Atiku to Tinubu: Your Problem Is Wasteful Spending, Not Borrowing

Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has criticized the administration of President Bola Tinubu, arguing that Nigeria’s economic challenges stem from wasteful spending and poor fiscal management rather than borrowing.

In a statement issued on Monday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said the Presidency’s defence of its economic policies relied heavily on positive macroeconomic indicators while ignoring the difficult realities facing ordinary Nigerians.

According to Atiku, borrowing is not inherently problematic, as governments around the world take loans to finance development. However, he stressed that such borrowing must produce tangible benefits, including improved infrastructure, employment opportunities, quality public services and better living standards.

“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?” he said.

The former vice president maintained that many Nigerians continue to struggle with erratic electricity supply, rising insecurity, unemployment, declining purchasing power and a worsening cost-of-living crisis despite the government’s claims of improved revenue generation and stronger debt sustainability.

He questioned why the Federal Government continues to accumulate fresh debt despite highlighting increased revenue from the removal of fuel subsidies, improved tax collection and a stronger capacity to service existing loans.

“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.

Atiku also challenged the administration’s reliance on Gross Domestic Product (GDP) growth as a measure of economic success, arguing that such figures fail to reflect the everyday realities of millions of Nigerians. He said economic reforms should ultimately be measured by their impact on citizens’ welfare rather than statistical indicators.

Citing estimates from the International Monetary Fund (IMF), he noted that 63 per cent of Nigerians are 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, adding that macroeconomic statistics do not address the financial struggles of households.

On fuel subsidy removal, Atiku argued that Nigerians were promised greater investment in infrastructure, healthcare, education and social protection, but have instead experienced soaring fuel prices, increased transportation costs and persistent inflation.

He also called for greater transparency regarding crude-backed financing arrangements, urging the government to disclose how much of Nigeria’s future oil revenue has been committed under such agreements and the projects being financed with the proceeds.

Addressing taxation, Atiku warned that increasing government revenue by imposing heavier burdens on struggling businesses should not be regarded as meaningful reform. He said manufacturers continue to face rising energy costs, multiple taxation and weak consumer demand.

The former vice president dismissed the Presidency’s references to previous administrations as an explanation for current economic challenges, insisting that after more than three years in office, President Tinubu’s administration should be assessed on its own performance.

He recalled that the administration of former President Olusegun Obasanjo, in which he served as vice president, implemented reforms that secured Paris Club debt relief, consolidated the banking sector and liberalised the telecommunications sector.

Atiku also cited figures from the Manufacturers Association of Nigeria (MAN), claiming that 767 manufacturing firms had shut down while another 335 were in distress. He added that manufacturers were holding about ₦2.14 trillion worth of unsold goods due to weak consumer purchasing power.

According to him, these figures illustrate an economy where businesses continue to struggle despite government claims of economic recovery.

“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.