Former Vice President Atiku Abubakar has described the Tinubu administration's 2026 Appropriation Act as a deliberate fraud against Nigerians, following a budget analysis that allocated ₦1.08 trillion to implement 2,791 capital projects across all 36 states and the Federal Capital Territory. The revelation, made by budget-tracking organisation Tracka, shows that the Federal Cooperative College, Oji River, in Enugu State, was the designated implementing agency for projects ranging from roads to dialysis centres.
Tracka's Analysis Sparks Outrage
Tracka's independent analysis uncovered that the Federal Cooperative College, a relatively small institution, received a staggering ₦1.08 trillion for projects spanning infrastructure, healthcare, and community development. The allocation includes roads, drainage systems, solar streetlights, markets, football pitches, dialysis centres, ambulances, water supply schemes, recycling plants, and empowerment programmes.
Atiku, who is the presidential candidate of the African Democratic Congress (ADC), praised Tracka for exposing what he called one of the most troubling examples of budget manipulation under President Bola Tinubu. In a statement released by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku argued that the findings contradict the government's calls for sacrifice, including fuel subsidy removal, higher taxes, and increased borrowing.
Atiku Questions Cooperative College's Mandate
Atiku questioned how a cooperative college, whose statutory role is to advance cooperative education, could be transformed into a major implementing agency for infrastructure projects nationwide. He asked: "Who decided that a cooperative college should become one of Nigeria's biggest ministries by stealth? Under what law was it transformed into the implementing agency for 2,791 projects? Who nominated these projects, who approved them, who will supervise them, and who will be held accountable?"
The former vice president argued that the scale of the allocation bears no relation to the institution's size, capacity, or legal mandate, and said the arrangement violates basic principles of public finance.
Budget Exposes Hollow Claims of Fiscal Discipline
Atiku said the revelations directly contradict the administration's claim of prudent financial management. He stated: "This government operates a medieval financial system in which the national treasury is treated as the personal purse of the ruler — available to be spent, diverted or dispensed at will, with little regard for transparency, accountability or the public interest."
He added that a government asking Nigerians to accept higher costs and reduced public services while routing over a trillion naira through a college with no demonstrated capacity to manage such projects could not credibly claim to be fighting waste. "A government that plans to spend ₦1.08 trillion through a cooperative college cannot claim to be fighting waste or promoting fiscal discipline. It looks less like governance and more like a blueprint to defraud Nigerians," Atiku said.
Atiku's Political Journey
Atiku last contested the presidency in 2023 under the Peoples Democratic Party. He resigned from the African Democratic Congress on May 2, 2026, and was ratified as the NDC presidential candidate on May 29, 2026, ahead of the 2027 general elections.
Previous Criticisms of Tinubu's Economic Policies
Atiku has been a vocal critic of the Tinubu administration's economic policies. He previously slammed the Presidency's repeated comments on GDP growth, saying it reflects a disconnect from ordinary Nigerians' lives. He cited IMF data estimating that 63% of Nigerians now live below the national poverty line.
Atiku also criticised the Federal Government after the Budget Office revealed it borrowed ₦4.79 trillion above its approved 2024 limit. The government also obtained an extra ₦3.19 trillion classified as 'budget support' with no provision for it in the approved budget. Atiku's camp pointed to a reported ₦7.98 trillion oil windfall, questioning why borrowing continued to rise despite higher revenues.
