Former Vice President Atiku Abubakar has intensified his criticism of President Bola Tinubu’s economic policies, accusing the administration of driving away foreign investment, while a senior supporter of the President has called for renewed scrutiny of allegations and historical records linked to the former vice president.

Atiku, who is the presidential candidate of the African Democratic Congress (ADC) for the 2027 election, made the latest criticism through his Senior Special Assistant on Public Communication, Phrank Shaibu.

Reacting to data from the Nigerian Exchange, Atiku said 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.

He said this resulted in a net outflow of N266.07 billion, describing the development as a sign of declining confidence in the management of the Nigerian economy under Tinubu.

Atiku noted that foreign investment outflows exceeded inflows in every month during the period, adding that the latest net outflow was about 11.7 times the N22.68 billion recorded during the corresponding period in 2023.

He argued that the figures should concern Nigerians because, in his view, investors were responding to the underlying economic conditions rather than government speeches or headline economic figures.

The former vice president also criticised the Federal Government’s domestic borrowing.

According to him, government domestic borrowing had risen by 90.5 per cent to N24.7 trillion within eight months, while credit to government was growing more than four times faster than credit to the private sector.

Atiku argued that the development was putting pressure on Nigerian businesses by making it more difficult for private-sector operators to access credit.

He further criticised what he described as the administration’s policies that have increased pressure on households, businesses and consumers.

According to him, investors are looking at issues such as policy consistency, inflation, purchasing power, predictable regulation and the ability to generate sustainable returns when deciding whether to keep their money in Nigeria.

Atiku called for an economic policy that would restore investor confidence, reduce the cost of doing business, make energy and transportation more affordable, encourage production and allow the private sector to play a greater role in driving economic growth.

He contrasted what he described as Tinubu’s focus on government consumption with his own proposed emphasis on private-sector production and household affordability.

While Atiku continued his criticism of the administration, the All Progressives Congress responded through its former National Vice Chairman, South-South, Ntufam Hilliard Eta.

Eta called on the Economic and Financial Crimes Commission and other relevant authorities to examine allegations and historical records connected to Atiku.

Speaking in Abuja, Eta said no politician should be above the law and argued that public office should not shield anyone from scrutiny.

He said his demand was based on the principle of equal justice and should not be interpreted as political persecution.

Eta’s intervention came against the backdrop of Atiku’s continued campaign for the release of United States records relating to a decades-old investigation involving President Tinubu.

While Atiku’s camp has been demanding greater transparency concerning Tinubu’s records in the United States, Eta argued that Atiku’s own history should also be subjected to scrutiny.

Eta, however, stressed that he was not asking for Atiku to be convicted through the media.

He said the allegations and evidence should instead be examined by competent authorities and, where necessary, subjected to the court of law.

Among the issues raised by Eta were allegations and financial transactions examined in a 2010 United States Senate report.

He referred to more than $40 million in transfers involving offshore entities and United States accounts associated with Jennifer Douglas, Atiku’s former wife. Contemporary reporting on the Senate investigation said about $25 million of the funds was transferred into accounts opened by Douglas.

Eta also referred to the report’s examination of alleged payments connected to Siemens AG. Siemens had previously pleaded guilty in the United States to criminal charges and reached settlements over related civil allegations.

Another issue raised by Eta involved approximately $14 million in transfers to the American University in connection with consulting arrangements related to the establishment of the university in Nigeria.

He also revived allegations concerning the alleged use of companies and accounts as Special Purpose Vehicles during Atiku’s tenure as vice president between 1999 and 2007.

Eta said these matters, together with subsequent petitions and allegations raised in Nigeria, warranted examination by the appropriate authorities.

He maintained that his argument was bigger than either Atiku, Tinubu or the 2027 election, insisting that there should be no political immunity or selective justice.

The renewed exchange comes as Atiku continues to press the United States authorities over records relating to Tinubu.

Atiku and his allies have argued that Nigerians have a legitimate interest in information concerning the background and records of the person occupying the country’s highest political office.

The controversy surrounding Tinubu’s U.S. records relates to a decades-old civil forfeiture matter. The Presidency has maintained that there was no criminal conviction against Tinubu in the United States, while Atiku’s camp has continued to demand access to additional records.

The issue has consequently become another major point of political confrontation between supporters of the two camps ahead of the 2027 presidential election.

Meanwhile, the political dispute has extended beyond Atiku and Tinubu.

In a related development, the Oyo State Chairman of the APC, Kayode Babayomi, called on the EFCC and the Independent Corrupt Practices and Other Related Offences Commission to investigate what he described as the alleged use of Oyo State resources for Governor Seyi Makinde’s political activities.

Babayomi cited political activities including the PDP convention in Ibadan, the APM convention, Makinde’s presidential declaration and the establishment of a new campaign headquarters in Abuja.

He alleged that the governor had prioritised his political ambition over the welfare of residents, although these remain allegations made by the APC chairman.

The political developments also come as the ADC faces internal discussions over the composition of its presidential campaign council and organisation ahead of the 2027 election.

The party is reportedly considering how to accommodate the Saminu Turaki-led faction of the PDP in its campaign structure, while financial concerns have also contributed to delays in setting up the campaign organisation.

There are reportedly disagreements over positions within the proposed campaign structure, including demands from the Turaki-led faction for senior roles.

The development has also generated concerns among some ADC members who fear that bringing the faction into prominent positions could create internal disagreements.

In Bauchi State, meanwhile, the PDP faction backed by FCT Minister Nyesom Wike rejected any alliance with the APM and dismissed the claim by the Turaki-led faction that it had collapsed its structures into the APM.

The latest exchanges highlight the increasingly heated political atmosphere ahead of the 2027 elections, with economic performance, corruption allegations, historical records and political alliances becoming major issues in the emerging contest.

As Atiku continues to attack the Tinubu administration over the economy, supporters of the President are increasingly challenging the former vice president over his own record, ensuring that the political battle between the two camps is likely to intensify as the 2027 election draws closer.