Advocates Dismiss Atiku Abubakar’s Economic Criticism as Political Propaganda

The Advocates for Economic and Political Advancement on Tuesday criticised recent remarks on Nigeria’s economy by former Vice President Atiku Abubakar, describing them as “cheap politics disguised as concern” and mere propaganda.

At a press conference held on Tuesday, the group stated that Atiku’s comments lacked genuine economic substance and were instead motivated by frustration following repeated unsuccessful presidential bids.
Speaking during the briefing, Dr. Opialu Fabian rejected Atiku’s claim that Nigeria’s external reserves of about $48.45 billion signified economic failure.
He explained that projections indicate the reserves could exceed $51 billion within the year, stressing that the current figures reflect a controlled adjustment within an ongoing reform process rather than a downturn.
According to the group, external reserves are shaped by multiple variables such as exchange rate policies, capital inflows, and Central Bank liquidity interventions, and should not be singled out or manipulated for political narratives.
“Select a number, remove it from context, and amplify it for political gain—that is not economic analysis but political theatre,” the group said.
The Advocates also pointed to what they described as notable macroeconomic gains under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
They cited projected GDP growth of 4.49 percent, a significant reduction in inflation from over 34 percent to about 14.5 percent—with expectations of a further drop to approximately 12.94 percent—as well as improvements in the balance of payments and growing investor confidence.
The group commended the appointment of Taiwo Oyedele as Minister of Finance and Coordinating Minister of the Economy, noting that it reflects a shift towards stronger policy coordination, tax reforms, enhanced revenue mobilisation, and more efficient management of public resources.
They further observed that over $20 billion remains idle within the banking system under reserve requirements, while public assets worth trillions of naira are yet to be fully utilised, adding that ongoing reforms aim to address these inefficiencies.
While acknowledging that the country is still navigating a transition phase with its associated challenges, the group maintained that key policy decisions by the Tinubu administration—particularly the removal of fuel subsidies and the unification of the foreign exchange market—were necessary steps already yielding positive outcomes, including increased allocations to states for development.
The Advocates urged Nigerians to adopt a broader perspective on the reforms rather than focusing on short-term fluctuations. They also called on political actors, especially Atiku Abubakar, to engage constructively with factual data instead of repeating narratives that overlook emerging progress.
“The economy is stabilising. The reforms are gaining traction. The direction is unmistakable. No amount of political rhetoric can alter that reality,” the group concluded.