Tinubu’s FAAC boom scam, valueless to Nigerians – Atiku

Former Vice President Atiku Abubakar has criticized President Bola Ahmed Tinubu's Federation Account Allocation Committee (FAAC) as a scam, arguing that it has not added value to Nigerians. Atiku's spokesperson, Phrank Shaibu, revealed this in a statement shared on X, suggesting that the FAAC's "boom" is merely a monetary illusion that disappears when tested against factors such as currency depreciation, inflation, purchasing power, and state governments' mounting liabilities.

Atiku cautioned Nigerians against being fooled by the reported trillions of naira allocated to various government tiers, pointing out that the naira has lost considerable value against the dollar, leading to a significant drop in the FAAC's dollar value. In 2019, FAAC distribution was around N7.85 trillion, equivalent to $25.6 billion, while by 2025, it had increased to N21.9 trillion, but its dollar value had decreased to approximately $14.6 billion.

Atiku emphasized that the increase in naira figures does not equate to economic growth or improvement in citizens' lives, as the underlying dollar value has substantially declined.