Atiku Dismisses Oyedele's Defence of Tinubu's Economic Policies, Cites CBN's Alleged Debt Figures

• Atiku Abubakar rejected claims by Finance Minister Taiwo Oyedele that fuel subsidy savings are being used to reduce government debt and improve workers' welfare
• The former Vice President cited alleged CBN figures showing the federal government's credit exposure rose by ₦17.39 trillion, or 77.6%, in just one year
• Atiku also challenged the government's position on minimum wage implementation, NELFUND funding sources, and rising debt servicing costs

Abuja, FCT - Former Vice President Atiku Abubakar has rejected the defence of President Bola Tinubu's economic policies made by Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, saying the claims do not hold up against publicly available data.

In a statement released on Sunday, August 2, by his senior special Assistant on public communication, Phrank Shaibu, Atiku took aim at several key arguments Oyedele had advanced, including assertions around debt reduction, workers' welfare, education funding, and debt servicing costs.

Atiku Challenges Debt Reduction Claims

Atiku said the administration's claim that subsidy savings are being used to clear inherited liabilities is contradicted by the numbers. He pointed to an alleged recent disclosure by Central Bank of Nigeria (CBN) governor Olayemi Cardoso, who reportedly said the CBN's credit to the federal Government jumped from ₦22.99 trillion in May 2025 to ₦40.38 trillion in May 2026, an increase of ₦17.39 trillion, or 77.6 per cent, within a single year.

"This completely destroys the narrative that subsidy savings are being used to reduce government indebtedness. Nigerians deserve honesty, not creative accounting," Atiku said.

He added that the government had not actually repaid debt but had repackaged it, converting Ways and Means advances into Treasury Bills and bonds while taking on fresh obligations.

"That is debt restructuring, not debt repayment," he said.

**Minimum Wage, NELFUND and Interest Rates**

On workers' welfare, Atiku said the federal government had not fully implemented the new minimum wage, with a 40 per cent peculiar allowance tied to the wage adjustment remaining unpaid despite directives that it should take effect from May 1, 2026.

He also questioned the government's account of how the Nigerian Education Loan Fund (NELFUND) is financed.

"The Chief Executive Officer of NELFUND publicly stated that the scheme received a ₦50 billion injection from recovered funds by the Economic and Financial Crimes Commission (EFCC). If that is the case, why is the government now presenting subsidy savings as the source?" Atiku asked.

On rising debt servicing costs, Atiku said the administration bore direct responsibility, arguing that the Monetary Policy Rate had climbed sharply under Tinubu, crowding out the private sector and making borrowing too expensive for manufacturers.

Atiku said food prices, unemployment, naira depreciation, and business closures represented the true economic scorecard of the administration, adding that no official presentation could change the daily reality facing Nigerians.

"Governments are judged not by PowerPoint presentations or television interviews but by the quality of life of their citizens. On that score, this administration has failed spectacularly," he said.

He called on government officials to address the country's hardships with sincerity and accountability rather than continuing what he described as media spin.

Atiku's Camp Kicks Against Tinubu's Defence of INEC

In another report, an ADC chieftain, Kenneth Okonkwo, called on President Tinubu to step down after his first term, arguing that his record in office would make a second mandate difficult to justify before Nigerian voters in 2027.

Okonkwo made the remarks during an appearance on Channels Television's Sunrise Daily on Friday, where he also took aim at the President for publicly defending the Independent National Electoral Commission (INEC) against allegations of partiality.

In his view, Tinubu had effectively appointed himself a spokesman for the electoral body rather than engaging with legitimate concerns about its credibility. He argued that INEC had done little to earn public trust, pointing to unanswered questions from the 2023 general election as evidence that the commission remained a contested institution.