₦airaland Forum

Presidential Candidate of the African Democratic Congress (ADC), Atiku Abubakar, has dismissed the recent defence of the Tinubu administration’s economic policies by Minister of Finance, Taiwo Oyedele, as a desperate exercise in revisionism, saying no amount of polished presentations can whitewash the economic suffering inflicted on Nigerians.

In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said the minister’s claims on public debt, subsidy removal, debt servicing and workers’ welfare collapse under the weight of publicly available facts.

According to Atiku, the claim that savings from the removal of fuel subsidy are being used to offset liabilities inherited from previous administrations is fundamentally misleading.

“As of May 2023, when President Tinubu assumed office, the Federal Government’s exposure to the Central Bank of Nigeria stood at approximately ₦26.9 trillion. Today, that exposure has ballooned to over ₦40.38 trillion.

“This administration has not reduced its indebtedness to the CBN. It has merely changed the label on the debt by converting Ways and Means advances into Treasury Bills and bonds while simultaneously piling up fresh obligations. That is debt restructuring—not debt repayment.”

Atiku noted that the Governor of the Central Bank of Nigeria, Olayemi Cardoso, recently disclosed that the CBN’s credit to the Federal Government rose from ₦22.99 trillion in May 2025 to ₦40.38 trillion in May 2026—a staggering increase of ₦17.39 trillion, or 77.6 per cent within one year.

“This completely destroys the narrative that subsidy savings are being used to reduce government indebtedness. Nigerians deserve honesty, not creative accounting.”

The former Vice President also described as false the claim that subsidy savings are funding improved workers’ welfare.

“Which salary increase is the government talking about? The Federal Government is yet to fully implement the new minimum wage. The 40 per cent peculiar allowance tied to the wage adjustment remains unpaid despite official directives that it should take effect from May 1, 2026. The promised wage award has equally not been fully implemented. These are not opposition allegations; they are the grievances of organised labour.”

Atiku further rejected the claim that subsidy savings are financing the Nigerian Education Loan Fund (NELFUND).

“The Chief Executive Officer of NELFUND publicly stated that the scheme received a ₦50 billion injection from recovered funds by the Economic and Financial Crimes Commission (EFCC). If that is the case, why is the government now presenting subsidy savings as the source? Nigerians are tired of an administration that changes its story each time it is confronted with facts.”

The former Vice President also faulted the attempt to blame rising debt servicing costs solely on high interest rates.

“Who drove interest rates to their current levels? Under this administration, the Monetary Policy Rate has climbed dramatically, making borrowing prohibitively expensive for manufacturers and the private sector. Government’s insatiable appetite for borrowing has crowded out productive businesses while pushing debt servicing to unsustainable levels. To now blame interest rates is nothing short of an admission of policy failure.”

Atiku said the administration’s economic scorecard cannot be hidden behind statistics that bear no resemblance to the everyday reality of Nigerians.

“Food prices have spiralled beyond the reach of ordinary families. Inflation continues to erode incomes. Businesses are shutting down. Unemployment remains alarming. The naira has suffered unprecedented depreciation, while poverty has deepened across the country. These are the realities Nigerians confront daily—not the glossy presentations from government officials.”

He said no amount of propaganda can erase the verdict already delivered by millions of Nigerians struggling to survive.

“Governments are judged not by PowerPoint presentations or television interviews but by the quality of life of their citizens. On that score, this administration has failed spectacularly. Economic hardship cannot be explained away with clever rhetoric. Nigerians are living the consequences every day.”

Atiku urged government officials to abandon media spin and begin confronting the harsh realities facing the nation with sincerity, competence and accountability.

Richtaiwo:
So the video of students jubilating upon receipt of their monthly stipends is a power point presentation?

Richtaiwo:
So the video of students jubilating upon receipt of their monthly stipends is a power point presentation?

Since the day Trump congratulated Tinubu on his fight against terrorism, Atiku has been crying non stop while Peter Obi increased his visits to media houses.

Atiku should go and explain himself to Obasanjo.

Judemarco31:
Look at this one, are you guys not ashamed of yourselves defending failure? Students jubilating of how much? Because students were jubilating we all should start clapping for Tinubu while Nigeria is going down every day by day.

Ofunaofu:
Atiku is not disputing the video of students celebrating after receiving the mere #20,000 allowance. What he is challenging is the lie, falsehood, and propaganda being peddled by the Tinubu government that NELFUND is being funded with subsidy savings, when the Chief Executive Officer of NELFUND publicly stated that the scheme received a #50 billion injection from funds recovered by the Economic and Financial Crimes Commission (EFCC).

Richtaiwo:
Nigeria is only going down in the brains of Obedients because that is their fantasy. Sanusi Lamido Sanusi is a former CBN Gov, while Ngozi Okonjo-Iweala is a former Finance Minister and Coordinating Minister of the Economy. Neither is a partisan figure, go listen to what they said about the direction of Nigeria's economy.

Atiku said Tinubu was merely giving PowerPoint presentations. I simply asked whether the celebrating students were part of that PowerPoint, but perhaps you should always read slowly before responding. NELFUND pays students' tuition and provides stipends. So, where exactly is your confusion?

Ofunaofu:
Atiku is not disputing the video of students celebrating after receiving the mere #20,000 allowance. What he is challenging is the lie, falsehood, and propaganda being peddled by the Tinubu government that NELFUND is being funded with subsidy savings, when the Chief Executive Officer of NELFUND publicly stated that the scheme received a #50 billion injection from funds recovered by the Economic and Financial Crimes Commission (EFCC).

Richtaiwo:
So between the "Chief Executive Officer" of agencies and the president, who knows how agencies are funded? Who knows where the govt sources the funding of agencies from? I won't be surprised if you say the head of agencies know better. Na normal obedients way.

Image123:
PowerPoint presentation is to help your dull understanding.
People use presentations as it usually;
1. Organizes information clearly into sections.
2. Highlights key points instead of overwhelming people with text.
3. Uses visuals (images, diagrams, charts, timelines) to explain concepts.
4. Shows relationships between ideas.
5. Keeps the audience focused on the main message.

Richtaiwo:
So the video of students jubilating upon receipt of their monthly stipends is a power point presentation?

Since the day Trump congratulated Tinubu on his fight against terrorism, Atiku has been crying non stop while Peter Obi increased his visits to media houses.

Atiku should go and explain himself to Obasanjo.

xxgig:
A farmer who got bountiful harvest from his farm does not need presentation to show it.
The harvest is just there as evidence so does his quality of life

Richtaiwo:
Nigeria is only going down in the brains of Obedients because that is their fantasy. Sanusi Lamido Sanusi is a former CBN Gov, while Ngozi Okonjo-Iweala is a former Finance Minister and Coordinating Minister of the Economy. Neither is a partisan figure, go listen to what they said about the direction of Nigeria's economy.

Atiku said Tinubu was merely giving PowerPoint presentations. I simply asked whether the celebrating students were part of that PowerPoint, but perhaps you should always read slowly before responding. NELFUND pays students' tuition and provides stipends. So, where exactly is your confusion?

Funkyswagzz:
Bros are you trying to say atiku don't have supporters cos I don't know how obidient got into this conversation

flokii:
Is Atiku not seeing the progress?.. or is Waziri Adamawa an enemy of progress like his former boy from Agulu in Anambra.

PBAT will complete his 8 years and will commission all the laudable projects he is doing in South.

Misterone:
Yeah! The $16 billion you stole for power generation needs a power point presentation

Ofunaofu:
Atiku is not disputing the video of students celebrating after receiving the mere #20,000 allowance. What he is challenging is the lie, falsehood, and propaganda being peddled by the Tinubu government that NELFUND is being funded with subsidy savings, when the Chief Executive Officer of NELFUND publicly stated that the scheme received a #50 billion injection from funds recovered by the Economic and Financial Crimes Commission (EFCC).