Atiku Slams Tinubu Govt, Warns of Falling Reserves Despite Oil Windfall
- Former VP Atiku Abubakar has warned of declining reserves despite Nigeria's surge in oil revenue
- The ADC chieftain urged targeted spending to alleviate hardships faced by Nigerians amidst economic contradictions
- Atiku also called for long-term investments to strengthen the naira and ensure sustainable governance
Abuja, FCT - Former Vice President Atiku Abubakar has raised concerns over Nigeria’s economic direction, warning that the country’s external reserves are declining even as it records a surge in oil revenue.
In a statement issued on Sunday, May 3, by his aide, Phrank Shaibu, the former vice president described the trend as a “dangerous contradiction” that points to deeper structural problems in the economy.
Source: Twitter
Atiku says reserves dip as oil earnings rise
According to the statement, Nigeria’s external reserves fell to $48.45 billion as of April 24, down from $48.72 billion a week earlier, with a total decline of about $1.57 billion since March 11.
Atiku, a chieftain of the African Democratic Congress (ADC), said this comes at a time when the country reportedly earned about ₦5 trillion in additional oil revenue within the same period, a development he said should ordinarily strengthen the nation’s financial position.
“The contradiction of dwindling reserves amid rising oil earnings exposes a troubling pattern,” he said.
Atiku raises concerns over alleged naira defence
Atiku attributed the falling reserves to what he described as aggressive intervention by the Central Bank of Nigeria (CBN) to defend the naira.
He argued that continued liquidity injections to stabilise the currency risk depleting national buffers without addressing underlying weaknesses.
“This is not stability—it is a fragile illusion sustained by burning through national savings,” he said, warning that efforts to prop up the naira without boosting productivity, exports and investor confidence would prove ineffective.
Atiku laments hardship amid alleged revenue gains
The former vice president also highlighted what he called a disconnect between rising government revenue and worsening living conditions for Nigerians.
Despite the oil windfall, he noted that Nigerians continue to face high fuel prices, increased transport costs and persistent inflation.
“This paradox is both unjust and unsustainable,” he said.
Atiku calls for targeted spending
Atiku urged the government to channel the windfall into targeted interventions to ease the burden on citizens, including support for vulnerable groups, stabilisation of food supply chains, and measures to cushion the impact of rising fuel costs.
He warned against using the additional revenue for recurrent spending or political patronage.
“To do otherwise is to profit from the suffering of the people while offering them nothing in return,” he said.
He also called for a shift in economic strategy, urging authorities to prioritise long-term investments in domestic refining, infrastructure and non-oil exports.
According to him, strengthening the naira requires addressing economic fundamentals rather than relying on short-term interventions.
“The naira cannot be defended by force; it must be strengthened by fundamentals,” he said.
Oil windfall test of leadership - Atiku
Atiku described the current oil windfall as a test of governance, saying it would reveal whether leaders are committed to sustainable economic management or short-term gains.
“Nigeria’s external reserves are not a political war chest, and this oil windfall is not a licence for fiscal indiscipline,” he said.
He added that Nigerians deserve “honesty, discipline and foresight” in the management of public resources.
Source: Twitter
Atiku slams Tinubu over palliative distribution
Earlier, Legit.ng reported that Atiku criticised the distribution of food items by the administration of President Bola Ahmed Tinubu, describing it as a political tactic rather than a genuine response to hardship in Northern Nigeria.
The former vice president was reacting to the recent rollout of rice and cash palliatives led by First Lady Oluremi Tinubu.
The intervention involved 100 trucks of rice and N1.2 billion distributed across northern states and the Federal Capital Territory (FCT).
Source: Legit.ng
