By Yusuf Danjuma Yunusa

Former Vice-President Atiku Abubakar has accused the Tinubu administration of presiding over an increasingly hostile business environment, alleging that 767 factories had shut down while another 335 were operating under severe distress.

Mr Atiku said the closures and difficulties facing manufacturers contradicted the Federal Government’s claims that its economic reforms were restoring growth and improving the business environment.

The former vice-president, who is the presidential candidate of the African Democratic Congress, ADC, stated this in a response to the Presidency’s defence of President Bola Tinubu’s economic record.

In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Mr Atiku said the government’s claims of economic prosperity existed largely in official statements and had not been reflected in the experiences of businesses and ordinary Nigerians.

He said the administration was celebrating Gross Domestic Product, GDP, growth and other macroeconomic indicators while manufacturers, small businesses and households faced rising operating costs and declining purchasing power.

“The Presidency proudly announced that Nigeria’s GDP has increased significantly since the exchange-rate adjustment. We ask a simple question: Has the purchasing power of the average Nigerian increased?” Mr Atiku said.

“Are manufacturers paying less for energy? Have small businesses become more profitable? The answer, tragically, is no.”

He said the closure of hundreds of factories and the distress faced by many others reflected the pressure created by high energy costs, multiple taxes, expensive logistics, rising electricity tariffs and weak consumer demand.

Mr Atiku argued that government policies could not be described as successful if they increased public revenue while reducing the productive capacity of the economy.

“Government cannot tax its way into prosperity while simultaneously shrinking the productive capacity of the economy,” he said.

“Manufacturers are battling record energy costs. Small businesses face multiple taxes, rising electricity tariffs, escalating logistics expenses and declining consumer demand.”

The former vice-president said tax reforms should be designed to encourage production, create jobs and expand the tax base rather than place additional pressure on struggling businesses.

“A tax reform that expands government revenue while ordinary citizens become poorer cannot honestly be described as progressive,” he said.

He added that successful tax systems were built on productivity and economic growth, not by extracting more revenue from businesses and households already facing financial pressure.

Mr Atiku also questioned the government’s borrowing policy, saying the debate should not focus solely on Nigeria’s debt-to-GDP ratio but on the economic value generated by borrowed funds.

“No serious economist argues that borrowing is inherently wrong. Nations borrow. The real question is this: what has Nigeria obtained in return for the unprecedented debts accumulated under this administration?” he asked.

He said Nigerians had a right to demand evidence that borrowed funds were being used to improve infrastructure, create jobs, strengthen public services and raise living standards.

Mr Atiku noted that businesses continued to spend heavily on alternative sources of electricity, while high logistics costs and poor infrastructure remained major obstacles to production.

“After record borrowing and record budgets, businesses are still forced to spend enormous sums generating their own electricity,” he said.

“Logistics costs remain among the highest in Africa. Manufacturers continue to struggle under crushing operating costs, while many roads remain in deplorable condition.”

The former vice-president said infrastructure should be assessed by its economic impact rather than the number of projects announced or commissioned by the government.

“Every administration announces projects. Nigerians are interested in completed projects that reduce the cost of doing business, improve mobility, guarantee stable electricity and stimulate economic growth,” he said.

Mr Atiku also challenged the Presidency’s explanation concerning crude-backed financing arrangements, arguing that the government had admitted that future oil earnings had been committed in ways that limited the country’s ability to benefit from favourable crude oil prices.

He said Nigerians deserved full disclosure on the terms of such arrangements, including the volume of crude committed, repayment conditions, funds received and projects financed.

By Yusuf Danjuma Yunusa

The presidency has officially set a seven-week timeline for the completion of the draft executive bill on state policing, with the proposed legislation expected to reach President Bola Tinubu for review by September 3, 2026.

Femi Gbajabiamila, chairman of the presidential working group on the national policing bill, disclosed the schedule on Monday, confirming that the draft will be formally transmitted to the president exactly seven weeks from now.

Gbajabiamila’s announcement underscores the administration’s accelerated push to overhaul Nigeria’s centralized policing structure, a reform initiative that has gained significant traction amid growing calls for decentralized security architecture to address the nation’s complex law enforcement challenges.

By Yusuf Danjuma Yunusa

The presidency says the most visible impact of the petrol subsidy removal is the increased allocation for states and local government areas (LGAs) in the country.

In a statement on Sunday, Bayo Onanuga, special adviser on information & strategy to President Bola Tinubu, responded to the recent comment of former Vice-President Atiku Abubakar on the petrol subsidy removal policy.

Atiku said Nigerians deserve explanation on the petrol subsidy savings, adding that it is false to say the savings are being used to fund workers’ welfare.

His statement followed the comment by Taiwo Oyedele, minister of finance and coordinating minister of the economy, that the federal government will soon publish a detailed account of how savings from the removal of petrol subsidy has been utilised.

According to the minister, a significant portion of the savings went into financing obligations that were previously funded through central bank financing, servicing higher debt costs following tighter monetary conditions, and implementing the new national minimum wage.

Onanuga said prior to the assumption of office by Tinubu’s administration, international institutions have called for the removal of petrol subsidy.

The spokesperson said Nigerians were suffering when resources were being used to pay “fuel-subsidy merchants”.

He added that the government in which Atiku served from 1999 to 2007, did not stop the payment of petrol subsidy.

Onanuga said increased revenue allocation has made states and LGAs to raise spending on infrastructure and salaries.

“It must be said that the government in which Alhaji Atiku was Vice President waded through that toxic phenomenon, and never did the needful,” Onanuga said.

“The current administration deserves commendation for being able to get rid of something that has become a lodestone around the neck of our collective patrimony.

“The visible consequence of subsidy removal has been the sharp improvement in revenues accruing to states and local governments through the Federation Account.

“Higher statutory allocations have expanded fiscal space at the subnational level, enabling many states to increase spending on roads, schools, hospitals, salaries, pensions, and social programmes. Independent assessments, including those from the World Bank, have noted improvements in public revenues and subnational capital spending, which is another word for infrastructural development, following major fiscal reforms.

“This means that President Tinubu has tactically placed more responsibility for socioeconomic development on states and local governments, while providing requisite funding.

“This is true federalism and a bold statement on the much-vaunted subject of economic restructuring – another important issue gallantly avoided by the government in which Alhaji Atiku served and wielded great influence.”

Tinubu announced the removal of petrol subsidy during his inaugural speech as president in 2023.