You Can’t Eat GDP, Pay School Fees With Statistics, Atiku Tells Tinubu Govt

Former Vice President and presidential candidate of the African Democratic Congress, ADC, Atiku Abubakar, has accused the President Bola Tinubu-led administration of using favourable economic statistics to cover up the hardship Nigerians are facing.

Atiku said the major problem confronting the country was not borrowing but wasteful spending and poor management of public finances.

He stated this in a statement issued on Monday by his Senior Special Assistant on Public Communication, Phrank Shaibu.

The former vice president was reacting to the Presidency’s recent defence of Tinubu’s economic policies, saying the government’s position failed to address the worsening living conditions of ordinary Nigerians.

According to Atiku, borrowing is not necessarily bad because countries across the world borrow money to finance development. He, however, said the important question was whether the borrowed funds were being used to improve infrastructure, create jobs, strengthen public services and raise the standard of living.

“No serious economist argues that borrowing is inherently wrong. Nations borrow. The real question is this: what has Nigeria obtained in return for the unprecedented debts accumulated under this administration?”

Atiku questions rising debt

Atiku said Nigerians were still battling unreliable electricity supply, insecurity, unemployment, declining purchasing power and a serious cost-of-living crisis despite claims by the government that the country’s revenue had improved and its debt position was becoming more sustainable.

He questioned why the Federal Government was still taking fresh loans despite celebrating increased revenue from the removal of fuel subsidy, improved tax collection and increased capacity to service its debts.

“If revenue has improved so dramatically; if subsidy has been removed; if tax collection has increased; and if debt servicing has supposedly become more manageable, why does this administration continue to borrow at record levels?” he asked.

The ADC chieftain also criticised the Presidency’s reliance on gross domestic product growth as evidence that the economy was improving.

He argued that economic reforms should not be measured only by figures and statistics but by their impact on the lives of ordinary Nigerians.

Atiku cited findings attributed to the International Monetary Fund, which estimated that 63 per cent of Nigerians were living below the national poverty line, while about 27 million people faced food insecurity in late 2025.

“Governments are not elected to improve spreadsheets. They are elected to improve the lives of their people,” he said.

He added that Nigerians “cannot eat GDP” or use macroeconomic statistics to pay school fees.

Subsidy removal benefits questioned

Atiku also challenged the Federal Government to explain the benefits Nigerians had received from the removal of fuel subsidy.

He said Nigerians were promised that the policy would free up funds for investment in infrastructure, healthcare, education and social protection.

However, he said the country had instead witnessed record fuel prices, higher transport costs and worsening inflation.

The former vice president also called for greater transparency over crude-backed financing arrangements.

He said Nigerians deserved to know how much of the country’s future oil earnings had already been committed under such agreements and the projects for which the funds were being used.

Atiku criticises tax policies

On taxation, Atiku warned that increasing government revenue at a time when businesses were struggling could not be described as progressive economic reform.

He said manufacturers were already facing rising energy costs, multiple taxes and weak consumer demand, making it increasingly difficult for many businesses to survive.

The former vice president also rejected the continued reference by the Presidency to the economic challenges inherited from previous administrations.

According to him, President Tinubu has been in office for more than three years and should now be judged based on the performance of his own administration.

Atiku recalled that the administration of former President Olusegun Obasanjo, under which he served as vice president, carried out reforms that led to the Paris Club debt relief, banking sector consolidation and the liberalisation of the telecommunications industry, among other achievements.

He also cited figures from the Manufacturers Association of Nigeria, claiming that 767 manufacturing firms had shut down, while another 335 were in distress.

He further claimed that manufacturers were holding about ₦2.14tn worth of unsold goods because of weak purchasing power among Nigerians.

Atiku said the figures painted a picture of an economy in which factories were closing despite the Federal Government’s claims of economic recovery.

He said the true measure of the government’s economic policies could be seen in the condition of businesses and households across the country rather than statements from government officials.

“The true verdict on this administration’s economic policies is not written by government spokespersons. It is written in the silent factories, the abandoned production lines, the shuttered warehouses, the unemployed workers and the empty pockets of millions of Nigerians,” he said.