Tinubu’s FAAC boom is a scam — Atiku

Former Vice President Atiku Abubakar has accused the Federal Government of deceiving the public with inflated figures from the Federal Audit Allocation Commission (FAAC), calling it a "money illusion" that fails to reflect the actual value of the country's wealth. According to Atiku, the announcement of trillions in FAAC distributions every month is misleading because the naira has lost significant value due to depreciation, inflation, and mounting liabilities.

In 2019, FAAC distribution was around ₦7.85 trillion, valued at about $25.6 billion, while in 2025, it had risen to ₦21.9 trillion but is now valued at roughly $14.6 billion. This means the underlying dollar value has dropped by more than 40%. Atiku emphasizes that bigger numbers do not equate to a richer nation; instead, the focus should be on the actual purchasing power and the ability to meet obligations.

He cites the example of the minimum wage, which has increased nominally from ₦30,000 to ₦70,000 but has lost value in terms of purchasing power, from $83 to $53. Atiku argues that the success of the FAAC is not visible in the price of goods and services, transportation, electricity, healthcare, housing, or job creation. He also questions why states, despite receiving unprecedented revenues, are still burdened with debt and why the government continues to borrow without visible improvements in citizens' lives.