Presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar has criticised the economic policies of President Bola Tinubu, describing the latest flight of foreign portfolio investments from Nigeria as a “vote of no confidence” in the administration’s management of the economy.
Atiku, in a statement issued on Tuesday by his Senior Special Assistant on Public Communication, Phrank Shaibu, said data from the Nigerian Exchange should concern Nigerians, arguing that investors’ actions offered a more telling assessment of the economy than government pronouncements.
According to the statement, foreign investors brought ₦513.36 billion into the Nigerian equities market between January and July 2026 but withdrew ₦779.43 billion during the same period.
The resulting net outflow of ₦266.07 billion, Atiku said, represented a significant deterioration compared with the corresponding period of 2023, when the net outflow was ₦22.68 billion.
He further noted that foreign portfolio investment outflows exceeded inflows in every month between January and July 2026.
“This is not merely an investment statistic. It is a confidence verdict on the Tinubu economy,” Atiku said.
Using an analogy, the former vice president likened the situation to a struggling landlord whose tenants and customers are unable to spend while outside investors are withdrawing their funds.
“Only a foolish landlord would stand at the gate and call that prosperity. That is Tinubu’s economy,” he said.
Atiku also linked the reported decline in foreign portfolio investment to rising government borrowing and increased pressure on the private sector.
He referenced reports that the Federal Government’s domestic borrowing had risen by 90.5 per cent to ₦24.7 trillion in eight months, while credit to government had grown substantially faster than credit to the private sector.
According to him, the figures point to an economy in which government borrowing is increasingly competing with businesses for available domestic credit, while foreign investors are reducing their exposure to Nigerian assets.
“So the picture is now painfully clear: Tinubu’s government is crowding Nigerian businesses out of the domestic credit market while foreign investors are taking their money and heading for the exit,” he said.
Atiku also criticised the administration over the cost of living, citing food prices, transportation costs and the operating challenges confronting businesses.
He questioned the government’s continued celebration of its economic reforms, arguing that headline economic figures alone could not demonstrate recovery if businesses continued to struggle with financing and operating costs and households experienced declining purchasing power.
“What exactly is working?” he asked.
The former vice president said investors were assessing Nigeria on the basis of factors including policy consistency, inflation, purchasing power, regulatory predictability and the prospects of earning sustainable real returns.
“And their verdict is increasingly unmistakable: take the money and run,” he said.
Atiku called for a shift in economic policy towards restoring investor confidence, reducing the cost of doing business and making energy and transportation more affordable.
He also advocated greater emphasis on private-sector production, arguing that sustainable economic growth should be driven by businesses and households rather than increasing government borrowing.
