Atiku Challenges FG's Economic Recovery Claims, Cites Rising Poverty

Former Vice President Atiku Abubakar has expressed strong reservations over the current administration's claims of economic recovery, citing the deteriorating living conditions of ordinary Nigerians and the decline of the manufacturing sector. In a statement released by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku argued that the presidency's reliance on macroeconomic statistics does not reflect the harsh realities faced by Nigerians. He pointed out that the closure of hundreds of manufacturing firms and the distress faced by many others are clear indicators that the economy is not performing as well as the government claims. Atiku cited figures from the Manufacturers Association of Nigeria, which show that 767 manufacturing companies have shut down, while another 335 are operating under severe distress. He also noted that manufacturers are holding about ₦2.14 trillion worth of unsold finished goods, which he attributed to the collapse in consumers' purchasing power. Several multinational companies, including Procter & Gamble, GlaxoSmithKline, Sanofi, and Kimberly-Clark, have either exited local manufacturing or shut down production in Nigeria, while local firms have also suspended operations. Atiku further stated that manufacturers spent about ₦1.1 trillion on diesel to power their factories due to unreliable electricity and higher energy costs. He emphasized that the economic environment has become increasingly hostile to production, investment, and enterprise, leading to the shutdown of factories and the accumulation of unsold goods. Atiku questioned the government's celebration of GDP growth, debt ratios, and other macroeconomic indicators, while millions of Nigerians grapple with rising food prices, unemployment, and declining purchasing power. He argued that governments are elected to improve the lives of their people, not just to improve spreadsheets. Atiku also criticized the administration's continued borrowing, despite claims that government revenues have improved following the removal of petrol subsidy and reforms in tax administration. He challenged the presidency to explain why borrowing remains at record levels if fiscal reforms have significantly strengthened public finances. Atiku maintained that Nigerians are entitled to ask where the promised dividends of the policy have gone, after enduring record fuel prices, soaring transport costs, and a sharp rise in the cost of living.