Former Vice President and candidate of the African Democratic Congress (ADC), Atiku Abubakar, has strongly criticized President Bola Ahmed Tinubu’s administration, asserting that “no amount of lying with statistics” can hide what he described as worsening economic conditions and fiscal recklessness.
In a statement issued on Sunday, August 2, 2026, through his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku accused the government of attempting to rewrite Nigeria’s economic realities through “creative accounting” and polished media presentations while citizens endure severe daily hardship.
Key Operational & Economic Breakdown
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Central Bank Exposure Skyrockets: Rejecting claims by official spokespersons that fuel subsidy savings were being used to pay down inherited debts, Atiku cited financial records showing the Federal Government’s exposure to the Central Bank of Nigeria (CBN) expanded from approximately ₦26.9 trillion in May 2023 to over ₦40.38 trillion.
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Debt Overruns & Fiscal Slippage: The statement highlighted recent reports from the Budget Office of the Federation indicating that fresh borrowing swelled to ₦12.62 trillion—exceeding legislative approvals by 61.2%—while debt servicing consumed ₦12.36 trillion, exceeding budgeted projections by over 52%.
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Fuel Subsidy “Euphemism”: Atiku reiterated that despite the declared removal of fuel subsidies, multi-trillion naira payments continue under the classification of “Energy Security Expenses” by NNPC Limited, terming the practice a repackaged under-recovery scheme that conceals true fiscal expenditures from the public.
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Call for Independent Forensic Audit: The opposition leader urged the National Assembly, the Auditor-General of the Federation, and anti-corruption agencies to audit federal budget allocations and expenditure records to recover improperly appropriated or duplicated funds.
┌────────────────────────────────────────────────────────────────────────┐
│ ATIKU'S FISCAL CRITIQUE SUMMARY MATRIX │
├────────────────────────────────────────────────────────────────────────┤
│ • Lead Critic : Atiku Abubakar (Former VP / ADC Leader) │
│ │
│ • Target Authority : President Bola Ahmed Tinubu Administration │
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│ • Core Allegations : • CBN indebtedness expansion (₦26.9t ➔ ₦40.38t) │
│ • Unapproved borrowing overruns (₦12.62t recorded) │
│ • ₦12.36t debt servicing consumption │
│ • Repackaged subsidy expenses via NNPC Ltd │
│ │
│ • Key Demand : Forensic legislative & external audit of public │
│ finance and appropriation records. │
└────────────────────────────────────────────────────────────────────────┘“Live Within Your Means, Eliminate Waste”
Reaffirming his position on national economic policy and structural reform, Atiku argued that public confidence cannot be restored through statistical spin:
“This administration has not reduced its indebtedness to the CBN. As of May 2023, when President Tinubu assumed office, the Federal Government’s exposure stood at approximately ₦26.9tn. Today, that exposure has ballooned to over ₦40.38tn… No amount of lying with statistics can shield this government from its record. A government that asks its people to sacrifice must first demonstrate discipline.” — Phrank Shaibu (Speaking for Atiku Abubakar)
The Presidency and the All Progressives Congress (APC) have consistently maintained that economic structural reforms, exchange rate harmonization, and subsidy adjustments are essential long-term measures required to rebuild national revenue foundations and attract investment.
Ayodele Quadri
Correspondent
