Atiku Abubakar Condemns Tinubu Administration Over Financial Opacity in World Bank Report
Former Vice President Atiku Abubakar has launched a scathing critique of Nigeria's financial management under President Bola Tinubu, following revelations in a recent World Bank report. In a statement issued by his media aide, Phrank Shaibu, Atiku highlighted systemic corruption and excessive revenue deductions that he claims are crippling governance and exacerbating economic hardship for citizens.
World Bank Report Exposes Fiscal Irregularities
The World Bank report, which Atiku described as deeply troubling, confirms long-standing suspicions about the Tinubu administration's opaque financial structures. Atiku argued that Nigeria is generating higher revenues than ever before, yet the benefits are not reaching the Nigerian people. This discrepancy, he stressed, indicates not merely inefficiency but a system ripe for abuse, leakage, and potential diversion of public funds.
He pointed out that excessive deductions from national revenue before distribution through the Federation Account have severely limited resources available for governance and development across all tiers of government. When large portions of national income are deducted at source, outside full legislative scrutiny, it creates fertile ground for opacity, unaccounted spending, and financial recklessness, Atiku stated. That is how nations lose track of their own wealth.
Call for Urgent Structural Reforms
Atiku emphasized that this issue transcends technical fiscal matters, framing it as a moral imperative. A government cannot ask citizens to endure painful economic reforms while the gains of those reforms are trapped in a system that lacks transparency and accountability, he remarked. He warned that the consequences are already visible in declining investments in critical sectors and worsening economic conditions for ordinary Nigerians.
Aligning with the World Bank's recommendations, Atiku called for immediate structural reforms to restore public trust. He proposed that all agency funding be brought under the formal budgetary process, cost-of-collection mechanisms be reviewed and reduced, and the National Assembly exercise full oversight over every naira earned by the country. Anything less will only sustain a system where opacity thrives, and public trust is eroded, he cautioned.
Stark Warning on Economic Management
In a concluding statement, Atiku issued a stark warning about the direction of Nigeria's economic management. We cannot continue on a path where rising revenues coexist with deepening poverty, he said. When the books are full but the people are empty, it raises serious questions about where the money is truly going. The purpose of governance is not to accumulate figures, but to improve lives, and that purpose is clearly being defeated.
Background on Atiku's Political Standing
This criticism comes amid political turbulence for Atiku Abubakar, who was recently suspended from the coalition party ADC ahead of the 2027 general elections. The suspension, announced by factional chairman Raji Sulaiman Zumo, also included former Secretary to the Government of the Federation Babachir Lawal, amid ongoing leadership crises within the ADC at state and national levels.
Atiku's remarks underscore growing concerns over fiscal transparency in Nigeria, as the administration faces mounting pressure to address corruption and ensure that national revenues translate into tangible benefits for citizens. The call for reforms highlights the urgent need for accountability in Nigeria's financial systems to foster sustainable development and economic stability.
