Atiku Dismisses Tinubu’s FAAC Gains as ‘Scam of Numbers’

By Nafiu Muhammad Lema

Former Vice President Atiku Abubakar has criticised the Federal Government’s reported increase in monthly allocations from the Federation Account Allocation Committee (FAAC), describing the rise as a “scam of numbers” that does not reflect improved economic wellbeing for Nigerians.

Atiku, in a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, argued that the increase in FAAC allocations was largely a reflection of naira depreciation, inflation, declining purchasing power and rising government debts.

He said comparing the allocations in dollar terms showed that the apparent increase in naira revenue had not translated into greater economic value.

According to him, FAAC distributions stood at about N7.85 trillion in 2019, equivalent to approximately $25.6 billion at the prevailing exchange rate, while the figure rose to about N21.9 trillion in 2025 but was worth roughly $14.6 billion in dollar terms.

“The arithmetic is brutal. In 2019, FAAC distribution was approximately N7.85 trillion, worth about $25.6 billion at the prevailing exchange rate.

“By 2025, FAAC had risen on paper to approximately N21.9 trillion, yet its dollar value had fallen to roughly $14.6 billion,” Atiku said.

He maintained that the increase represented what he called “money illusion”, stressing that a higher nominal figure does not necessarily mean increased prosperity.

“That is not an economic miracle. That is money illusion. You cannot batter the currency, allow inflation to ravage purchasing power and then wave bigger naira figures before Nigerians as evidence that the country has become richer,” he said.

Atiku also cited the minimum wage as an illustration of the declining value of workers’ earnings.

He said the N30,000 minimum wage in 2019 was worth about $83, while the current N70,000 minimum wage was approximately $53 at an exchange rate of around N1,320 to the dollar.

“That is Tinubu’s money illusion in its simplest form. The figure in your hand is bigger, but the value in your pocket is smaller,” he said.

According to him, workers may receive more naira today but still struggle to afford basic necessities because of rising food, transport, electricity, healthcare and housing costs.

“A worker can earn more naira today and still afford less food, less transport, less electricity, less medicine and less housing than before,” Atiku said.

The former vice president questioned the sustainability of the reported revenue increase, asking why several state governments remained heavily indebted despite what he described as unprecedented FAAC allocations.

He referred to a September 2026 report based on Debt Management Office data, which he said showed that 12 states approaching the end of their governors’ tenures had a combined debt burden of about N5.3 trillion.

“So spare Nigerians the victory parade. You cannot boast endlessly about unprecedented FAAC allocations while states remain heavily indebted, pension and gratuity obligations persist, contractors chase payments and governments continue to carry enormous liabilities,” he said.

Atiku argued that increased government revenue should be assessed by its impact on infrastructure, public services, debt reduction and citizens’ living standards rather than by the size of allocations announced after FAAC meetings.

“Revenue is not an achievement merely because it enters a government account. The achievement is what that revenue buys, what debts it settles, what infrastructure it delivers and how much better it makes the lives of the people,” he said.

He further criticised what he described as selective application of fiscal discipline, calling for greater scrutiny of government spending, tax concessions, import waivers, revenue exemptions, duplicated projects and abandoned projects.

“Fiscal responsibility that operates only against the poor is not reform. It is cruelty dressed up in economic grammar,” Atiku said.

He said Nigerians judge the economy by their daily purchasing power rather than official revenue statistics.

“Nigerians do not eat FAAC figures. They do not pay school fees with percentages. They do not buy medicine with press conferences, and they do not enter buses with government charts,” he said.

Atiku maintained that increased naira allocations should not automatically be presented as evidence of economic prosperity while purchasing power continues to decline and public liabilities remain high.

“More naira is not automatically more prosperity. Bigger figures do not mean bigger value,” he said.

He said the ultimate measure of the administration’s economic policies should be whether ordinary Nigerians can afford basic necessities, adding that affordability should translate into lower pressure on food prices, cheaper transportation, manageable energy costs and stronger purchasing power.

“This is the contrast at the heart of the economic debate: Tinubu made life expensive; Atiku will make life affordable again,” he said.

He concluded that the Federal Government must demonstrate what the increased allocations are worth, what they have delivered and which obligations they have helped settle.

“The test is brutally simple: what is the money worth? What has it delivered? What obligations has it settled? And are Nigerians actually better off?

“Until those questions are answered, this FAAC celebration remains exactly what the numbers show it to be: more naira on paper, less value in reality.”