Atiku criticizes government claims about the economy

Former Vice President and presidential candidate of the African Democratic Congress, Atiku Abubakar, has said that the current government’s claims of economic recovery do not match the worsening living conditions in Nigeria. He pointed to the declining state of the manufacturing sector as proof of this.

In a statement released on Monday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said the presidency was using “propaganda” and macroeconomic numbers that do not reflect the situation many Nigerians are facing.

The opposition leader noted that the closure of many manufacturing firms and the challenges faced by others showed that the economy was getting worse. This was happening even though the government was saying that things were improving.

He stated, “A government cannot claim its economic policies are working when the country’s industrial sector is actively shutting down. Nations do not build prosperity by celebrating macroeconomic statistics while their factories close their gates.”

Atiku referred to data from the Manufacturers Association of Nigeria, revealing that 767 manufacturing companies have closed down and another 335 are struggling. He mentioned that manufacturers are stuck with about ₦2.14 trillion worth of unsold products due to a drop in consumers’ spending power.

He also pointed out that many multinational companies, such as Procter & Gamble, GlaxoSmithKline, Sanofi, and Kimberly-Clark, have either left the local market or stopped production in Nigeria. Local companies have also halted their operations.

Atiku added that manufacturers spent around ₦1.1 trillion on diesel to keep their factories running because of poor electricity supply and high energy costs.

“Factories do not shut down because the opposition writes press statements. Manufacturers do not accumulate trillions of naira in unsold goods because critics hold press conferences. They leave because the economic environment has become increasingly hostile to production, investment and enterprise,” he said.

He argued that while the presidency celebrated GDP growth, many Nigerians were facing rising food prices, unemployment, and reduced purchasing power. He questioned why there is still widespread poverty and food insecurity if the government’s reforms were truly working.

“Governments are not elected to improve spreadsheets. They are elected to improve the lives of their people. Nigerians cannot eat GDP. They cannot cook with debt-to-GDP ratios. They cannot pay school fees with statistical projections,” he stated.

Atiku also criticized the government for continuing to borrow money despite claims that revenue increased after the removal of the petrol subsidy and tax reforms. He asked the Federal Government why borrowing is still at high levels if fiscal reforms had really strengthened public finances.

The former VP accused the administration of failing to show how the benefits from subsidy removal have improved infrastructure, healthcare, education, and social welfare. He insisted that Nigerians deserve to know where the promised benefits of this policy have gone, especially after facing high fuel prices, increased transport costs, and a rise in the cost of living.

Atiku challenged the presidency’s repeated mentions of improvements in GDP, saying that the real measure of economic performance is whether people can afford food, healthcare, and education.

This statement came in response to a recent defense of President Tinubu’s economic record, where the presidency claimed that key reforms, like fuel subsidy removal and exchange-rate changes, had stabilized the economy and set the stage for long-term growth.