The Presidency has mounted its most detailed defence yet of President Bola Tinubu’s economic reforms, rejecting former Vice-President Atiku Abubakar’s allegations of fiscal mismanagement and insisting that Nigeria’s economy has moved beyond the difficult adjustment period that followed the administration’s early policy decisions.
In a statement issued on Sunday, Special Adviser to the President on Information and Strategy, Bayo Onanuga, faulted Atiku for relying on outdated economic indicators to assess an economy that had undergone significant changes since 2024.
Onanuga clarified the fact that the opposition’s criticism failed to reflect developments recorded over the past two years, particularly after the removal of fuel subsidy and the liberalisation of the foreign exchange market.
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Onanuga said, “A debate anchored in 2024 cannot explain Nigeria in 2026.”
He maintained that the country’s economic reforms should be evaluated over time rather than at their most painful stage.
The statement marks the Presidency’s latest response in the growing exchange between the Tinubu administration and Atiku over the direction of the Nigerian economy ahead of the 2027 general election.
Atiku had accused the Federal Government of excessive borrowing, questioned the benefits of fuel subsidy removal, criticised recent tax reforms, and alleged that the government failed to account for an oil revenue windfall.
Responding point by point, the Presidency disputed those claims and affirmed that the administration’s policies were beginning to yield measurable results despite the initial economic hardship experienced by Nigerians.
Onanuga said Nigeria’s dollar-denominated Gross Domestic Product (GDP), which he said fell to about $253 billion after the exchange rate adjustment in 2024, had recovered to approximately $377 billion. He also said the country’s nominal GDP in naira had increased from about ₦314 trillion to around ₦530 trillion.
While acknowledging that economic reforms imposed short-term costs on households and businesses, the Presidency argued that the measures were necessary to correct structural distortions that had persisted for decades.
On borrowing, Onanuga rejected suggestions that Nigeria’s debt profile had become unsustainable. He said the country’s debt-to-GDP ratio is below 40 per cent and argued that the more important measure was whether borrowed funds were financing productive investments capable of expanding economic growth.
He also said the government’s debt service-to-revenue ratio had declined significantly from levels recorded before the current administration took office, attributing the improvement to stronger revenue generation and fiscal management.
The Presidency equally defended the removal of fuel subsidy by describing the policy as one of the administration’s most consequential economic decisions.
Onanuga explained that the abolition of the subsidy had increased statutory allocations to states and local governments through the Federation Account, and had given subnational governments greater financial capacity to undertake infrastructure projects, improve healthcare, strengthen education, and meet salary obligations.
He further rejected Atiku’s criticism of the administration’s tax reforms; he insisted that the measures were designed to reduce the burden on low-income earners and small businesses while improving compliance among higher-income individuals and profitable companies.
Beyond the economy, the statement sought to present evidence of broader government interventions in healthcare, education, and infrastructure.
According to Onanuga, more than 3,000 primary healthcare centres have been rehabilitated, over 78,000 frontline health workers retrained, and three specialised cancer treatment centres established under the current administration.
He also said more than 1.64 million students had benefited from the Nigerian Education Loan Fund (NELFUND), with over ₦303 billion disbursed through about 300 tertiary institutions.
On infrastructure, the Presidential spokesman cited ongoing investments in roads, bridges, rail, airports, gas infrastructure, electricity transmission, and digital connectivity as evidence that public spending was being directed towards long-term economic growth.
The statement also dismissed Atiku’s claim that the Federal Government had realised an unaccounted oil windfall estimated at ₦7.98 trillion.
Onanuga argued that such calculations ignored factors including production costs, production shortfalls, crude oil forward contracts, and existing loan obligations tied to crude sales. He maintained that any increase in oil revenue was already reflected in monthly allocations distributed through the Federation Account Allocation Committee.
While acknowledging that inflation and the cost of living remain major concerns, the Presidency insisted that the worst phase of the economic adjustment had passed. Onanuga said inflation had begun to moderate after external shocks linked to the Middle East conflict interrupted earlier improvements.
He added that programmes such as NG-CARES, HOPE, SOLID, and ongoing cash transfer initiatives were designed to cushion the impact of reforms on vulnerable households.
The Presidency concluded that criticism of the government’s economic policies should be based on current economic realities rather than what it described as selective interpretation of earlier challenges, and that the administration would continue pursuing structural reforms despite political opposition.
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