Former Vice President and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has faulted the Presidency’s defence of President Bola Tinubu’s economic record, insisting that government claims of economic progress are contradicted by worsening poverty, food insecurity, rising business closures and declining purchasing power.

In a statement issued on Monday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said the central question the Tinubu administration had failed to answer was why Nigerians were becoming poorer despite repeated government assurances that economic reforms were yielding positive results.

According to him, the Presidency’s reliance on gross domestic product (GDP) growth, debt-to-GDP ratios and other macroeconomic indicators ignored the realities faced by ordinary Nigerians, many of whom continue to grapple with high living costs, unemployment and food insecurity.

“The true measure of economic management is whether families are living better today than they were yesterday. On that score, this administration has failed,” Atiku said.

The former vice president argued that the effects of policies introduced since 2024, particularly subsidy removal and exchange-rate reforms, continue to affect households and businesses, dismissing suggestions that criticisms based on earlier economic data were no longer relevant.

He maintained that economic decisions have long-term consequences and said Nigerians could not be expected to forget the hardship associated with those policies simply because new fiscal years had begun.

Atiku cited findings from the International Monetary Fund’s (IMF)A latest Article IV Consultation, noting that the institution estimated that 63 per cent of Nigerians now live below the national poverty line, while about 27 million people experienced food insecurity in late 2025.

He argued that those findings, coming from an institution frequently referenced by the Federal Government, reinforced concerns that macroeconomic stability had yet to improve household welfare.

On public borrowing, Atiku said the issue was not the volume of debt alone but whether borrowed funds had translated into improved infrastructure, employment opportunities and public services.

He questioned why the Federal Government continued to accumulate fresh debt despite repeatedly highlighting improved revenue generation, increased tax collections and savings from fuel subsidy removal.

“The contradiction goes to the heart of this debate. Nigerians deserve answers,” he said.
The former vice president also questioned the government’s handling of subsidy removal, arguing that while the policy may have been economically necessary, Nigerians had yet to see the promised benefits in infrastructure, healthcare, education and social welfare.

According to him, soaring fuel prices, rising transportation costs and declining purchasing power have overshadowed any expected gains from the policy.

Atiku further argued that increased allocations to states and local governments through the Federation Account Allocation Committee (FAAC) had not translated into noticeable improvements in citizens’ welfare, saying higher revenues should produce visible development outcomes rather than deeper economic hardship.

On taxation, he warned that expanding tax collections in an economy where businesses were struggling with high energy costs, multiple levies and weak consumer demand could further undermine productivity.
He also raised concerns over crude-backed financing arrangements, saying the Presidency had effectively acknowledged that significant portions of Nigeria’s future oil revenues had already been committed.

Calling for greater transparency, Atiku urged the government to disclose the volume of crude pledged under such arrangements, the repayment terms, projects financed and parties involved.

The former vice president also criticised the administration’s claims of progress in healthcare, arguing that improved facilities alone could not compensate for poor access to affordable medical services, continued emigration of healthcare professionals and high maternal mortality rates.

He further dismissed the government’s reliance on the Nigerian Education Loan Fund (NELFUND) as evidence of education reform, saying access to loans does not address challenges such as inadequate school infrastructure, insecurity, teacher welfare and learning outcomes.

On infrastructure, Atiku said projects should be evaluated by their impact on economic productivity rather than the number of announcements made, noting that businesses continued to struggle with unreliable electricity, high logistics costs and poor road conditions.

He also described recent moderation in inflation as insufficient, arguing that slower inflation does not equate to lower prices, with food, transportation and housing remaining beyond the reach of many households.

Questioning the effectiveness of government social intervention programmes, Atiku called for greater transparency on the implementation of initiatives such as NG-CARES, HOPE, SOLID and cash transfer schemes, including data showing beneficiaries and measurable impacts on poverty reduction.

The former vice president also criticised the Presidency for continuing to blame previous administrations for Nigeria’s current economic challenges more than three years after President Tinubu assumed office.

He said the administration in which he served under former President Olusegun Obasanjo inherited significant economic challenges but implemented reforms including the Paris Club debt relief deal, banking consolidation, telecommunications liberalisation and pension reforms.

According to him, governments should be assessed by their ability to solve problems rather than attribute current difficulties to predecessors.

Atiku equally pointed to challenges facing the manufacturing sector, citing figures from the Manufacturers Association of Nigeria (MAN), which he said showed that 767 manufacturing companies had shut down while 335 others were distressed.

He also referenced reports of over ₦2 trillion worth of unsold finished goods and the exit of multinational firms from local manufacturing, arguing that such developments reflected the difficult operating environment.

“The true verdict on this administration’s economic policies is written in the silent factories, the abandoned production lines, the unemployed workers and the empty pockets of millions of Nigerians,” he said.

He urged the Federal Government to focus on addressing the country’s economic challenges rather than defending its record through official statements, insisting that Nigerians would ultimately judge the administration by improvements in their standard of living rather than macroeconomic statistics.