Former Vice President Atiku Abubakar has come under criticism following his remarks about how the administration of President Bola Tinubu is handling Nigeria’s external reserves.
Atiku recently accused the Federal Government of mismanaging the economy, pointing to what he described as a decline in foreign reserves despite higher oil revenue earnings.
However, a policy and economic group, Advocates for Economic and Political Advancement, rejected his comments on Tuesday, describing them as politically motivated rather than based on solid economic facts.
In a statement signed by Dr. Opialu Fabian, the group said Atiku’s remarks were more about politics than genuine concern for the economy, adding that they reflect frustration rather than objective analysis.
The group also dismissed his reference to Nigeria’s external reserves, which he put at about $48.45 billion, saying the figure does not represent economic failure. It explained that current projections show reserves could grow beyond $51 billion within the year, describing the movement as part of normal economic adjustments under ongoing reforms.
According to the organisation, external reserves should not be judged in isolation because they are affected by several factors such as exchange rate policies, foreign capital movement, and Central Bank liquidity decisions.
They added that using a single figure to make political arguments does not reflect proper economic analysis.
The group also highlighted what it described as improvements under President Tinubu’s economic reform programme, including projected GDP growth of 4.49 percent and a significant drop in inflation from over 34 percent to about 14.5 percent, with expectations of further reduction.
They further pointed to a balance of payments surplus and a gradual return of investor confidence as signs of progress.
The statement also backed ongoing reforms led by Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, saying they are improving tax systems, boosting revenue, and encouraging better use of government resources and idle funds.
It noted that over $20 billion remains unused in bank reserve requirements, while many public assets worth trillions of naira are still underutilised, adding that reforms aim to address these inefficiencies.
While acknowledging that Nigeria is still facing economic challenges, the group insisted that key policy decisions such as fuel subsidy removal and foreign exchange unification were necessary steps that are already showing early positive effects, including increased funding to state governments for development projects.
The organisation urged Nigerians to focus on long-term economic reforms rather than short-term figures, and called on political figures like Atiku to engage with verified facts instead of making statements that ignore ongoing progress.