767 Manufacturing Companies Shut Down
OpenLife News reports that former Vice President Atiku Abubakar has dismissed the State House’s defence of President Bola Tinubu’s economic record as “propaganda instead of performance,” saying no amount of statistical manipulation can hide the suffering of millions of Nigerians.
In a statement issued by his media aide, Phrank Shaibu, the African Democratic Congress presidential candidate said the Presidency devoted thousands of words to attacking the opposition but failed to answer one question: “If the economy is doing so well, why are Nigerians getting poorer?”
Atiku described it as ridiculous that the same administration implementing the 2024, 2025 and 2026 budgets simultaneously was asking Nigerians to forget the consequences of earlier policies.
“As the Yoruba rightly say, the one who defecated yesterday may quickly forget, but the person who cleaned up the mess never does,” he said. “Those wounds remain fresh, and no amount of revisionism or government propaganda can erase them.”He accused the government of celebrating macroeconomic indicators while citizens grapple with microeconomic realities.
“It speaks glowingly about GDP growth while families skip meals. It boasts of debt ratios while businesses shut their doors. It trumpets reforms while millions slide deeper into poverty,” Atiku said.
Citing the IMF’s latest Article IV Consultation, he noted that 63% of Nigerians now live below the national poverty line and about 27 million faced food insecurity in late 2025.
“Those are not opposition figures. They are findings of the same institution the government quotes,” he added.
2024 Policies
Atiku said the administration cannot claim 2024 figures are irrelevant when it is still implementing budgets from that year.
“Economic policy is not a light switch. The consequences of reckless decisions linger long after the announcements have faded,” he said.
Debt and Borrowing
He asked what Nigerians had gotten in return for record borrowing, despite improved revenues and subsidy removal.
“If revenue has improved, why does borrowing continue at record levels? Nigerians deserve answers, not applause lines,” he said.
Subsidy Removal
Atiku said Nigerians never opposed subsidy removal, but asked “where are the dividends?”
“Instead of relief, they have experienced the highest fuel prices in history, soaring food inflation and collapsing purchasing power,” he stated. He also faulted the claim that oil revenues are still tied to subsidy-related financing.
Manufacturing and Jobs
Citing the Manufacturers Association of Nigeria, Atiku said 767 companies have shut down and 335 are distressed, with ₦2.14 trillion in unsold goods.
“Factories do not shut down because the opposition writes press statements. They leave because the environment has become hostile to production,” he said.
On Blame-Shifting
He criticized the government for blaming the Obasanjo administration 19 years after it left office.
“Great administrations solve problems; they do not weaponise them as permanent alibis,” he said, recalling the $18 billion Paris Club debt relief under Obasanjo.
Atiku concluded that governments are judged not by press statements but by whether families can afford food, businesses can survive, and young people can find jobs.
“No statistical gymnastics can erase hunger.
The true report card is being written by the Nigerian people. And its verdict is becoming clearer,” he said.
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