Atiku Abubakar, the presidential candidate of the African Democratic Congress (ADC), has dismissed the Presidency’s defence of President Bola Tinubu’s economic policies, insisting that no amount of propaganda can mask the hardship facing millions of Nigerians.
The exchange follows a growing war of words between the former vice-president and the Presidency over the Tinubu administration’s economic reforms, borrowing, tax policies and the impact of the removal of petrol subsidy.
Responding to recent comments by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, who argued that subsidy removal had significantly boosted allocations to states and local governments through the Federation Account Allocation Committee (FAAC), Atiku maintained that the everyday reality for Nigerians tells a different story.
In a statement issued on Monday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku accused the administration of relying on public relations and favourable economic statistics instead of addressing the worsening living conditions of citizens.
He questioned why poverty continues to deepen if the economy is truly improving.
According to Atiku, while government officials celebrate macroeconomic gains, ordinary Nigerians are grappling with rising inflation, declining purchasing power, high transport costs and soaring food prices.
He argued that governments should be judged by the quality of life of their citizens rather than economic indicators, stressing that figures such as GDP growth and debt-to-GDP ratios mean little to families struggling to feed themselves or pay school fees.
The former vice-president also challenged the government’s continued borrowing despite claims of increased revenues, improved tax collection and the gains from subsidy removal.
Three years after the subsidy was scrapped, he said Nigerians are yet to see its promised benefits, insisting that the policy has only worsened the cost of living.
Atiku further criticised the administration’s tax reforms, warning that manufacturers and businesses are already weighed down by rising production costs.
Citing data from the Manufacturers Association of Nigeria (MAN), he claimed that 767 manufacturing firms have shut down while another 335 are operating under distress. He also said manufacturers are holding about ₦2.14 trillion worth of unsold goods, while several multinational companies have exited local manufacturing.
According to him, factory closures, job losses and shrinking household incomes provide a more accurate picture of the country’s economic health than official pronouncements.
He urged the Presidency to focus on improving the welfare of Nigerians instead of defending its economic record, insisting that governments are ultimately judged by whether citizens can afford basic necessities, businesses can survive and young people can find jobs.