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Presidential candidate of the African Democratic Congress (ADC), Abubakar, has accused the Bola Tinubu administration of distorting Nigeria’s economic realities, dismissing recent efforts by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, to defend the government’s policies.
In a statement issued on Sunday by his Senior Special Assistant on Public Communication, Phrank Shaibu, the former Vice President said the administration’s claims on public debt, fuel subsidy removal, debt servicing and workers’ welfare were inconsistent with publicly available data.
Atiku questioned the government’s assertion that workers had benefited from improved welfare, insisting that the Federal Government had yet to fully implement the new minimum wage.
“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. These are not opposition allegations; they are the grievances of organised labour,” he said.
The former Vice President also challenged the administration’s position on public debt, citing figures from the Central Bank of Nigeria (CBN), which he said showed that the Federal Government’s debt to the apex bank had increased significantly since President Tinubu assumed office.
According to him, CBN Governor Olayemi Cardoso disclosed that the bank’s credit to the Federal Government rose from ₦22.99 trillion in May 2025 to ₦40.38 trillion in May 2026, representing an increase of ₦17.39 trillion, or 77.6 per cent, within one year.
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“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,” Atiku stated.
He also disputed the government’s claim that savings from the removal of fuel subsidy were funding the Nigerian Education Loan Fund (NELFUND), pointing to an earlier statement by the agency’s Chief Executive Officer that the scheme received ₦50 billion 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?” he queried.
Atiku further faulted attempts to attribute rising debt servicing costs solely to high interest rates, arguing instead that the government’s borrowing pattern was responsible for the growing debt burden.
“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 ADC presidential candidate maintained that rising food prices, persistent inflation, business closures, unemployment, naira depreciation and worsening poverty reflected the true state of the economy.
He urged government officials to abandon what he described as media spin and confront the country’s economic challenges with sincerity, transparency and accountability.
