Former Vice President and African Democratic Congress (ADC) presidential candidate Atiku Abubakar has accused President Bola Tinubu’s administration of worsening economic hardship in Nigeria, citing rising living costs, insecurity and declining purchasing power.
Atiku made the allegations in a State of the Nation address delivered in Abuja on Thursday, October 1, as Nigeria marked its 66th Independence Anniversary.
The former vice president challenged the Federal Government’s assessment of the economy, arguing that the reported improvements in economic indicators have not translated into sufficient relief for many Nigerian households.
Atiku particularly criticised the removal of the petrol subsidy, saying the policy contributed to higher transportation and food costs. He questioned whether the savings associated with the reform had produced the relief promised to Nigerians.
His position contrasted sharply with President Tinubu’s Independence Day address. Tinubu said his administration’s economic reforms had corrected what he described as longstanding distortions and claimed that inflation had fallen from its peak, economic growth had strengthened and foreign reserves had improved. The President declared that the country was moving from an era of reform into an “age of prosperity.”
Atiku, however, argued that economic growth should be judged by its effect on ordinary Nigerians, particularly their ability to afford food, transportation, healthcare, education and other basic needs.
He also questioned the purchasing power of the current ₦70,000 minimum wage, comparing it with the cost of petrol and other household necessities. The figures formed part of his broader argument that nominal increases in wages have not necessarily translated into stronger purchasing power.
Beyond the cost of living, Atiku raised concerns about insecurity and the impact of violence on communities, farmers and families. He argued that economic recovery must be accompanied by stronger protection of lives and property.
The ADC candidate also outlined a proposal for a capped and budgeted production subsidy tied to verified petrol refined in Nigeria, including output from modular refineries. He said the programme should be independently audited and structured so that any benefit reaches consumers through lower pump prices.
Atiku further criticised government borrowing, budget implementation and the management of public funds. He called for greater transparency over government expenditure and demanded clearer accounts of social intervention programmes.
On infrastructure and public contracts, he questioned the process surrounding the Lagos-Calabar Coastal Highway project and called for the publication of relevant bidding and contract documents. These were allegations and demands made by Atiku in his speech, rather than established findings against the parties he mentioned.
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The former vice president also addressed political and legal issues, calling for due process in cases involving detained individuals and urging authorities to respect the rule of law. He specifically mentioned several detainees and called for the release of five young Nigerians arrested in Borno over shirts carrying the slogan “Tinubu Must Go,” while acknowledging that police had made additional allegations against them.
Looking ahead to the 2027 election, Atiku urged Nigerians to participate in the electoral process and protect their votes. He said that, if elected, his administration would support measures aimed at strengthening electoral transparency and accountability.
The address adds to the growing political debate over the impact of Tinubu’s economic policies as Nigeria marks 66 years of independence. While the President says the reforms have laid the foundation for stronger growth and broader prosperity, Atiku argues that the immediate experience of many Nigerians remains dominated by high living costs and economic pressure.