The Federal Government’s assertions of an economic turnaround are sharply contradicted by widespread public hardship and a weakening manufacturing sector, according to former Vice-President Atiku Abubakar.
Responding to a recent State House defence of President Bola Tinubu’s economic policies, which cited fuel subsidy removal and exchange-rate liberalisation as foundations for long-term growth, the African Democratic Congress (ADC) presidential candidate dismissed official claims as mere propaganda detached from daily realities.
In a statement issued on Monday by his Senior Special Assistant on Public Communication, Phrank Shaibu, the opposition leader challenged the administration’s reliance on GDP growth and fiscal metrics while citizens contend with soaring food prices, joblessness, and shrinking purchasing power.
“A government cannot claim its economic policies are working when the country’s industrial sector is actively shutting down,” Atiku said, adding: “Governments are not elected to improve spreadsheets. They are elected to improve the lives of their people.”
Pointing to figures from the Manufacturers Association of Nigeria, Atiku highlighted that 767 industrial firms have closed while 335 remain in severe distress. A staggering ₦2.14 trillion in unsold finished inventory has accumulated across factories—a direct consequence of eroded consumer spending power. Unreliable power supply and rising energy costs have further crippled operations, forcing manufacturers to spend approximately ₦1.1 trillion on diesel alone.
The statement underscored that multinational corporations, including Procter & Gamble, GlaxoSmithKline, Sanofi, and Kimberly-Clark, alongside various domestic firms, have either suspended production or pulled out of local operations entirely.
“Factories do not shut down because the opposition writes press statements,” Atiku remarked, observing that companies are fleeing an environment increasingly hostile to production and investment.
The former Vice-President also questioned the government’s continued reliance on record borrowing despite reported revenue boosts from subsidy cuts and tax reforms. He noted that the administration has failed to demonstrate how saved funds have improved public infrastructure, health, education, or social welfare, leaving Nigerians to bear the brunt of skyrocketing transport and fuel expenses without tangible benefits.
Atiku insisted that true economic progress cannot be judged by statistical projections or debt-to-GDP ratios, but by whether ordinary citizens can afford basic nutrition, healthcare, and education.
“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 said.