Osaretin Osadebamwen
Former Vice President Atiku Abubakar has fiercely dismissed the federal administration’s economic defense, labeling recent official presentations as a desperate effort toward historical revisionism.
The political figure specifically targeted remarks made by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, regarding the current administration’s scorecard.
Through his public communication office, the opposition leader argued that official claims concerning public debt management, fuel subsidy removal outcomes, and workers’ welfare entirely disintegrate when measured against verifiable public data.
“Which salary increase is the government talking about? The Federal Government is yet to fully implement the new minimum wage. The 40 per cent peculiar allowance tied to the wage adjustment remains unpaid despite official directives that it should take effect from May 1, 2026,” he said, adding that “these are not opposition allegations; they are the grievances of organised labour.”
Regarding the national borrowing profile, the statement referenced official metrics from the Central Bank of Nigeria, highlighting that federal exposure to the apex institution climbed from roughly ₦26.9 trillion when the administration took office to past ₦40.38 trillion.
Additional figures indicated that the central bank’s credit lines to the federal authorities surged substantially over a single year, registering a dramatic 77.6 percent increase.
“This administration has not reduced its indebtedness to the CBN. It has merely changed the label on the debt by converting Ways and Means advances into Treasury Bills and bonds while simultaneously piling up fresh obligations. That is debt restructuring—not debt repayment,” he said.
The critique also challenged narratives suggesting that fuel subsidy savings are driving the Nigerian Education Loan Fund, pointing instead to alternative funding mechanisms.
Reference was made to statements from the scheme’s leadership indicating that initial capitalization partly stemmed from recovered assets processed through anti-graft agencies.
“If that is the case, why is the government now presenting subsidy savings as the source?” he asked.
Furthermore, the former vice president rejected arguments pinning soaring debt servicing obligations exclusively on high interest rates, directing blame instead toward relentless public borrowing habits.
He asserted that continuous government borrowing starves private enterprise of credit while driving debt maintenance to dangerous levels, concluding that shifting blame to interest rates reflects policy failure.
The commentary concluded by highlighting severe everyday hardships, including skyrocketing food costs, widespread inflation, factory shutdowns, currency depreciation, and pervasive poverty as undeniable facts that media spin cannot conceal.
