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Former Vice-President Atiku Abubakar has rejected the presidency’s defence of President Bola Tinubu’s economic policies, arguing that no amount of government messaging can mask the worsening hardship faced by Nigerians.
The remarks come as the presidency and the African Democratic Congress (ADC) presidential candidate continue to trade words over the Tinubu administration’s economic reforms, borrowing, tax policies and the impact of fuel subsidy removal.
Presidential spokesman Bayo Onanuga had recently defended the administration’s reforms, saying the removal of the petrol subsidy had significantly increased allocations to states and local governments through the Federation Account Allocation Committee.
In a statement issued on Monday by Atiku’s media aide, Phrank Shaibu, he said the administration was relying on what he described as statistical projections and public relations instead of addressing the realities confronting citizens.
He questioned why poverty continued to deepen if the economy was performing as strongly as the government claimed.
“If the economy is doing so well, why are Nigerians getting poorer?” he asked.
According to Atiku, while the government celebrates improvements in macroeconomic indicators, many Nigerians are struggling with rising inflation, declining purchasing power and worsening living conditions.
“The State House celebrates macroeconomic indicators while ordinary Nigerians struggle with microeconomic realities,” he said.
Credit: Bayo Onanuga/Facebook
“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 argued that governments should be judged by the welfare of their citizens rather than economic statistics, adding that ordinary Nigerians could not survive on growth figures or debt ratios.
“Governments are not elected to improve spreadsheets. They are elected to improve the lives of their people,” he said.
“Nigerians cannot eat GDP. They cannot cook with debt-to-GDP ratios. They cannot pay school fees with statistical projections.”
Atiku also dismissed claims that critics were relying on outdated data, saying the effects of government policies were still being felt across the country.
He questioned why the government continued to borrow despite reporting higher revenues, increased tax collections and improved debt management.
“The Tinubu administration is asking Nigerians to forget the very policies whose consequences they continue to endure every day,” he said.
“Economic policy is not a light switch. The consequences of reckless decisions linger long after the announcements have faded.”
“If revenue has improved so dramatically, if subsidy has been removed, if tax collection has increased, and if debt servicing has supposedly become more manageable, why does this administration continue to borrow at record levels?” he asked.
The former vice-president also said Nigerians had yet to experience the promised benefits of fuel subsidy removal, arguing that the policy had instead led to record fuel prices, higher transport costs, rising food inflation and declining purchasing power.
“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.”
He criticised the administration’s tax reforms, saying businesses were already struggling with rising production and operating costs.
Citing figures from the Manufacturers Association of Nigeria, Atiku said 767 manufacturing firms had shut down while another 335 were operating under distress. He added that manufacturers were holding about N2.14 trillion worth of unsold goods, while multinational firms including Procter & Gamble, GlaxoSmithKline, Sanofi and Kimberly-Clark had exited local manufacturing.
According to him, factory closures and the departure of major manufacturers offered a more accurate picture of the economy than official government statements.
Atiku urged the presidency to focus on improving the welfare of Nigerians rather than defending its economic record, maintaining that governments are ultimately judged by citizens’ ability to afford food, find jobs, access healthcare and education, and maintain hope for the future.
“The true verdict on this administration’s economic policies is not written by government spokespersons,” he said.
“It is written in the silent factories, the abandoned production lines, the shuttered warehouses, the unemployed workers and the empty pockets of millions of Nigerians. No amount of propaganda can erase that reality.
“Governments are not judged by the elegance of their press statements or the sophistication of their economic theories.
“They are judged by whether families can afford food, whether businesses can survive, whether young people can find jobs, whether communities are secure, and whether citizens have hope for tomorrow,” he added.
