The Presidency has rejected former Vice President Atiku Abubakar’s criticism of President Bola Tinubu’s economic policies, saying his claims are based on old figures and do not reflect Nigeria’s current economic situation.
The response was contained in a statement issued on Sunday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, titled “Facts, Not Fear: A Point-by-Point Response to Atiku Abubakar on Nigeria’s Reform Journey.”
Onanuga said Atiku’s arguments were largely based on developments from 2024, despite the changes recorded in the economy since then.
“A debate anchored in 2024 cannot explain Nigeria in 2026,” he said.
He added that the Nigerian economy had changed significantly since the early stages of the reforms.
According to him, Nigeria’s dollar GDP fell to about $253 billion after the 2024 exchange-rate adjustment but has since recovered to around $377 billion.
On borrowing, the Presidency rejected claims that the Tinubu administration was borrowing excessively.
“Debt, in itself, is not the defining measure of fiscal health,” Onanuga said.
He explained that the size of the economy, government revenue, debt servicing costs and how borrowed funds were used were more important factors.
The statement said Nigeria’s debt-to-GDP ratio was about 40 per cent, while the debt service-to-revenue ratio had fallen from almost 100 per cent in December 2022 to below 60 per cent.
On the removal of fuel subsidy, the Presidency defended the decision, saying it had increased the revenue available to state and local governments.
According to Onanuga, higher allocations had helped many states increase spending on roads, schools, hospitals, salaries, pensions and social programmes.
“The current administration deserves commendation for being able to get rid of something that has become a lodestone around the neck of our collective patrimony,” he said.
The Presidency also rejected Atiku’s criticism of the tax reforms.
“The objective of the tax reforms is not merely to increase collections but to create a broader, more equitable tax system,” Onanuga said.
He said the reforms were designed to reduce the burden on low-income earners and small businesses while ensuring that higher-income individuals and profitable companies paid their fair share.
The government also highlighted its achievements in healthcare and education.
Onanuga said more than 3,000 primary healthcare centres had been upgraded or refurbished as of April 2026, while more than 78,000 frontline health workers had been retrained.
On education, he said more than 1.64 million students had benefited from the Nigerian Education Loan Fund, with over ₦303 billion disbursed through 300 higher institutions.
The Presidency also defended its infrastructure programme, pointing to ongoing projects in roads, rail, airports, power, housing, gas and digital connectivity.
On Atiku’s claim of a ₦7.98 trillion oil windfall, the government rejected the figure.
“There is no such windfall of N7.98 trillion,” Onanuga said.
He explained that higher oil prices had been partly cancelled out by lower-than-expected crude oil production and existing commitments on some crude volumes.
The Presidency admitted that the economic reforms had caused hardship but insisted that they were necessary to correct long-standing problems.
“The reforms have carried undeniable costs, and legitimate questions remain about implementation, inflation, and social protection,” Onanuga said.
However, he argued that describing the entire reform programme as “financial recklessness” ignored the wider economic changes taking place.
“Nigeria’s economy is not yet where it aspires to be,” he said. “But neither is it where it stood at the height of its structural distortions or in the bygone years of fiscal waste and slackness.”
Onanuga said the government would continue with its reforms and programmes aimed at improving living conditions.
He added: “For Nigeria, Forward Ever!”
The Presidency urged Nigerians to judge the Tinubu administration’s economic policies based on measurable results rather than isolated figures and political arguments.
