Nigeria: Tinubu's FAAC Boom Is a Scam - Atiku

What the report says

Former Nigerian Vice President Atiku Abubakar has criticized the federal government’s recent FAAC revenue figures, saying the larger naira amounts being announced do not reflect real economic strength. In a statement issued through his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku argued that inflation and the naira’s weakness have reduced the practical value of those allocations, even if the headline numbers appear higher.

The remarks, reported by Daily Trust and distributed by AllAfrica, focused on the gap between nominal revenue growth and everyday living conditions. Atiku said workers and households are still facing higher costs for food, transport, housing, healthcare and other essentials, while state governments continue to carry heavy debt and other liabilities. He also pointed to minimum wage changes as an example of how higher naira amounts can translate into less purchasing power when measured against the dollar.

Atiku’s comments come amid ongoing debate over Nigeria’s economic direction under President Bola Tinubu, especially the impact of currency depreciation and inflation on public finances. He called for greater scrutiny of government spending, tax concessions, waivers and abandoned or duplicated projects, arguing that revenue claims should be judged by what they achieve in real terms rather than by the size of the figures alone. The broader context, based on the report, is a continuing public conversation about whether increased government receipts are improving living standards.