TheCable Fact Check
  • Home
  • Fact Check
  • Fake News
  • Check Am For Wazobia
Reading: FACT CHECK: Was Atiku head of Obasanjo’s economic management team?
Share
Latest News
FRSC sị̀ nà íhé ńgósị́ ébé ńdị́ ọ́rụ́ ha nà ónyé ọ̀kwà ụ́gbọ́àlà nà-ènwé ńsògbụ́ mèrè n’áfọ̀ 2020
FRSC sọ pé 2020 ni ìjà láàárín àwọn òṣìṣẹ́ àwọn àti onikẹkẹ maruwa tí áwọn ènìyàn ń pín fídíò rẹ̀ ṣẹlẹ̀
Viral video wey show kasala between keke rider and our officers na from 2020, na so FRSC tok
Bidiyon bidiyo na arangama tsakanin direban babur, jami’an mu daga 2020, in ji FRSC
È nwélá ọ́nwụ́ ńdị́ ụ́kà nà Naijiria n’áfọ̀ 2025 kárị́á ọ́nụ́ ọ́gụ́gụ́ ndị́ Palestinian é gbụ́rụ́ na Gaza?
Na true sey dem kill Christians for Nigeria dis year pass Palestinians for Gaza?
Ǹjẹ́ àwọn ẹlẹ́sìn ìgbàgbọ́ tí wọ́n pa ní Nàìjíríà ju àwọn ọmọ Palestine tí wọ́n pa ní Gaza lọ ní 2025?
Yi Kiristoci da aka kashe a Nijeriya a 2025 sunfi na faltunawan dake Gaza?
Advertisement
Aa
TheCable Fact CheckTheCable Fact Check
Search
  • Home
  • Fact Check
  • Fake News
  • Check Am For Wazobia
Follow US

FACT CHECK: Was Atiku head of Obasanjo’s economic management team?

Wasilat Azeez
By Wasilat Azeez Published January 18, 2023 5 Min Read
Share

Atiku Abubakar, Nigeria’s former vice-president, has claimed that he led the economic management team during the tenure of former President Olusegun Obasanjo.

The presidential candidate of the Peoples Democratic Party (PDP) made the claim on Monday, at the presidential dialogue on the economy, organised by the National Economic Summit Group (NESG) in Lagos.

“As head of the economic management team, while I was Vice President, I was instrumental in designing a private sector revival strategy and advocated for the opening of the economy for private sector investments in several sectors. And we made tremendous progress,” Atiku said.

“I’m sure you still remember the good old days of rapid economic growth with stable interest and exchange rates, low inflation, low unemployment rates, and low poverty headcount.

“We paid off nearly all of our foreign debt which was crippling the country.”

As head of the economic management team while I was Vice President, I was instrumental in designing a private sector revival strategy and advocated for the opening of the economy for private sector investments in several sectors. And we made tremendous progress. #AtikuAtNESG

— Atiku Abubakar (@atiku) January 16, 2023

Obasanjo served as Nigeria’s president from 1999 to 2007.

But how true is the claim that Atiku led the economic management team?

VERIFICATION

Checks by TheCable revealed that Ngozi Okonjo-Iweala, former minister of finance and now director-general of the World Trade Organisation (WTO), actually led Obasanjo’s economic management team.

The economic management team was established by Obasanjo in 2003 at the beginning of his second term as president.

A publication on Nigeria’s debt reform, published by the Centre for Africa-Europe relations said: “When President Obasanjo was re-elected in 2003, he appointed a new economic management team headed by former World Bank director Ngozi Okonjo-Iweala. This team implemented many policy reforms.”

In a report where Okonjo-Iweala recounted her journey through economic reforms, she admitted that in 2003, after she got permission of Obasanjo to set up a presidential economic team, the former president decided to preside over the team as the chair, while she takes the lead.

The team, which consisted of 12 members with expertise in macroeconomics, microeconomics, debt management, privatisation, private-sector development, governance, anti-corruption measures, civil-service reform, and budget management, were responsible for designing and implementing economic reforms under the Obasanjo administration.

Members of the 12-person team included Chukwuma Soludo, the then Central Bank of Nigeria (CBN) governor; Nuhu Ribadu, chairman of the Economic and Financial Crimes Commission (EFCC); Nasir el-Rufai, minister of the federal capital territory (FCT); Oby Ezekwesili, minister of education; Bode Agusto, director-general, Budget Office; Ifueko Omoigui, chairman, Federal Inland Revenue Service (FIRS), among others.

As head of the economic management team and finance minister, Okonjo-Iweala led the negotiations for Nigeria’s debt relief.

After the negotiations, Nigeria and the Paris Club announced a final agreement for debt relief worth $18 billion, after Nigeria paid $12 billion.

IS ECONOMIC MANAGEMENT TEAM SAME AS NATIONAL ECONOMIC COUNCIL?

No. The two entities are not the same and do not perform the same functions.

During his stint as VP, Atiku headed the National Economic Council (NEC).

His biography on the Yar’adua Foundation’s website reads: “As Vice President, he (Atiku) chaired the National Economic Council which was responsible for assembling the outstanding talent that transformed the Nigerian economy, more than quadrupling GDP between 2000 – 2007.”

NEC was established by the provisions of the 1999 constitution of the federal republic of Nigeria, as amended, specifically section 153(1) and paragraphs 18 & 19 of part I of the third schedule.

According to the constitution, NEC has the mandate to “advise the president concerning the economic affairs of the federation, and in particular on measures necessary for the coordination of the economic planning efforts or economic programmes of the various governments of the federation.”

Membership of the NEC comprises the VP as chairperson, 36 state governors, the governor of the Central Bank of Nigeria (CBN) and other co-opted government officials.

Nigeria’s current national economic council is chaired by vice-president Yemi Osinbajo

The council holds meetings once every month.

VERDICT

Atiku’s claim that he was the head of the economic management team is false. The team was set up in 2003 during Obasanjo’s administration, the former president was the chair while Okonjo-Iweala led the team.

The PDP presidential candidate must have confused NEC with the economic management team.

TAGGED: atiku abubakar, economic management team, National Economic Summit Group (NESG), Ngozi Okonko-Iweala

Please send your feedback, claims to fact check and corrections requests to [email protected]

Wasilat Azeez January 18, 2023 January 18, 2023
Share this Article
Facebook Twitter Email Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

POPULAR POSTS

Advertisement

FRSC sị̀ nà íhé ńgósị́ ébé ńdị́ ọ́rụ́ ha nà ónyé ọ̀kwà ụ́gbọ́àlà nà-ènwé ńsògbụ́ mèrè n’áfọ̀ 2020

Ngalaba Federal Road Safety Corps (FRSC) akọwala n'ihe ngosi ebe onye ọ̀kwà ụgbọala ụkwụ atọ…

August 22, 2025

FRSC sọ pé 2020 ni ìjà láàárín àwọn òṣìṣẹ́ àwọn àti onikẹkẹ maruwa tí áwọn ènìyàn ń pín fídíò rẹ̀ ṣẹlẹ̀

Àjọ tó ń rí sí ààbò àwọn awakọ̀, àwọn tí wọ́n ń rìn lójú ọ̀nà…

August 22, 2025

Viral video wey show kasala between keke rider and our officers na from 2020, na so FRSC tok

The Federal Road Safety Corps (FRSC) don describe one viral video wey show as keke…

August 22, 2025

Bidiyon bidiyo na arangama tsakanin direban babur, jami’an mu daga 2020, in ji FRSC

Hukumar kiyaye hadurra ta kasa (FRSC) ta bayyana wani faifan bidiyo da ke nuna wani…

August 22, 2025
Advertisement
Advertisement

YOU MAY ALSO LIKE

FAKE NEWS ALERT: We didn’t declare Iyabo Ojo wanted, say police

The Nigeria Police Force (NPF) has denied viral reports claiming that actress Iyabo Ojo was declared wanted for questioning. A…

Fact CheckFake News Alert
August 21, 2025

MISINFO ALERT: Viral video of clash between tricycle rider, our officers from 2020, says FRSC

The Federal Road Safety Corps (FRSC) has described a viral video showing a tricycle rider confronting its officers in Benin…

Exclusives & FeaturesFact Check
August 21, 2025

DISINFO ALERT: Photo showing European leaders ‘sitting outside Trump’s office’ is doctored

A viral photo purports that European leaders recently camped outside the office of US President Donald Trump in the White…

Fact CheckTop Stories
August 21, 2025

MISINFO ALERT: No evidence Shettima said ‘N8,000 can change the life of a youth’

A viral post claiming that Vice-President Kashim Shettima said “N8,000 can change the life of a youth” has resurfaced on…

Fact Check
August 19, 2025

CableCheck seeks to provide reliable tools and resources for readers to tackle the menace of fake and misleading materials constantly pushed into the public space from various sources. We monitor the accuracy of claims made in traditional and social media. We also provide a tracker to hold politicians and policymakers accountable for the plans and promises they make to the public. CableCheck is a project of the Cable Newspaper Journalism Foundation (CNJF), supported by the MacArthur Foundation and implemented by TheCable newspaper.

Follow US: 

LINKS

  • Contact
  • About Us
  • Non-Partisanship Policy
  • Funding
  • Correction Policy
© Copyright TheCable. All Rights reserved.
Welcome Back!

Sign in to your account

Lost your password?