Atiku Abubakar, a former vice president and presidential contender for the African Democratic Congress, has maintained that the failing state of Nigeria’s industrial sector and deteriorating living circumstances contradict the present administration’s claims of economic recovery.
Atiku claimed in a statement released on Monday by his Senior Special Assistant on Public Communication, Phrank Shaibu, that the president was depending on “propaganda” and macroeconomic data that had little to do with the problems that regular Nigerians face.
Despite government assertions of growth, the opposition leader claimed that the closure of hundreds of manufacturing companies and the suffering of many others were unmistakable signs that the economy was declining.
“A government cannot claim its economic policies are working when the country’s industrial sector is actively shutting down,” the statement said in part. Celebrating macroeconomic data while their factories shut down is not how nations achieve wealth.
According to Atiku, who cited data from the Manufacturers Association of Nigeria, 335 manufacturing enterprises were in extreme crisis and 767 had closed.
He went on to say that manufacturers have around ₦2.14 trillion in unsold finished items, and he attributed this to the decline in consumer purchasing power.
He claims that a number of multinational corporations, such as Procter & Gamble, GlaxoSmithKline, Sanofi, and Kimberly-Clark, have either stopped producing in Nigeria or left the country, while local businesses have also ceased operations.
Atiku added that due to unstable electricity and increased energy expenses, manufacturers had to spend over ₦1.1 trillion on diesel to run their operations.
Press remarks from the opposition do not cause factories to close. Press conferences by critics prevent manufacturers from amassing trillions of naira in unsold merchandise. They depart because the economic climate has grown more antagonistic to industry, investment, and production, he continued.
He went on to say that millions of Nigerians were struggling with rising food costs, unemployment, and dwindling purchasing power while the administration continued to praise GDP growth, debt ratios, and other macroeconomic metrics.
If government reforms were producing the promised results, he wondered why poverty and food insecurity persisted.
“Governments are not elected to make spreadsheets better. They were chosen to make their citizens’ lives better. GDP cannot be consumed by Nigerians. They are unable to cook with GDP-to-debt ratios. He stated, “They can’t use statistical projections to pay school fees.”
Despite assertions that government revenues had increased with the elimination of the gasoline subsidy and tax administration improvements, Atiku also denounced the administration’s ongoing borrowing.
If fiscal reforms had greatly improved public finances, he urged the Federal Government to explain why borrowing was still at record levels.
The former vice president also charged that the administration had not shown how the elimination of subsidies had helped social welfare, infrastructure, healthcare, and education.
He insisted that after witnessing record fuel prices, skyrocketing transportation expenses, and a dramatic increase in the cost of living, Nigerians had a right to inquire as to where the policy’s promised benefits had disappeared.
Atiku also contested the presidency’s frequent allusions to GDP growth, arguing that the real indicator of economic success was the ability of the populace to pay for necessities like food, healthcare, and education.
The comment was made in reaction to a recent State House defense of Tinubu’s economic record, in which the administration claimed that important changes, such as the elimination of fuel subsidies and the liberalization of exchange rates, had stabilized the economy and set the stage for sustained growth.
