Atiku faults Tinubu over capital flight, rising government borrowing

Former Vice-President Atiku Abubakar has criticised the economic policies of President Bola Tinubu, accusing the Federal Government of driving foreign investors away while making it increasingly difficult for local businesses to access credit.

Atiku, the African Democratic Congress (ADC) presidential candidate, said the trend was reflected in capital movements recorded on the Nigerian Exchange between January and July 2026.

In a statement issued on Tuesday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said foreign investors brought N513.36 billion into the Nigerian equities market during the seven-month period but repatriated N779.43 billion.

According to him, the figures resulted in a net capital outflow of N266.07 billion, with withdrawals exceeding inflows in each month under review.

Atiku described the development as a warning sign for the Nigerian economy, noting that the seven-month net outflow was about 11.7 times higher than the N22.68 billion recorded during the corresponding period of 2023.

“This is not merely an investment statistic. It is a confidence verdict on the Tinubu economy,” he said.

The former vice-president linked the capital flight to what he described as the Federal Government’s growing dependence on domestic borrowing.

He claimed government borrowing had increased by 90.5 per cent to N24.7 trillion in eight months, while credit extended to government was growing more than four times faster than lending to the private sector.

According to Atiku, the combination was putting businesses under additional financial pressure by reducing their access to affordable credit.

“So, the picture is now painfully clear: Tinubu’s government is crowding Nigerian businesses out of the domestic credit market while foreign investors are taking their money and heading for the exit,” he said.

Atiku further criticised the administration over the rising cost of living, citing food and transportation costs as evidence that economic pressures were continuing to weigh heavily on households.

“Local businesses are suffocating. Foreign capital is fleeing. Government borrowing is exploding. Food prices has skyrocketed. Transportation costs are crushing families,” he said.

He also rejected claims that the economy was on a meaningful recovery path, arguing that headline economic indicators alone could not provide a complete picture of the condition of businesses and households.

Atiku said an economy could not be described as recovering when entrepreneurs were unable to secure affordable financing, manufacturers faced high operating costs and consumers experienced declining purchasing power.

He argued that foreign investors were more concerned about the practical conditions for doing business than government claims about economic reforms.

According to him, investors assess issues including policy stability, inflation, purchasing power, regulatory predictability and the prospects of earning sustainable real returns before committing their funds.

“And their verdict is increasingly unmistakable: take the money and run,” he said.

The ADC candidate called for a shift in economic policy towards strengthening domestic production and creating conditions capable of attracting and retaining investment.

He said the government should reduce the cost of doing business, improve access to affordable energy and transportation, and restore confidence in the investment environment.

Atiku maintained that Nigeria’s private sector should be at the centre of economic expansion rather than relying heavily on government borrowing to drive growth.

“That is the fundamental difference between Tinubu’s economics of government consumption and Atiku’s economics of private-sector production and household affordability,” he said.

He added: “You cannot borrow the private sector dry, impoverish consumers and then advertise yourself to the world as an investment destination. The investors are already answering the propaganda. They are leaving.”