Former Vice President Atiku Abubakar has dismissed the federal government’s claims of economic recovery, labeling them as mere “propaganda” that contradicts the harsh realities of worsening poverty and a collapsing manufacturing sector.
In a statement issued on Monday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku argued that the President Bola Tinubu-led administration is relying on macroeconomic statistics that bear no resemblance to the daily struggles of ordinary Nigerians.
“A government cannot claim its economic policies are working when the country’s industrial sector is actively shutting down,” Atiku said. “Nations do not build prosperity by celebrating macroeconomic statistics while their factories close their gates.”
Citing data from the Manufacturers Association of Nigeria (MAN), the opposition leader pointed out that 767 manufacturing companies have shut down operations, while another 335 are facing severe financial distress. He added that diminished consumer purchasing power has left manufacturers holding approximately N2.14 trillion worth of unsold finished goods.
Atiku highlighted the exit of major multinational brands—including Procter & Gamble, GlaxoSmithKline, Sanofi, and Kimberly-Clark—alongside local firms that have been forced to suspend operations due to a hostile business environment. He also noted that manufacturers spent an estimated N1.1 trillion on diesel to power their factories due to the country’s unreliable electricity grid.
“Factories do not shut down because the opposition writes press statements,” Atiku remarked. “They leave because the economic environment has become increasingly hostile to production, investment, and enterprise.”
Critiquing the presidency’s focus on Gross Domestic Product (GDP) growth and debt-to-GDP ratios, Atiku stressed that the true measure of economic success is the welfare of the citizens.
“Governments are not elected to improve spreadsheets; they are elected to improve the lives of their people,” he said. “Nigerians cannot eat GDP. They cannot cook with debt-to-GDP ratios. They cannot pay school fees with statistical projections.”
The former Vice President also questioned the administration’s fiscal transparency, asking why federal borrowing remains at record highs despite claims of increased government revenue following the removal of the petrol subsidy and tax reforms. He urged the government to show how the savings from the subsidy removal have improved infrastructure, healthcare, education, and social welfare.
Atiku’s remarks were in response to a recent defense from the State House, which asserted that President Tinubu’s economic reforms, including fuel subsidy removal and exchange-rate unification, had stabilized the economy and set the stage for long-term growth.
