‘Tinubu’s Administration of Lying to Nigerians With Statistics’ — Atiku Slams Tinubu

• Former Vice President Atiku Abubakar has accused the Tinubu administration of using “creative accounting” to mask Nigeria’s economic challenges, insisting that rising debt, inflation and worsening living conditions expose the true state of the economy.

Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has launched a fresh attack on President Bola Tinubu’s administration over its handling of Nigeria’s economy, declaring that “no amount of lying with statistics” can conceal what he described as the government’s poor economic performance.

In a statement issued on Sunday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku accused the Federal Government of attempting to rewrite Nigeria’s economic reality through what he termed “creative accounting” while millions of Nigerians continue to struggle with worsening economic hardship.

The former vice president was reacting to recent remarks by Minister of Finance Taiwo Oyedele, who defended the administration’s economic reforms, including the removal of fuel subsidy, debt management policies and workers’ welfare initiatives.

Atiku argued that the government’s claim that savings from the removal of fuel subsidy were being used to reduce inherited debts was contradicted by official financial records.

According to him, rather than reducing its liabilities to the Central Bank of Nigeria (CBN), the Tinubu administration has significantly increased its borrowing.

“As of May 2023, when President Tinubu assumed office, the Federal Government’s exposure to the Central Bank of Nigeria stood at approximately ₦26.9 trillion. Today, that exposure has ballooned to over ₦40.38 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,” the statement read.

Atiku also cited figures recently disclosed by CBN Governor Olayemi Cardoso, claiming that government borrowing from the apex bank increased by ₦17.39 trillion between May 2025 and May 2026, representing a 77.6 per cent increase.

He said the figures completely undermine the government’s claim that subsidy savings were being used to reduce public debt.

“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 faulted the government’s claims that workers had benefited from its economic reforms, insisting that key components of the new wage structure remain unpaid.

According to him, the Federal Government has yet to fully implement the new national minimum wage, while the 40 per cent peculiar allowance linked to the wage adjustment, which was expected to take effect from May 1, 2026, has also not been paid.

He further alleged that the promised wage award remains outstanding despite repeated government assurances.

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

On education funding, Atiku questioned the administration’s explanation that subsidy savings were financing the Nigerian Education Loan Fund (NELFUND).

He pointed out that the agency’s Chief Executive Officer had previously disclosed that the scheme received a ₦50 billion injection from funds recovered by the Economic and Financial Crimes Commission (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.

The ADC presidential candidate also criticised the administration’s monetary policies, arguing that rising interest rates had made borrowing increasingly difficult for businesses while driving up the country’s debt servicing costs.

According to him, the sharp increase in the Monetary Policy Rate (MPR) has placed enormous pressure on manufacturers and private businesses, making access to credit more expensive.

“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. The 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 added.

Atiku maintained that government officials were relying on statistical presentations that failed to reflect the realities experienced by ordinary Nigerians.

He said food prices had continued to soar beyond the reach of many families, inflation had weakened purchasing power, businesses were shutting down, unemployment remained high and the naira had suffered significant depreciation.

“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 stated.

The former vice president argued that governments should be judged by the living conditions of their citizens rather than official presentations or economic statistics.

“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.”

Atiku urged the Federal Government to abandon what he described as media spin and instead address Nigeria’s economic challenges with sincerity, accountability and competence.

His latest criticism comes amid continued debate over the Tinubu administration’s key economic reforms, including the removal of fuel subsidy and the liberalisation of the foreign exchange market, which the government insists are necessary for long-term economic stability but critics say have worsened the cost-of-living crisis across the country.