Food Inflation Spike Not Tinubu’s Fault, TMSG Tells Atiku

The Tinubu Media Support Group (TMSG) has defended the economic policies of President Bola Tinubu, dismissing claims by former Vice President Atiku Abubakar that the administration’s borrowing, importation and taxation policies are responsible for Nigeria’s economic challenges.

The group insisted that the recent increase in food inflation was largely driven by external factors, particularly the conflict in the Middle East, and not by the policies of the Federal Government.

In a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, TMSG said Atiku’s criticism of the Tinubu administration was not supported by available economic data.

The former Vice President, who is the presidential candidate of the African Democratic Congress (ADC), had argued that Nigeria could not “borrow, import and tax its way to prosperity,” suggesting that the Federal Government was pursuing unsustainable economic policies.

However, TMSG said the assertion ignored key statistics released by the National Bureau of Statistics (NBS), particularly the year-on-year decline in food inflation.

According to the group, although the latest NBS report showed a slight increase in food inflation on a month-on-month basis, the June 2026 figure of 17.52 per cent represented a significant improvement from the 25.41 per cent recorded in June 2025.

“We have seen the latest effort by former Vice President Atiku Abubakar to cast aspersions on the Bola Tinubu administration by declaring that Nigeria could not ‘borrow, import and tax its way to prosperity,’ but we are clear-minded enough to assert that this is untenable and cannot be the truth,” the statement said.

TMSG accused the former vice president of selectively interpreting the inflation figures while overlooking what it described as the broader improvement in food prices over the past year.

The group argued that the temporary import waivers granted on selected food items helped reduce food inflation and challenged Atiku’s claim that increased food imports had worsened the situation.

It also noted that while Atiku highlighted high food inflation in Kogi State, he failed to acknowledge lower inflation rates recorded in states such as Katsina, Rivers and Imo.

According to TMSG, the recent spike in food prices coincided with the outbreak of conflict in the Middle East, which triggered higher global fuel prices and increased transportation costs.

“It is, however, common knowledge that the Middle East conflict, which led to an increase in fuel and transportation costs, led to a general hike in food prices contrary to the mischievous claim that the policies of the Tinubu administration were to blame,” the group stated.

It added that inflation had maintained a downward trajectory from the last quarter of 2025 until March 2026, when the geopolitical crisis disrupted global energy markets.

Beyond inflation, TMSG rejected Atiku’s allegation that the Tinubu administration was imposing excessive taxes on Nigerians, insisting that recent tax reforms had instead reduced the burden on individuals and businesses.

The group said the Nigeria Tax Act introduced major incentives for small businesses, including zero per cent Companies Income Tax, zero per cent Capital Gains Tax and exemption from the four per cent Development Levy.

It also noted that individuals earning up to ₦1.2 million annually are exempt from personal income tax under the new tax regime.

“For us, the most laughable was the suggestion on excessive taxation which clearly falls flat in the face of current realities of the Tinubu tax reforms which have granted tax reliefs to small businesses and low-earning persons,” the statement added.

TMSG maintained that Nigerians currently enjoy more tax reliefs than they have in recent years and challenged Atiku to identify any provision of the new tax laws that supports his allegation of excessive taxation.

The group urged Nigerians to disregard what it described as politically motivated attempts to discredit the administration, insisting that public debate on the economy should be guided by facts rather than partisan interests.