From Marcus Nkire
The presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has dismissed the Federal Government’s defence of President Bola Tinubu’s economic policies, arguing that official claims on debt management, subsidy removal and workers’ welfare do not align with publicly available data.
In a statement issued on Sunday by his Senior Special Assistant on Public Communication, Phrank Shaibu, the former vice president accused the administration of attempting to reshape public perception rather than address economic realities.
On workers’ welfare, Atiku questioned government assertions that salaries had improved, noting that the new national minimum wage has not been fully implemented. He also pointed to the outstanding 40 per cent peculiar allowance, which was expected to take effect from May 1, 2026, saying labour unions have continued to complain about the delay.
Addressing the country’s debt profile, Atiku cited figures from the Central Bank of Nigeria (CBN), claiming the Federal Government’s obligations to the apex bank have risen significantly since Tinubu took office. He referenced recent disclosures by CBN Governor Olayemi Cardoso indicating that credit to the Federal Government increased from ₦22.99 trillion in May 2025 to ₦40.38 trillion by May 2026.
According to him, the administration has not reduced its debt burden but has instead restructured existing obligations by converting Ways and Means advances into Treasury Bills and bonds while taking on additional liabilities.
The former vice president also challenged the government’s position that savings from the removal of fuel subsidy are funding the Nigerian Education Loan Fund (NELFUND). He argued that the agency’s leadership had previously stated that it received a ₦50 billion injection from funds recovered by the Economic and Financial Crimes Commission (EFCC), raising questions over the government’s explanation.
Atiku further rejected suggestions that rising debt servicing costs are mainly the result of higher interest rates, maintaining that the government’s continued borrowing has worsened the situation and placed additional pressure on the economy.
He said many Nigerians remain burdened by soaring food prices, persistent inflation, business closures, unemployment, currency depreciation and increasing poverty. He urged the administration to focus on addressing these challenges rather than defending its economic record through public messaging.
