Former Vice President Atiku Abubakar has dismissed the Federal Government’s celebrated Federation Account Allocation Committee (FAAC) revenue surge as a “monetary illusion,” insisting that bigger naira figures do not translate to economic prosperity for Nigerians .
In a statement issued on Wednesday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said Nigerians should not be deceived by the spectacle of trillions being announced monthly when the naira has lost enormous value and citizens are paying substantially more for goods and services .
Supporting his argument with comparative data, Atiku noted that FAAC distributions rose from approximately ₦7.85 trillion in 2019, worth about $25.6 billion at the prevailing exchange rate, to about ₦21.9 trillion in 2025. However, he said the dollar value of the 2025 figure had fallen to roughly $14.6 billion—more than 40 per cent lower despite the naira figure nearly tripling .
“That is not an economic miracle. That is money illusion. You cannot batter the currency, allow inflation to ravage purchasing power and then wave bigger naira figures before Nigerians as evidence that the country has become richer,” Atiku said .
The former Vice President also used the minimum wage to illustrate his point. He stated that ₦30,000 in 2019 was worth roughly $83. By May 2023, the same amount was worth about $65. Today, with the minimum wage at ₦70,000 and an exchange rate of about ₦1,320 to the dollar, that amount is worth only about $53 .
“The figure in your hand is bigger, but the value in your pocket is smaller,” Atiku said, adding that workers can earn more naira today and still afford less food, transport, electricity, medicine, and housing than before .
He challenged the government to show Nigerians where the boom is reflected in the prices of food, transport, healthcare, housing, and jobs .
Citing a September 2026 report based on Debt Management Office data, Atiku questioned why state governments remain heavily indebted despite unprecedented FAAC revenues. He noted that just 12 states whose governors are approaching the end of their tenures carry a combined debt burden of approximately ₦5.3 trillion, comprising ₦2.16 trillion in domestic debt and about $2.33 billion in foreign obligations .
“If the states are swimming in unprecedented revenues, why are they still drowning in debt?” he asked .
Atiku insisted that revenue should be judged by what it buys, what debts it settles, and how much better it makes the lives of Nigerians . He concluded that unless the government can demonstrate how increased allocations have translated into improved living standards, the celebration of rising FAAC figures would remain “more naira on paper, less value in reality” .
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