and 2026 budgets simultaneously but wants Nigerians to forget the consequences of its economic decisions in earlier years. That is both convenient and absurd.”
He called on the government to focus on tangible outcomes rather than press releases. “Transparency—not propaganda—is the true test of fiscal responsibility,” Atiku said.
