Former vice‑president and ADC presidential candidate Atiku Abubakar on Sunday accused President Bola Tinubu’s administration of using “creative accounting” and “lying with statistics” to mask what he called worsening economic conditions.
In a statement by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said the government’s claims that subsidy removal and other reforms have reduced debt and improved workers’ welfare do not match public records.
“As of May 2023, when President Tinubu assumed office, the Federal Government’s exposure to the Central Bank of Nigeria stood at approximately ₦26.9tn. Today, that exposure has ballooned to over ₦40.38tn,” the statement said. “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 cited figures from CBN Governor Olayemi Cardoso showing government borrowing from the apex bank rose by ₦17.39tn between May 2025 and May 2026, a 77.6 per cent increase. “This completely destroys the narrative that subsidy savings are being used to reduce government indebtedness,” he said.
He also disputed government claims that subsidy savings funded workers’ welfare and education financing, saying the new minimum wage and a 40 percent “peculiar allowance” have not been fully implemented. “Which salary increase is the government talking about? The Federal Government is yet to fully implement the new minimum wage,” Atiku said.
On NELFUND, he noted the agency’s CEO said the fund received a ₦50bn injection from recovered EFCC funds, questioning why subsidy savings were being presented as the source.
Atiku blamed the administration’s policies for rising borrowing costs and currency depreciation, saying higher Monetary Policy Rates have made credit unaffordable for businesses. “The government’s insatiable appetite for borrowing has crowded out productive businesses while pushing debt servicing to unsustainable levels,” he said.
He urged the government to stop relying on “glossy presentations” and address Nigeria’s economic challenges “with sincerity, competence and accountability,” adding: “Governments are judged not by PowerPoint presentations or television interviews but by the quality of life of their citizens.”
The exchange adds to the ongoing debate between the Tinubu administration and opposition over the impact of reforms such as subsidy removal and FX liberalisation, with the government defending the measures as necessary for fiscal stability while critics point to soaring inflation and a rising cost of living
