A strongly worded statement from former Vice President Atiku Abubakar's office took aim at Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, on Sunday, August 2, over his defence of President Bola Tinubu's economic policies. The statement, issued by Atiku's senior special assistant on public communication, Phrank Shaibu, said Oyedele's claims do not hold up against publicly available data. Oyedele had previously argued that fuel subsidy savings were being used to clear government debts and improve the welfare of workers.
Debt Reduction Claims Collide with CBN Data
Atiku said the administration's claim that fuel subsidy savings are being used to clear inherited liabilities is contradicted by the numbers. He pointed to an alleged recent disclosure by Central Bank of Nigeria (CBN) governor Olayemi Cardoso, who reportedly said the CBN's credit to the federal government jumped from ₦22.99 trillion in May 2025 to ₦40.38 trillion in May 2026, an increase of ₦17.39 trillion, or 77.6 per cent, within a single year. This means that instead of reducing borrowing, the government is accumulating more debt, Atiku argued.
"This completely destroys the narrative that subsidy savings are being used to reduce government indebtedness. Nigerians deserve honesty, not creative accounting," Atiku said. He added that the government had not actually repaid debt but had repackaged it, converting Ways and Means advances into Treasury Bills and bonds while taking on fresh obligations. "That is debt restructuring, not debt repayment," he said. The former vice president stressed that restructuring debt does not alleviate the burden on the nation's finances, as the total liabilities remain unchanged while interest obligations continue to mount.
Minimum Wage and NELFUND Under Scrutiny
On workers' welfare, Atiku said the federal government had not fully implemented the new minimum wage. He noted that a 40 per cent peculiar allowance tied to the wage adjustment remains unpaid, despite directives that it should take effect from May 1, 2026. This, he said, contradicts the government's claim that subsidy savings are benefiting workers. He argued that the delay in paying the allowance shows that the government is not serious about improving living conditions for Nigerians.
The former vice president also questioned the government's account of how the Nigerian Education Loan Fund (NELFUND) is financed. "The Chief Executive Officer of NELFUND publicly stated that the scheme received a ₦50 billion injection from recovered funds by the Economic and Financial Crimes Commission (EFCC). If that is the case, why is the government now presenting subsidy savings as the source?" Atiku asked. The question, he suggested, points to inconsistencies in the government's economic management and communication.
Debt Servicing Costs and the Real Economy
On rising debt servicing costs, Atiku said the administration bore direct responsibility, arguing that the Monetary Policy Rate had climbed sharply under Tinubu, crowding out the private sector and making borrowing too expensive for manufacturers. He said the high interest rate environment is hurting businesses and discouraging investment, thereby hindering economic growth. Atiku added that food prices, unemployment, naira depreciation, and business closures represented the true economic scorecard of the administration, adding that no official presentation could change the daily reality facing Nigerians.
Atiku Calls for Accountability, Not Media Spin
"Governments are judged not by PowerPoint presentations or television interviews but by the quality of life of their citizens. On that score, this administration has failed spectacularly," he said. He called on government officials to address the country's hardships with sincerity and accountability rather than continuing what he described as media spin. Atiku insisted that ordinary Nigerians are struggling to cope with the rising cost of living and that the government must face the truth about its own performance.
Okonkwo Says Tinubu Should Not Seek Re-election
In a related development, an ADC chieftain, Kenneth Okonkwo, called on President Tinubu to step down after his first term, arguing that his record in office would make a second mandate difficult to justify before Nigerian voters in 2027. Okonkwo made the remarks during an appearance on Channels Television's Sunrise Daily on Friday, where he also took aim at the President for publicly defending the Independent National Electoral Commission (INEC) against allegations of partiality. The ADC chieftain said Tinubu had effectively appointed himself a spokesman for the electoral body rather than engaging with legitimate concerns about its credibility.
He argued that INEC had done little to earn public trust, pointing to unanswered questions from the 2023 general election as evidence that the commission remained a contested institution. Okonkwo's comments add to the chorus of criticism facing the President from opposition figures and civil society as the country approaches the next election cycle.
