The Advocates for Economic and Political Advancement on Tuesday described recent criticisms of the Nigerian economy by former Vice President Atiku Abubakar as “cheap politics dressed up as concern” and pure propaganda.
Speaking at a press conference on Tuesday, the group said Atiku’s comments were not rooted in genuine economic analysis but driven by bitterness after multiple unsuccessful attempts to lead the country.
In his address, Dr Opialu Fabian dismissed Atiku’s reference to Nigeria’s external reserves of about $48.45 billion as evidence of failure.
He noted that the same economic framework projects the reserves to rise above $51 billion within the year, describing the situation as a managed adjustment within an ongoing reform cycle rather than a decline.
The group argued that reserves are influenced by several factors, including exchange rate management, capital flows, and liquidity interventions by the Central Bank, and should not be viewed in isolation or used for political effect.
“Select a number. Strip it of context. Amplify it for political effect. That is not economic analysis. That is political theatre,” the group stated.
The Advocates highlighted what they described as significant macroeconomic improvements under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
They pointed to projected economic growth of 4.49 percent, a sharp drop in inflation from over 34 percent to about 14.5 percent — with expectations of further decline to around 12.94 percent — as well as a balance of payments surplus and gradual return of investor confidence.
The group praised the appointment of Taiwo Oyedele as Minister of Finance and Coordinating Minister of the Economy, saying it signals a new era of policy coherence, structured tax reforms, improved revenue generation, and better utilisation of idle funds and public assets.
They noted that over $20 billion currently sits idle in the banking system under reserve requirements, while many public assets worth tens of trillions of naira remain underutilised, adding that addressing these inefficiencies forms a core part of the ongoing reforms.
While acknowledging that Nigeria is still in a transition phase with attendant challenges, the group maintained that the bold decisions taken by the Tinubu administration, particularly the removal of fuel subsidies and unification of the foreign exchange market, were necessary and are beginning to produce positive results, including increased disbursements to states for development projects.
The Advocates urged Nigerians to focus on the broader picture of structural reforms rather than short-term fluctuations, calling on political actors, especially Atiku Abubakar, to engage honestly with facts instead of recycling talking points that ignore visible progress.
“The economy is stabilising. The reforms are taking hold. The direction is clear. No amount of political noise can change that reality,” the group concluded.