Atiku Criticises Tinubu Over N266bn Foreign Investment Outflow

Atiku Criticises Tinubu Over N266bn Foreign Investment Outflow

Former Vice President Atiku Abubakar has criticised President Bola Ahmed Tinubu’s economic management, describing the large outflow of foreign portfolio investment from Nigeria’s equities market as a sign of declining investor confidence in the administration. Atiku, who is the presidential candidate of the African Democratic Congress ADC for the 2027 election, made the criticism through his Senior Special Assistant on Public Communication, Phrank Shaibu. According to data from the Nigerian Exchange cited by Atiku, foreign investors brought N513.36 billion into the Nigerian equities market between January and July 2026 but withdrew N779.43 billion during the same period.The figures resulted in a net foreign portfolio investment outflow of N266.07 billion. Atiku described the development as a “vote of no confidence” in the Tinubu administration, arguing that investors were responding to concerns over Nigeria’s economic policies, inflation, purchasing power, regulation and the ability to generate sustainable returns. He also noted that the net outflow was significantly higher than the N22.68 billion recorded during the corresponding period in 2023. The former vice president further criticised the Federal Government over its borrowing activities, citing figures showing that domestic borrowing had increased substantially while credit to the government was growing faster than credit to the private sector.m According to Atiku, the combination of increased government borrowing and foreign capital outflows suggests that Nigerian businesses are being squeezed out of access to domestic financing while international investors are reducing their exposure to the country’s market. He argued that Nigeria needs an economic strategy focused on restoring investor confidence, reducing the cost of doing business, making energy and transportation more affordable and encouraging private-sector production. Atiku contrasted his proposed approach with what he described as the Tinubu administration’s emphasis on government consumption and borrowing.The former vice president’s criticism comes as political parties and presidential candidates intensify preparations for the 2027 general election, with economic performance expected to remain a major campaign issue. The Tinubu administration has consistently defended its economic reforms, including changes to foreign exchange policy, fuel subsidy removal and fiscal reforms, arguing that the measures are designed to create a more sustainable economy and attract investment over the long term. The latest exchange-market figures are therefore likely to become part of the broader political debate over whether the government’s reforms are delivering sufficient benefits and restoring confidence among investors. The economic argument between the ruling All Progressives Congress APC and opposition forces is expected to intensify as the 2027 election approaches, with both sides likely to present competing assessments of Nigeria’s economic performance.