Former Vice President Atiku Abubakar yesterday intensified his criticism of the Tinubu administration’s economic policies, accusing the Presidency of substituting “propaganda for performance” and insisting that the economic prosperity being touted by government exists only in official press statements.
The latest exchange comes barely a day after the Presidency dismissed Atiku’s criticism of the administration’s economic reforms, insisting that President Bola Tinubu’s policies are yielding positive results and laying the foundation for long-term growth.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku argued that the burden rests on the Presidency to explain why millions of Nigerians are becoming poorer despite its claims of economic progress.
He maintained that no government could credibly claim success when the country’s productive sector was shrinking and manufacturing firms were shutting down.
Quoting data from the Manufacturers Association of Nigeria (MAN), Atiku said 767 manufacturing companies had shut down, while another 335 were classified as distressed under the prevailing economic conditions.
He also claimed that manufacturers were holding about ₦2.14 trillion worth of unsold finished goods because declining purchasing power had left many Nigerians unable to afford basic products.
According to him, multinational firms, including Procter & Gamble, GlaxoSmithKline, Sanofi and Kimberly-Clark, have either shut down or exited local manufacturing operations, while indigenous companies such as Jubilee Syringe Manufacturing have also suspended production.
The former vice president further alleged that manufacturers spent about ₦1.11 trillion on diesel to power their operations following increases in electricity tariffs, a development he said had further escalated the cost of doing business.
Atiku also faulted the Federal Government’s tax reform agenda, describing it as unprogressive and ill-suited for an economy where businesses were struggling to survive.
“No government can tax its way into prosperity while simultaneously shrinking the productive capacity of the economy,” he said, arguing that sustainable tax reforms should be driven by increased productivity, job creation and broader economic growth rather than higher tax burdens.
He equally questioned the government’s handling of revenues from crude oil, saying the Presidency had, in attempting to defend its reforms, admitted that substantial volumes of Nigeria’s future crude production had already been committed under crude-backed financing arrangements.
Atiku demanded full disclosure of the transactions, including the volumes of crude pledged, repayment terms, beneficiaries and projects financed, insisting that Nigerians deserved transparency over the management of the country’s oil resources.
He also dismissed what he described as repeated attempts by the current administration to blame Nigeria’s economic challenges on previous governments, particularly the administration of former President Olusegun Obasanjo.
According to Atiku, the Obasanjo administration successfully secured about $18 billion in Paris Club debt relief, implemented banking sector consolidation, liberalised the telecommunications sector, established the Excess Crude Account, strengthened anti-corruption institutions and carried out pension and privatisation reforms that enhanced investor confidence.
The Presidency had, in a statement on Sunday by Special Adviser to the President on Information and Strategy, Bayo Onanuga, titled “Facts, Not Fear: A Point-by-Point Response to Atiku Abubakar on Nigeria’s Reform Journey,” defended the administration’s economic reforms, saying they had begun to yield positive results and accusing the opposition of relying on outdated economic data to discredit the government.
However, Atiku dismissed the argument, saying it was “intellectually dishonest” for the Presidency to ask Nigerians to ignore the economic consequences of policies implemented since 2023 while simultaneously executing the 2024, 2025 and 2026 budgets.
Credit: The Sun