Former Vice President and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has accused President Bola Tinubu’s administration of relying on propaganda and macroeconomic statistics that fail to reflect the harsh realities confronting millions of Nigerians.
Atiku made the accusation in a statement issued on Monday by his Senior Special Assistant on Public Communication, Phrank Shaibu.
He argued that the Federal Government could not claim that the economy was improving while manufacturing companies were shutting down, consumers were losing purchasing power and the cost of living continued to rise.
Citing figures attributed to the Manufacturers Association of Nigeria, Atiku said 767 manufacturing companies had closed, while another 335 were operating under severe distress.
“A government cannot claim its economic policies are working when the country’s industrial sector is actively shutting down. Nations do not build prosperity by celebrating macroeconomic statistics while their factories close their gates,” he said.
The former Vice President also claimed that manufacturers were holding about ₦2.14 trillion worth of unsold finished goods due to weak consumer demand and declining purchasing power.
According to him, multinational companies such as Procter & Gamble, GlaxoSmithKline, Sanofi and Kimberly-Clark had either exited local production or shut down manufacturing operations in Nigeria, while several indigenous firms had also suspended activities.
Atiku further said manufacturers spent about ₦1.1 trillion on diesel to power their factories because of unreliable electricity supply and rising energy costs.
“Factories do not shut down because the opposition writes press statements. Manufacturers do not accumulate trillions of naira in unsold goods because critics hold press conferences.
“They leave because the economic environment has become increasingly hostile to production, investment and enterprise,” he stated.
Atiku maintained that while the Presidency continued to celebrate GDP growth, debt ratios and other economic indicators, ordinary Nigerians were struggling with soaring food prices, unemployment and shrinking incomes.
He questioned why poverty and food insecurity remained widespread if the government’s economic reforms were producing the benefits being advertised.
“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.
The ADC presidential candidate also criticised the administration’s continued borrowing despite claims that government revenue had increased following the removal of petrol subsidy and reforms in tax collection.
He challenged the Federal Government to explain why borrowing remained high if the reforms had significantly improved public finances.
Atiku further accused the administration of failing to show how savings from subsidy removal had translated into better infrastructure, healthcare, education and social welfare.
He said Nigerians had the right to demand accountability after enduring higher petrol prices, increased transportation costs and a sharp rise in the prices of essential goods and services.
The former Vice President argued that the true measure of economic progress was not GDP figures but whether citizens could afford food, healthcare, education and decent living conditions.
The statement followed a recent defence of the Tinubu administration’s economic record by the Presidency, which said reforms such as petrol subsidy removal and exchange-rate liberalisation had stabilised the economy and laid the foundation for long-term growth.