Former Vice President and African Democratic Congress presidential candidate, Atiku Abubakar, has accused President Bola Tinubu's administration of failing to improve the economy, claiming that 767 manufacturing firms have shut down while 335 others are struggling to survive under current economic conditions.
In a statement issued on Monday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku dismissed the Presidency's defence of Tinubu's economic policies, insisting that official statistics could not mask the hardship faced by millions of Nigerians.
He argued that despite claims of economic progress, many Nigerians were grappling with rising poverty, high food prices, business closures and worsening living conditions.
According to him, the administration's emphasis on Gross Domestic Product growth and other macroeconomic indicators had failed to translate into improved welfare for ordinary citizens.
Atiku cited figures attributed to the Manufacturers Association of Nigeria, claiming that 767 factories had ceased operations while 335 others remained distressed amid rising production costs and declining consumer purchasing power.
He also alleged that manufacturers were sitting on about N2.14tn worth of unsold goods, while many firms had been forced to spend heavily on alternative energy due to high electricity costs.
The former Vice President further claimed that multinational companies, including Procter & Gamble, GlaxoSmithKline, Sanofi and Kimberly-Clark, had either shut down or scaled back local manufacturing operations because of the harsh business environment.
He questioned the Federal Government's continued borrowing despite its claims of improved revenue generation, saying Nigerians deserved explanations on how the funds were being utilised.
Atiku also criticised the removal of fuel subsidy, arguing that while the policy was necessary, Nigerians had yet to enjoy the promised benefits in infrastructure, healthcare, education and social welfare.
He maintained that the growing allocations to states and local governments had not translated into improved living conditions, citing persistent inflation, unemployment and insecurity across the country.
The ADC presidential candidate further faulted the administration's healthcare and education policies, arguing that they had failed to address the challenges confronting the sectors despite government claims of reforms.
On poverty, Atiku referenced recent figures by the International Monetary Fund, alleging that about 63 per cent of Nigerians now live below the national poverty line, while millions continue to battle food insecurity.
He urged the Tinubu administration to focus on addressing the country's economic challenges rather than defending its performance through public statements, insisting that Nigerians would judge the government by the impact of its policies on their daily lives.
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