Atiku Abubakar Calls IMF Growth Downgrade a National Emergency

Former Vice President Atiku Abubakar characterized Nigeria's current economic state as a national emergency following an International Monetary Fund report that downgraded the country's 2026 growth forecast to 4.1 percent. Atiku described the administration's approach as organized hardship dressed up as reform, arguing that government claims of macroeconomic improvement ignore the reality of shrinking purchasing power, currency instability, and rising costs for food and transportation.

Atiku attributed the crisis to policy confusion and weak leadership, asserting that the government is practicing trial-and-error economics. He noted that the financial strain has forced parents to remove children from school and led farmers to abandon their lands. He further warned against the country's rising debt burden and the collapse of small businesses under the weight of taxes and electricity tariffs.

The IMF's Global Financial Stability Report linked the growth downgrade to competing pressures, including war-related increases in shipping, fertilizer, and fuel costs, despite some offset from higher oil prices. Atiku urged the Federal Government to abandon its current trajectory in favor of immediate, people-focused interventions to stabilize prices and protect vulnerable populations.