…Ex-VP says factory closures, 63% poverty rate and mortgaged oil revenues driving Nigerians to the edge
By Jeremy Fregene
Former Vice President and African Democratic Congress (ADC) Presidential Candidate, Atiku Abubakar, has launched a blistering attack on President Bola Tinubu’s administration, declaring that glowing economic statistics cannot conceal the worsening hardship confronting millions of Nigerians.
Responding to the Presidency’s recent defence of its economic policies, Atiku accused the government of attempting to “substitute propaganda for performance,” insisting that ordinary Nigerians judge the economy by empty stomachs, shut factories and declining living standards—not by GDP figures.
“It is remarkable that the Presidency devoted thousands of words to attacking the opposition while failing to answer the one question every Nigerian is asking: If the economy is doing so well, why are Nigerians getting poorer?” he asked.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, the ADC presidential flag bearer said no amount of statistical presentation could erase what he described as “the daily suffering of millions of Nigerians” under the current administration.
He argued that while the Presidency celebrates macroeconomic gains, Nigerians are grappling with soaring food prices, rising transport costs, unemployment and deepening poverty.
“The State House celebrates macroeconomic indicators while ordinary Nigerians struggle with microeconomic realities. It speaks glowingly about GDP growth while families skip meals. It boasts of debt ratios while businesses shut their doors.
“Governments are not elected to improve spreadsheets. They are elected to improve the lives of their people. Nigerians cannot eat GDP.”
Citing the International Monetary Fund’s latest Article IV Consultation, Atiku noted that although the IMF acknowledged progress in economic reforms, it also estimated that 63 per cent of Nigerians now live below the national poverty line, while about 27 million people faced food insecurity towards the end of 2025.
“Those are not opposition figures,” he said. “They are the findings of an independent international institution often quoted by the government itself.”
The former Vice President also questioned why the Federal Government continues to accumulate debt despite claiming record revenues following fuel subsidy removal and higher tax collections.
“If revenue has improved so dramatically, why does this administration continue to borrow at record levels? That contradiction goes to the heart of this debate,” he said.
On the removal of fuel subsidy, Atiku maintained that Nigerians never opposed reforms but objected to policies that imposed hardship without visible benefits.
“Three years later, where are the dividends? Instead of relief, they have experienced the highest fuel prices in history, unprecedented transport costs, and soaring food inflation. Government cannot ask citizens to celebrate sacrifice while the promised rewards remain invisible.”
He further accused the administration of contradicting itself by insisting fuel subsidy had been eliminated while simultaneously attributing reduced oil revenues to obligations arising from subsidy-related financing arrangements.
Atiku also challenged the Presidency’s celebration of record allocations from the Federation Account Allocation Committee (FAAC), asking why poverty, insecurity, and unemployment continue to worsen despite higher revenues flowing to governments.
“If revenues have reached unprecedented levels, why are Nigerians still confronted with collapsing purchasing power, worsening insecurity, rising unemployment, and deepening poverty?” he queried.
He dismissed claims that the increased allocations reflected true federalism, arguing that “real federalism means devolving powers, not devolving pain.”
On tax reforms, Atiku warned that increasing the tax burden in an economy already struggling under high production costs would only worsen the plight of businesses.
“No tax policy can succeed in an economy where businesses are already struggling to survive. A tax reform that expands government revenue while ordinary citizens become poorer cannot honestly be described as progressive.”
The ADC candidate also demanded full disclosure on crude-backed loans, describing the Presidency’s acknowledgement that future oil earnings had been committed as “an indictment.”
“If Nigeria’s future oil earnings have been encumbered, then the administration has merely replaced one fiscal burden with another. Who authorised these transactions? How many barrels have been pledged? Nigerians deserve full disclosure.”
Turning to the social sectors, Atiku dismissed government claims of progress in healthcare, education, and infrastructure.
He noted that only ₦36 million had reportedly been released under the 2025 health budget despite Nigeria’s persistently high maternal mortality rate, while describing the NELFUND student loan programme as commendable but insufficient to address the country’s education crisis.
On infrastructure, he argued that Nigerians judge governments by tangible improvements rather than announcements.
The former Vice President reserved his strongest criticism for the manufacturing sector, saying the collapse of industries demonstrated the disconnect between official economic optimism and reality.
Quoting figures from the Manufacturers Association of Nigeria (MAN), Atiku said 767 companies have shut down, 335 others are in distress, while manufacturers are saddled with ₦2.14 trillion worth of unsold inventory because consumers no longer possess the purchasing power to buy their products.
He also cited the exit of multinational firms including Procter & Gamble, GlaxoSmithKline and Sanofi, alongside local manufacturers such as Jubilee Syringe, while noting that manufacturers spent ₦1.11 trillion on diesel to keep their operations running.
“Factories do not shut down because the opposition writes press statements,” he said. “They leave because the economic environment has become increasingly hostile to production.”
Atiku further rejected attempts by the Presidency to blame previous administrations, particularly the government of former President Olusegun Obasanjo, which left office nearly two decades ago.
He recalled that the Obasanjo administration secured $18 billion in Paris Club debt relief, implemented banking consolidation, liberalised telecommunications and established the Excess Crude Account.
“Leadership is about accepting responsibility, not recycling excuses. If, after more than three years in office, this administration is still looking backwards for explanations instead of forward for solutions, then it has already admitted the poverty of its own record.”
He concluded that the ultimate verdict on the administration would come not from government statistics but from the daily experiences of ordinary Nigerians.
“The true report card of this administration is not written in the corridors of Aso Rock. It is written every day in the markets, on the farms, in the factories, in hospitals, in classrooms and in millions of Nigerian homes.
“That report card is being written by the Nigerian people themselves. And its verdict is becoming clearer with each passing day.”
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