Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has torn into the Federal Government’s claims that Nigeria’s economy is recovering, insisting the reality on the streets tells a different story.
In a statement released on Monday by his aide, Phrank Shaibu, Atiku accused the Tinubu administration of hiding behind “propaganda” and flashy economic figures while Nigerians battle hunger, job losses and skyrocketing living costs.
He pointed to figures from the Manufacturers Association of Nigeria (MAN), claiming 767 factories have shut down, while 335 others are struggling to survive.
According to Atiku, manufacturers are also sitting on ₦2.14 trillion worth of unsold goods because Nigerians no longer have the purchasing power to buy them.
He further claimed that global giants like Procter & Gamble, GlaxoSmithKline, Sanofi and Kimberly-Clark have either shut down production or exited local manufacturing, while many Nigerian companies have also folded.
Atiku said manufacturers spent about ₦1.1 trillion on diesel just to keep their factories running because of poor electricity supply and soaring energy costs.
“Factories don’t close because the opposition complains,” he declared. “They shut down because the business environment has become hostile.”
The former Vice President also mocked the government’s celebration of GDP growth and other economic indicators, saying “Nigerians can’t eat GDP” while struggling to afford food, healthcare, education and transport.
He questioned why poverty, unemployment and food insecurity remain widespread if the government’s reforms are truly working.
Atiku also challenged the Federal Government to explain why it is still borrowing heavily despite claiming that fuel subsidy removal and tax reforms have boosted revenue.
He demanded answers on where the gains from subsidy removal have gone, saying Nigerians deserve to see improvements in infrastructure, healthcare, education and social welfare after enduring record fuel prices and a crushing cost-of-living crisis.
His remarks came after the Presidency defended President Bola Tinubu’s economic policies, insisting that reforms such as subsidy removal and exchange-rate liberalisation have stabilised the economy and set Nigeria on the path to long-term growth.
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