Atiku Blames Tinubu as Foreign Investors Pull ₦266bn From Nigeria

Presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has vehemently criticized the economic policies implemented by President Bola Tinubu, characterizing the recent significant outflow of foreign portfolio investments from Nigeria as a stark "vote of no confidence" in the current administration's economic management. In a statement released on Tuesday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku emphasized that data from the Nigerian Exchange should be a source of grave concern for Nigerians, as he believes investors' actions offer a more candid and accurate assessment of the economy than any government pronouncements.

According to the detailed statement, foreign investors injected ₦513.36 billion into the Nigerian equities market between January and July 2026, yet they concurrently withdrew a substantially higher sum of ₦779.43 billion during the identical period. This resulted in a net outflow of ₦266.07 billion, which Atiku highlighted as a significant and concerning deterioration when compared to the corresponding period in 2023, where the net outflow was a much smaller ₦22.68 billion. He further pointed out that foreign portfolio investment outflows consistently surpassed inflows in every single month from January through July 2026, unequivocally stating, "This is not merely an investment statistic. It is a confidence verdict on the Tinubu economy."

Employing a compelling analogy, the former vice president likened Nigeria's economic situation to that of a struggling landlord whose tenants and customers are unable to spend, while simultaneously, external investors are actively withdrawing their funds. "Only a foolish landlord would stand at the gate and call that prosperity. That is Tinubu's economy," Atiku asserted. He further linked the reported decline in foreign portfolio investment to an observable increase in government borrowing and the subsequent intensified pressure on the private sector. Referencing various reports, he noted that the Federal Government's domestic borrowing had surged by 90.5 percent, reaching ₦24.7 trillion within an eight-month span, and that credit extended to the government had grown considerably faster than credit allocated to the private sector.

Atiku contended that these figures paint a clear picture of an economy where government borrowing is increasingly crowding out Nigerian businesses from the domestic credit market, while foreign investors are simultaneously reducing their exposure to Nigerian assets. He summarized this critical issue by stating, "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." Beyond investment concerns, Atiku also directed strong criticism at the administration regarding the escalating cost of living, specifically citing soaring food prices, increasing transportation costs, and the significant operational challenges faced by businesses across the nation.

He openly questioned the government's persistent celebration of its economic reforms, arguing that headline economic figures alone cannot genuinely demonstrate a recovery if businesses continue to grapple with mounting financing and operating costs, and if households experience a continuous decline in purchasing power. "What exactly is working?" he provocatively asked. The former vice president elaborated that investors base their assessments of Nigeria on crucial factors such as policy consistency, inflation rates, purchasing power, regulatory predictability, and the prospects of earning sustainable real returns. He concluded that, in light of these factors, investors' "verdict is increasingly unmistakable: take the money and run."

In response to these perceived economic failures, Atiku called for a decisive shift in economic policy. He advocated for measures aimed at restoring investor confidence, significantly reducing the cost of doing business, and making energy and transportation more affordable for all. He also championed a greater emphasis on private-sector production, arguing forcefully that sustainable economic growth should be primarily driven by the dynamism of businesses and the purchasing power of households, rather than through an ever-increasing reliance on government borrowing. "That is the fundamental difference between Tinubu's economics of government consumption and Atiku's economics of private-sector production and household affordability," he explained.

Atiku issued a stern warning, cautioning that Nigeria cannot simultaneously constrict the private sector through excessive borrowing, weaken the purchasing power of its households, and still expect to present itself as an attractive and viable investment destination to the world. "You cannot borrow the private sector dry, impoverish consumers and then advertise yourself to the world as an investment destination," he concluded.