No amount of ‘lying with statistics’ can save Tinubu, says Atiku

Former Vice-President Atiku Abubakar has dismissed the federal government’s defence of its economic policies, saying no amount of statistics or “polished presentations” can erase the hardship faced by Nigerians.

Mr Abubakar, the presidential candidate of the African Democratic Congress, ADC, said the claims by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, regarding public debt, fuel subsidy removal, debt servicing and workers’ welfare were inconsistent with publicly available data.

The former vice-president stated this in a statement issued on Sunday by his Senior Special Assistant on Public Communication, Phrank Shaibu.

He described the federal government’s claim that savings from the removal of petrol subsidy were being used to offset liabilities inherited from previous administrations as misleading.

According to Mr Abubakar, the federal government’s exposure to the Central Bank of Nigeria, CBN, had increased significantly since President Bola Tinubu assumed office in May 2023.

“As of May 2023, when President Tinubu assumed office, the Federal Government’s exposure to the Central Bank of Nigeria stood at approximately N26.9 trillion. Today, that exposure has ballooned to over N40.38 trillion.

“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.

Mr Abubakar cited a recent disclosure by the Governor of the CBN, Olayemi Cardoso, which he said showed that the apex bank’s credit to the federal government increased from N22.99 trillion in May 2025 to N40.38 trillion in May 2026.

He said the increase of N17.39 trillion, representing 77.6 per cent within one year, contradicted the government’s claim that savings from the removal of fuel subsidy were being used to reduce its indebtedness.

“This completely destroys the narrative that subsidy savings are being used to reduce government indebtedness. Nigerians deserve honesty, not creative accounting,” he said.

The former vice-president also rejected the claim that subsidy savings were being used to improve workers’ welfare, alleging that the federal government had yet to fully implement the new national minimum wage and other benefits.

“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.

“The promised wage award has equally not been fully implemented. These are not opposition allegations; they are the grievances of organised labour,” he said.

Mr Abubakar also faulted the government’s claim that subsidy savings were being used to finance the Nigerian Education Loan Fund, NELFUND.

He said the Chief Executive Officer of NELFUND had previously disclosed that the scheme received a N50 billion injection from funds recovered by the Economic and Financial Crimes Commission, EFCC.

“The Chief Executive Officer of NELFUND publicly stated that the scheme received a N50 billion injection from recovered funds by the EFCC. If that is the case, why is the government now presenting subsidy savings as the source?

“Nigerians are tired of an administration that changes its story each time it is confronted with facts,” he said.

Mr Abubakar also criticised the government’s explanation for the rising cost of debt servicing, rejecting the suggestion that the increase was caused mainly by high interest rates.

“Who drove interest rates to their current levels? Under this administration, the Monetary Policy Rate has climbed dramatically, making borrowing prohibitively expensive for manufacturers and the private sector.

“Government’s insatiable appetite for borrowing has crowded out productive businesses while pushing debt servicing to unsustainable levels. To now blame interest rates is nothing short of an admission of policy failure,” he said.

The former vice-president said the administration’s economic performance could not be concealed by statistics that, according to him, did not reflect the everyday experiences of Nigerians.

“Food prices have spiralled beyond the reach of ordinary families. Inflation continues to erode incomes. Businesses are shutting down. Unemployment remains alarming. The naira has suffered unprecedented depreciation, while poverty has deepened across the country.

“These are the realities Nigerians confront daily—not the glossy presentations from government officials,” he said.

Mr Abubakar said the Tinubu administration would ultimately be judged by its impact on the living conditions of Nigerians rather than government presentations or media appearances.

“Governments are judged not by PowerPoint presentations or television interviews but by the quality of life of their citizens. On that score, this administration has failed spectacularly.

“Economic hardship cannot be explained away with clever rhetoric. Nigerians are living the consequences every day,” he said.

He urged government officials to stop what he described as media spin and confront the country’s economic challenges with sincerity, competence and accountability.