Isaac Samuel
Former Vice President and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has faulted President Bola Tinubu’s Independence Day address, rejecting the President’s declaration that Nigeria had moved from economic reforms into an “age of prosperity.”
Atiku, who spoke at a press conference at the ADC national headquarters in Abuja on Thursday, said the economic situation confronting millions of Nigerians did not support the picture of prosperity presented by Tinubu in his nationwide broadcast.
Tinubu, in his 66th Independence Day address, had declared that the “emergency treatment” of the Nigerian economy was over and that the country had entered a new phase of shared and widespread prosperity.
He said his administration’s reforms had corrected the country’s economic direction and laid the foundation for lasting prosperity.
But Atiku said Nigerians should judge the reforms by their impact on household incomes and the cost of basic necessities rather than by economic indicators alone.
“Today, Bola Tinubu told us that the ‘emergency treatment is over’ and the ‘age of prosperity’ has begun. A President may announce a new chapter in a speech. He cannot announce food onto a family’s table or money into a worker’s pocket.
“Bola, where is this prosperity?”
Atiku said while the President cited falling inflation, economic growth, rising exports and improved foreign reserves, the figures did not necessarily reflect the purchasing power of ordinary Nigerians.
“Bola says inflation has fallen. A slower rise in prices does not restore what families have lost,” he said.
“He cites growth and rising exports. Nigerian businesses deserve credit for what they have achieved. But growth must improve lives. It cannot be a certificate of success that government awards itself while citizens struggle to survive.”
The ADC candidate contrasted the purchasing power of workers before Tinubu assumed office with the current situation, using petrol and food prices to illustrate his argument.
According to him, a N30,000 minimum wage in April 2023 could buy about 118 litres of petrol, while the N70,000 minimum wage could buy only about 50 litres at current prices.
He also cited the increase in the average price of an egg from about N88 in April 2023 to N261 in May 2026, while the price of a sliced loaf of bread rose from about N500 to about N2,000 over the same period.
“These may look like small items in a government report. In a family home, they are breakfast. They are the money left for a child’s lunch,” Atiku said.
“If 2023 was the illness, why does your ‘cure’ buy less fuel, fewer eggs and a smaller loaf of bread?”
Atiku challenged Tinubu’s characterisation of fuel subsidy as an “addiction”, saying Nigerians affected by the removal of the subsidy were not demanding a return to wasteful spending but seeking relief from the cost of living.
He proposed what he described as a capped and budgeted production subsidy tied to verified petrol refined in Nigeria, including fuel from modular refineries.
Under the proposal, imported petrol would not qualify, while the cost of the programme would be published and payments independently audited.
“The principle is simple: produce here, refine here, create jobs here and pay less here.
“If Bola disagrees, he should answer the proposal on its merits. Calling relief an addiction will not lower the price of petrol.”
Atiku criticised what he described as the administration’s reliance on promises of future economic gains, arguing that Nigerians were already facing difficulties with food, transportation, healthcare, education and electricity costs.
“Bola, your speech is full of ‘we will’. We will make farming cheaper. We will power factories. We will create jobs. We will bring down prices,” he said.
“You have been President for more than three years. Nigerians are entitled to ask what you have done with the time already given to you.”
Tinubu had said his administration’s next phase would focus on lowering the cost of living by reducing production and transportation costs, while expanding agriculture, industrial production, jobs, digital connectivity and access to finance.
Atiku, however, said farmers and manufacturers could not wait for the promised future benefits while dealing with insecurity, high production costs and unreliable electricity.
“A farmer who cannot safely reach his field cannot wait for your theory of cheaper food. A factory paying more to keep its machines running cannot wait for another promise of industrial growth,” he said.
Atiku faults loans, budget extension
The former Vice President also criticised the administration’s student loan and consumer credit programmes, arguing that access to loans did not automatically make education or living costs affordable.
He said some institutions had increased fees substantially, adding that offering loans to students would not resolve the underlying affordability problem.
Atiku also questioned the continued implementation of the 2025 budget alongside the 2026 budget, saying Nigerians deserved greater clarity on government spending and project execution.
“The 2026 budget exists alongside it. Soon, your government will ask Nigerians to examine a 2027 budget,” he said.
“How many budgets must be open at once before you can tell the country what was funded, what was completed and what remains unpaid?”
He further raised questions over public debt, citing a debt stock of N166.79 trillion at the end of June and the Federal Government’s discussions over another $1.5 billion World Bank loan.
“Before you borrow another dollar in the people’s name, tell them what the money already borrowed has delivered,” Atiku said.
“Name the projects. Show what they cost, who benefited and who was paid.”
Questions Lagos-Calabar highway contract
Atiku also questioned the award of the Lagos-Calabar Coastal Highway contract to Hitech, a Chagoury Group company.
He called on the Federal Government to publish the bidding documents, evaluations, contract and variations relating to the project.
“Then publish the invitations, the bids, the evaluations, the final contract and every variation. Let Nigerians see how this enormous award was decided,” he said.
Atiku also raised concerns about local contractors allegedly owed by government, saying some had borrowed money to execute public projects and were facing financial difficulties because of delayed payments.
“Why do your friends get huge contracts while Nigerian contractors have to protest to be paid for work they have already done?” he asked.
Challenges cash transfer figures
The ADC candidate also questioned the Federal Government’s reported distribution of cash transfers to more than 10 million Nigerians.
He referred to a claim by the Minister of Humanitarian Affairs and Poverty Reduction, Prof. Nentawe Yilwatda, that many beneficiaries did not have phones, and asked how beneficiaries were identified and payments made, particularly in parts of Yobe and Borno affected by insecurity.
“If you could find ten million people to pay, you can account for the payments,” Atiku said, demanding an auditable account of the programme without exposing the identities of vulnerable beneficiaries.
He also referred to the recent stampede at the Niger State Government House in which three people died amid reports that N10,000 was to be distributed, saying the incident underscored the hardship faced by many Nigerians.
Atiku also seized on Tinubu’s promise of lower transport fares from October 1, saying the President’s Independence Day speech did not provide details of the routes, previous fares or the number of commuters benefiting.
Tinubu had made lowering transportation costs part of his broader promise to reduce the cost of living, saying government would focus on reducing the cost of producing and moving goods and people.
“Lower fares on a few routes are welcome, but they do not solve the transport crisis facing the rest of the country,” Atiku said.
“Bola, publish the routes, the fares and the number of people benefiting. Show Nigerians the cheaper journey you promised.”
Attacks claim of salaries, pensions
Atiku also disputed Tinubu’s assertion that salaries and pensions had been paid “on time and in full” since 2023.
He challenged the President to address complaints by military pensioners and federal workers over outstanding adjustments, wage awards and promotion arrears.
“Tell that to the military pensioners who protested over unpaid adjustments. Tell it to federal workers who have reported delayed salaries, wage awards and promotion arrears,” he said.
Tinubu had stated in his Independence Day address that his administration had paid salaries and pensions on time and in full since 2023, while also highlighting reforms to the pension system.
Raises insecurity, political freedom
Beyond the economy, Atiku criticised the administration over insecurity and what he described as concerns about political freedom and due process.
He said armed groups had continued to kill and displace Nigerians, while farmers, parents and families remained exposed to insecurity.
He also called for due process in cases involving Sheikh Sani Khalifa Zaria, Nasir Ahmad El-Rufai and Nnamdi Kanu, while reiterating his call for the release of five youths arrested in Borno over alleged use of “Tinubu Must Go” T-shirts.
Atiku said political expression should not be criminalised, while stressing that allegations against the arrested youths should be tested fairly.
On the 2027 election, the ADC candidate promised that, if elected, his administration would strengthen the independence of the Independent National Electoral Commission and support prompt publication of polling-unit results.
He also said those found guilty of vote buying or manipulation should face the law regardless of their political affiliation.
Atiku unveils affordability agenda
Atiku said his alternative programme would focus on what he described as making life affordable, improving security and ensuring accountability in public spending.
“From my first day in office, I will put affordability and the protection of life at the centre of government,” he said.
“We will begin bringing down the costs of food, fuel and power, improving access to healthcare and education, and restoring security to communities living in fear.”
He urged Nigerians to scrutinise all presidential candidates ahead of the 2027 election, including himself, and demand policies that could be measured.
Atiku said the President’s description of Nigeria as having reached an “age of prosperity” should be measured against the everyday experiences of Nigerians.
“A growing government account is not a recovering Nigerian. A speech about prosperity is not prosperity,” he said.
“Show Nigerians where the savings went. Show them the relief. Or stop calling their pain a cure.”
