Why do you say the government's bigger naira figures don't prove Nigeria is richer?
Because bigger numbers do not cancel smaller value. In 2019, FAAC distribution was about ₦7.85 trillion, worth around $25.6 billion. By 2025, FAAC had risen on paper to about ₦21.9 trillion, yet its dollar value had fallen to roughly $14.6 billion. So while almost three times as many naira are paraded, the underlying dollar value is more than 40 per cent lower. That is not an economic miracle, that is money illusion.
Where this comes from
Article on X Article by @atiku on X · https://x.com/atiku/status/2097745799593841116 2026-09-09 ›
In 2019, FAAC distribution was approximately ₦7.85 trillion, worth about $25.6 billion at the prevailing exchange rate. By 2025, FAAC had risen on paper to approximately ₦21.9 trillion, yet its dollar value had fallen to roughly $14.6 billion. So while government parades almost three times as many naira, the underlying dollar value is more than 40 per cent lower. “That is not an economic miracle. That is money illusion. You cannot batter the currency, allow inflation to ravage purchasing power and then wave bigger naira figures before Nigerians as evidence that the country has become richer. Bigger numbers do not cancel smaller value.”
Atiku said the deception becomes even clearer when translated into the everyday experience of the Nigerian worker, where salaries may have increased nominally while their real value and purchasing power have deteriorated.