ABUJA, Nigeria — Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has criticised the administration of President Bola Tinubu, accusing the Federal Government of relying on official statistics to present an overly positive picture of Nigeria’s economy while millions of Nigerians continue to grapple with rising living costs.

In a statement issued on Sunday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said government officials were attempting to “rewrite Nigeria’s economic realities” through what he described as selective data and “creative accounting,” insisting that everyday economic conditions paint a different picture.

His remarks come amid an intensifying public debate over the impact of the Tinubu administration’s economic reforms, including the removal of fuel subsidies, exchange rate liberalisation, and fiscal restructuring.

Atiku disputed the Federal Government’s assertion that savings from the removal of petrol subsidies are being used to reduce inherited liabilities, arguing that available financial records suggest government indebtedness to the Central Bank of Nigeria (CBN) has instead increased.

According to him, the Federal Government’s exposure to the CBN stood at approximately ₦26.9 trillion when President Tinubu assumed office in May 2023 but has since risen to more than ₦40.38 trillion.

He argued that the administration had merely restructured debt by converting Ways and Means advances into treasury bills and bonds while continuing to accumulate new obligations.

“This administration has not reduced its indebtedness to the CBN. It has merely changed the label on the debt,” Atiku said.

The former vice president also cited figures attributed to CBN Governor Olayemi Cardoso, claiming government borrowing from the apex bank increased by ₦17.39 trillion between May 2025 and May 2026.

Atiku further challenged the government’s assertion that subsidy savings have improved workers’ welfare, arguing that several components of the new public sector wage package remain outstanding.

He alleged that the 40 percent peculiar allowance linked to the new minimum wage has yet to be implemented despite official directives, while other wage-related commitments remain unpaid.

According to him, organised labour continues to raise concerns over delays in implementing agreed remuneration packages.

The former vice president also disputed the government’s explanation that subsidy savings are financing the Nigerian Education Loan Fund (NELFUND).

He referenced previous public comments by NELFUND’s management indicating that the agency received a ₦50 billion funding injection from assets recovered by the Economic and Financial Crimes Commission (EFCC).

Atiku questioned why the government now attributes the same funding to subsidy savings, saying Nigerians deserve greater transparency regarding public finances.

Atiku also blamed current economic policies for rising borrowing costs, arguing that higher interest rates have made credit increasingly inaccessible for manufacturers and private businesses.

He said the government’s borrowing strategy has contributed to tighter financial conditions and increased debt servicing costs.

According to him, elevated interest rates are discouraging investment, limiting business expansion, and placing additional pressure on Nigeria’s productive sectors.

The former vice president maintained that official economic indicators fail to reflect the realities facing many Nigerians.

He pointed to rising food prices, persistent inflation, business closures, unemployment, currency depreciation and declining purchasing power as evidence that economic hardship remains widespread.

“Governments are ultimately judged by the quality of life of their citizens, not by statistical presentations,” Atiku said, urging the administration to address the country’s economic challenges with greater transparency and accountability.

The latest criticism comes amid continuing exchanges between the Tinubu administration and opposition leaders over the impact of reforms introduced since May 2023.

The Federal Government has consistently defended its policy agenda, arguing that the removal of fuel subsidies, exchange rate reforms and fiscal adjustments are necessary to restore macroeconomic stability, strengthen public finances, attract investment and place Nigeria on a more sustainable growth path.

However, critics contend that the reforms have contributed to higher inflation, increased living costs and weaker consumer purchasing power, intensifying pressure on households and businesses.

As debate over the reforms continues, economic performance remains a central issue in Nigeria’s political discourse, with both the government and opposition presenting sharply contrasting assessments of the country’s recovery trajectory.

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