A pro-government group, Advocates for Economic and Political Advancement, has sharply criticised former Vice President Atiku Abubakar, describing his recent attacks on President Bola Tinubu’s economic policies as “cheap politics dressed in propaganda” and driven by bitterness over his failed presidential bids.
In a strongly-worded press conference on Tuesday in Abuja, the group dismissed Atiku’s comments as lacking genuine economic depth and accused him of selectively using figures to paint a misleading picture of the economy.
Dr Opialu Fabian, who addressed journalists, said Atiku’s reference to Nigeria’s external reserves standing at about $48.45 billion as proof of failure was misleading and taken out of context.
“Select a number. Strip it of context. Amplify it for political effect. That is not economic analysis. That is political theatre,” Fabian stated.
He noted that the same economic framework projects reserves to rise above $51 billion before the end of the year, describing the current level as part of a “managed adjustment” within an ongoing reform process rather than a collapse.
The group argued that external reserves are influenced by multiple variables including exchange rate management, capital flows, oil receipts, and CBN interventions, and should not be weaponised for partisan gains.
The Advocates pointed to what they described as clear macroeconomic gains under President Tinubu’s Renewed Hope Agenda:
Sharp drop in headline inflation from over 34% to around 14.5%, with further decline expected to 12.94%
Return to balance of payments surplus
Gradual restoration of investor confidence
They particularly praised the appointment of Taiwo Oyedele as Minister of Finance and Coordinating Minister of the Economy, saying it has brought greater policy coherence, aggressive tax reforms, and a focus on unlocking idle funds and underutilised public assets.
The group revealed that over $20 billion currently sits idle in the banking system under reserve requirements, while public assets worth tens of trillions of naira remain inefficiently deployed.
“These are the structural inefficiencies the Tinubu administration is confronting head-on,” they said.
While admitting the country is still navigating a difficult transition period, the group strongly defended the removal of fuel subsidies and the unification of the foreign exchange market as necessary and courageous decisions that previous administrations avoided.
They noted that these reforms have already resulted in increased revenue to the federal government and higher allocations to states for development projects.
“The economy is stabilising. The reforms are taking hold. The direction is clear,” the group declared, urging Nigerians to focus on the bigger picture rather than short-term challenges.
The Advocates called on political leaders, especially Atiku Abubakar, to engage with facts and support constructive criticism instead of recycling “talking points that ignore visible progress.”
“No amount of political noise can change that reality,” they concluded.
The statement comes amid growing political conversations as Nigeria look toward the 2027 general elections.
