Atiku: FAAC boom is ‘money illusion’, Nigerians getting poorer

Former Vice President Atiku Abubakar has described the Federal Government’s celebrated FAAC revenue increase as a “money illusion,” arguing that larger naira allocations have masked falling purchasing power.

According to The Gazette, Atiku said FAAC rose from about ₦7.85tn in 2019 to ₦21.9tn in 2025, while its dollar value declined. He said the naira’s depreciation, inflation and rising state debts showed Nigerians were not necessarily better off.

Atiku also criticised government spending and urged greater fiscal discipline, insisting that revenue should be judged by what it delivers in infrastructure, debt reduction and improved living standards.