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Former Vice President Atiku Abubakar has accused President Bola Tinubu’s administration of pushing Nigerian businesses into dire financial distress as foreign investors increasingly withdraw their funds from the country.
Atiku, the presidential candidate of the African Democratic Congress, ADC, made the allegations in a statement released on Tuesday by his Senior Special Assistant on Public Communication, Phrank Shaibu.
The former vice president based his claim partly on data from the Nigerian Exchange, which showed that foreign investors brought $513.36 billion into the Nigerian stock market between January and July 2026, but withdrew $779.43 billion during the same period.
The figures, according to Atiku, translated into a net capital outflow of N266.07 billion.
He said foreign investors recorded net outflows in every month within seven months, adding that the 2026 figure was about 11.7 times higher than the net outflow of N22.68 billion recorded during the corresponding period of 2023.
“This is not simply an investment statistic. It is a confidence verdict on Tinubu’s economy,” Atiku said.
The ADC presidential candidate linked capital flight to what he described as an increasingly difficult economic environment for businesses and families.
He also criticized the federal government’s borrowing model, claiming that domestic borrowing increased by 90.5% to 24.7 trillion naira in eight months.
According to him, public credit has grown at a rate more than four times that of credit to the private sector.
Atiku says the development is pushing businesses out of the credit market and making it harder for entrepreneurs and manufacturers to obtain affordable financing.
“So, the picture is now painfully clear: Tinubu’s government is pushing Nigerian businesses out of the domestic credit market, while foreign investors take their money and head for the exit,” he said.
“Local businesses are suffocating. Foreign capital is fleeing. Government debt is exploding. Food prices have skyrocketed. Transportation costs are crushing families.”
The former vice president also accused the administration of celebrating its economic reforms despite what he described as worsening hardship across the country.
According to him, an economy cannot truly be described as recovering when entrepreneurs are unable to access affordable credit, manufacturers are struggling with rising operating costs, families are losing purchasing power and investors are reluctant to keep their capital in the country.
Atiku said investors were increasingly evaluating Nigeria based on economic fundamentals rather than government statements or leading economic indicators.
He listed policy coherence, inflation, purchasing power, predictability of regulation and the prospect of sustainable returns as some of the factors influencing investment decisions.
“And their verdict is increasingly unequivocal: take the money and run,” he said.
Atiku called for a change in economic policy, saying the government should focus on restoring investor confidence, reducing the cost of doing business and making energy and transport more accessible.
He also advocated stronger support for manufacturing and a greater role for the private sector in driving economic growth.
“This is the fundamental difference between Tinubu’s economy of public consumption and Atiku’s economy of private sector production and household affordability,” he said.
“You can’t borrow from the private sector, impoverish consumers and then market yourself to the world as an investment destination. Investors are already responding to the propaganda. They’re walking away.”
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