Former Vice President and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has criticised President Bola Ahmed Tinubu’s assessment of Nigeria’s economy, arguing that millions of Nigerians are yet to experience the prosperity the President said his administration’s reforms are beginning to deliver.
Atiku made the remarks on Thursday in Abuja during his State of the Nation address to mark Nigeria’s 66th Independence Anniversary. His address came shortly after President Tinubu delivered his own Independence Day broadcast in which he defended the government’s economic reforms and declared that Nigeria had moved from an “age of reform” into an “age of prosperity.”
Atiku said the economic situation remained difficult for many households, pointing to the rising cost of food, transportation, healthcare and other basic necessities.
According to him, the removal of petrol subsidy had placed significant pressure on households and businesses, while the benefits promised by the government had not, in his assessment, adequately reached Nigerians.
He compared the purchasing power of the minimum wage before and after the reforms, saying that the N30,000 minimum wage in April 2023 could purchase about 118 litres of petrol, while the current N70,000 minimum wage could purchase roughly 50 litres at prevailing prices. He also cited increases in the prices of everyday food items, including bread and eggs.
Atiku proposed a different approach to petrol pricing, saying a future administration led by him would introduce what he described as a capped and budgeted production subsidy tied specifically to petrol refined in Nigeria.
He said imported petrol would not qualify for the proposed subsidy and that the cost of the programme would be published and independently audited. According to him, the proposal would be designed to lower pump prices while supporting domestic refineries and employment.
The former vice president also challenged the Federal Government over its promise to provide cheaper transportation fares, asking why details of the promised reduction had not been made public on October 1.
“Before I forget, you promised Nigerians lower transport fares from October 1. Today is October 1. Did your promise miss the bus?” Atiku said, according to reports of his address.
On public finances, Atiku questioned the government’s borrowing plans and called for greater transparency over how borrowed funds had been used.
He cited a public debt figure of N166.79 trillion as of the end of June and questioned discussions around an additional $1.5 billion World Bank loan. He asked the government to account for what previous borrowing had delivered before taking on further debt.
Atiku also questioned the administration’s handling of government payments, alleging that some local contractors, military pensioners and federal workers were still owed outstanding entitlements. He called on the government to publish details of outstanding obligations and resolve them.
On security, Atiku argued that economic relief and the protection of lives remained central responsibilities of government. He also referred to the recent deaths of three people in a stampede at the Niger State Government House and called for an account of how the gathering was organised.
The ADC presidential candidate further raised concerns over the continued detention of former Kaduna State Governor Nasir El-Rufai and Sheikh Sani Khalifa Zaria, calling for the rule of law and due process to be applied.
He also addressed the case of Nnamdi Kanu, saying that following Kanu’s conviction, his right to lawful appeal should be respected and that the grievances surrounding the case should be addressed.
Atiku additionally called for the release of five young Nigerians reportedly arrested in Borno State over wearing T-shirts bearing the slogan “Tinubu Must Go,” arguing that political expression should not constitute grounds for imprisonment.
Turning to the 2027 general election, Atiku said he would support the independence of the Independent National Electoral Commission (INEC), the publication of polling-unit results and prosecution of electoral offences if elected.
His remarks came against the backdrop of President Tinubu’s Independence Day address, in which the President defended the difficult economic decisions taken since 2023. Tinubu said the reforms, including fuel subsidy removal and changes to the foreign exchange system, were necessary to address longstanding structural problems and argued that economic indicators were beginning to improve.
The President said Nigeria had moved beyond the most difficult phase of the reforms and was entering what he described as an “age of prosperity.” Government officials have also defended the reforms, citing economic growth and other indicators while acknowledging the need to translate growth into jobs, higher incomes and improved living conditions.
Atiku’s Independence Day address therefore offered a contrasting assessment of the country’s economic situation, with the former vice president focusing on household purchasing power, public spending, insecurity and governance, while the Tinubu administration maintained that its reforms are laying the foundation for stronger economic performance and future prosperity.
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