Former Vice-President and Presidential Candidate of the African Democratic Congress, ADC, Atiku Abubakar, has dismissed the Federal Government’s defence of President Bola Tinubu’s economic policies, insisting that no amount of “lying with statistics” or polished presentations can erase the economic hardship confronting Nigerians.
Atiku stated this in a statement issued on Sunday by his Senior Special Assistant on Public Communication, Phrank Shaibu, in response to comments by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele.
He described Oyedele’s defence of the administration’s economic policies as a desperate attempt at revisionism, arguing that the government’s claims on public debt, subsidy removal, debt servicing and workers’ welfare were contradicted by publicly available facts.
On workers’ welfare, Atiku questioned the government’s claim of a salary increase, noting that the Federal Government was yet to fully implement the new minimum wage.
“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,” he said.
He added that “these are not opposition allegations; they are the grievances of organised labour.”
On public debt, Atiku cited figures from the Central Bank of Nigeria, CBN, saying the Federal Government’s exposure to the apex bank stood at approximately ₦26.9 trillion when Tinubu assumed office in May 2023 but had risen to over ₦40.38 trillion.
He said CBN Governor Olayemi Cardoso had disclosed that the bank’s credit to the Federal Government increased from ₦22.99 trillion in May 2025 to ₦40.38 trillion in May 2026.
According to Atiku, the ₦17.39 trillion increase represented a 77.6 per cent rise within one year.
“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,” he said.
The former Vice-President also challenged the government’s claim that savings from fuel subsidy removal were being used to finance the Nigerian Education Loan Fund, NELFUND.
Atiku cited an earlier disclosure by NELFUND’s Chief Executive Officer that the scheme received a ₦50 billion injection from funds recovered by the Economic and Financial Crimes Commission, EFCC.
“If that is the case, why is the government now presenting subsidy savings as the source?” he asked.
He also faulted attempts to attribute rising debt servicing costs solely to high interest rates, arguing that the government’s borrowing pattern under the current Monetary Policy Rate was a major factor.
Atiku said the government’s “insatiable appetite for borrowing” had crowded out productive businesses while pushing debt servicing to unsustainable levels.
He added that blaming interest rates amounted to an admission of policy failure.
The ADC presidential candidate listed food prices, inflation, business closures, unemployment, naira depreciation and deepening poverty among the realities confronting Nigerians.
He urged government officials to abandon what he described as media spin and confront the country’s economic realities with sincerity and accountability.
Titilope Adako is a talented and intrepid journalist, dedicated to shedding light on the untold stories of Osun State and Nigeria. Through incisive reporting, she tackles a broad spectrum of topics, from politics and social justice to culture and entertainment, with a commitment to accuracy, empathy, and inspiring positive change.
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