Tinubu Under Fire Over Reforms Claims as Atiku Announces Number of Factories That’ve Shut Down
- Atiku Abubakar, the ADC presidential candidate, rejected the Presidency's defence of President Tinubu's economic record in a statement issued on August 3, 2026
- Atiku cited Manufacturers Association of Nigeria data showing 767 companies have shut down and 335 others are in distress under the current economic conditions
- The former Vice President questioned where the promised dividends of fuel subsidy removal have gone, pointing to rising food prices and declining purchasing power
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Former Vice President Atiku Abubakar has dismissed the Tinubu administration's economic defence as propaganda, saying no volume of government press releases can conceal what millions of Nigerians experience daily in their homes, markets and workplaces.
Atiku's Senior Special Assistant on Public Communication, Phrank Shaibu, issued the statement on August 3, 2026, responding to a State House rebuttal of the former Vice President's earlier criticism of President Bola Tinubu's economic record.
Source: Getty Images
Factories closing, goods unsold
A statement sighted by Legit.ng on August 3, Atiku anchored much of his argument on data from the Manufacturers Association of Nigeria (MAN), which he said showed 767 manufacturing companies have shut down while 335 others are classified as distressed.
He added that manufacturers are sitting on roughly N2.14 trillion worth of unsold finished goods, not due to lack of demand but because citizens can no longer afford basic products.
He also noted that multinational companies including Procter & Gamble, GlaxoSmithKline, Sanofi and Kimberly-Clark have either shut down or pulled out of local manufacturing operations, while indigenous firms such as Jubilee Syringe Manufacturing have suspended production. Local manufacturers reportedly spent about N1.11 trillion on diesel alone after electricity tariffs for Band A customers rose sharply.
"Factories do not shut down because the opposition writes press statements," Atiku said. "Multinational companies do not abandon billion-naira investments because of political rhetoric. They leave because the economic environment has become increasingly hostile to production, investment and enterprise."
GDP growth without relief
Atiku challenged the Presidency's repeated use of GDP growth figures as proof of progress, pointing to International Monetary Fund findings that the former Vice President said the government selectively quotes.
He said the IMF's latest Article IV Consultation estimated that 63 per cent of Nigerians now live below the national poverty line, with about 27 million Nigerians facing food insecurity in late 2025.
"Nigerians cannot eat GDP," Atiku said. "They cannot pay school fees with macroeconomic indicators."
On fuel subsidy removal, he asked the Tinubu administration to show Nigerians the dividends it promised, noting that the country has instead seen the highest fuel prices in its history, record transport costs and worsening food inflation.
He also challenged the Presidency to fully disclose the terms of crude oil-backed financing arrangements, asking how many barrels have been pledged, to whom and under what repayment terms.
Source: Getty Images
Responding to the government's references to the Obasanjo administration, Atiku said President Tinubu has been in office for more than three years and can no longer govern by looking in the rear-view mirror. He recalled that the Obasanjo government, in which he served as Vice President, negotiated an $18 billion Paris Club debt relief deal and carried out banking sector reforms that restored investor confidence.
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"Governments are judged by the problems they solve, not by the number of excuses they manufacture," Atiku said. "The true report card of this administration is written every day in the markets, on the farms, in the factories and in millions of Nigerian homes."
Atiku's camp rejects Tinubu's defence of INEC
Legit.ng earlier reported that ADC chieftain Kenneth Okonkwo criticised President Bola Tinubu for defending INEC over bias allegations, saying the electoral body had not earned public confidence.
Okonkwo, who speaks for Atiku Abubakar ahead of 2027, cited concerns over security and governance as reasons Tinubu may struggle to win re-election.
The ADC spokesperson also accused the ruling APC of attempting to weaken opposition parties and undermine Nigeria's democratic process before 2027.
Source: Legit.ng
