Abuja: The Presidency on Sunday dismissed former Vice President Atiku Abubakar’s criticism of President Bola Tinubu’s economic policies, describing his arguments as outdated and disconnected from realities. Presidential Spokesperson, Mr. Bayo Onanuga, stated this in a statement titled, ‘Facts, Not Fear: A Point-by-Point Response to Atiku Abubakar on Nigeria’s Reform Journey.’ Onanuga said Atiku’s assessment relied largely on 2024 economic data and ignored gains recorded in 2025 and 2026 under Tinubu’s reform agenda.
According to News Agency of Nigeria, Nigeria’s dollar-denominated Gross Domestic Product (GDP) rose from about 253 billion dollars after the exchange-rate reset to roughly 377 billion dollars. He said the increase represented a 49 per cent recovery, while GDP in naira terms expanded from N314 trillion to about N530 trillion. The presidential spokesman said the naira-denominated GDP growth reflected a 69 per cent increase since the reforms began.
Onanuga described the administration’s policies as necessary structural reforms aimed at correcting distortions inherited from previous governments. He argued that many of Nigeria’s economic challenges predated the Tinubu administration and required bold corrective measures. Addressing concerns over borrowing, Onanuga maintained that Nigeria’s debt profile remained sustainable when measured against economic output and revenue performance.
He said Nigeria’s debt-to-GDP ratio stood at about 40 per cent, below South Africa’s 85 per cent, Egypt’s 80 per cent and Kenya’s 75 per cent. He said the ratio also remained significantly lower than those recorded by advanced economies, including the United States and the United Kingdom. Onanuga added that Nigeria’s debt-service-to-revenue ratio had fallen from nearly 100 per cent in late 2022 to below 60 per cent.
Defending fuel subsidy removal, Onanuga said the policy ended decades of fiscal leakages that weakened public finances and constrained development spending. He said the increased allocations enabled greater spending on infrastructure, salaries, pensions and social programmes across the country. The presidential aide cited World Bank assessments indicating improved public revenues and higher subnational capital expenditure following the reforms.
Addressing taxation concerns, Onanuga said the administration’s reforms were designed to broaden the tax net while protecting vulnerable citizens. He added that compliance measures were being strengthened among higher earners and profitable firms to improve tax administration. On healthcare, Onanuga said the administration had revitalized more than 3,000 primary healthcare centers nationwide and retrained 78,000 frontline health workers.
On education, he said more than 11,000 basic education projects had been executed under the administration. The spokesman said the Nigerian Education Loan Fund (NELFUND) had disbursed more than N303 billion to 1.64 million students. Onanuga also highlighted investments in roads, railways, ports, power infrastructure, airports, gas projects, housing, and digital connectivity as evidence of the administration’s commitment to long-term growth and economic transformation.
Responding to Atiku’s claim of an N7.98 trillion oil windfall, Onanuga described the allegation as analytically flawed. He explained that although Brent crude averaged about 90 dollars per barrel during the first half of 2026, production remained below projections. Onanuga further noted that part of Nigeria’s crude production had been committed to servicing loans secured for fuel subsidy payments.
The spokesman also highlighted progress in tackling inflation and supporting vulnerable households. He said inflation fell to 14.4 per cent in November 2025 before rising to 15.91 per cent after disruptions linked to the Middle East conflict. Onanuga said the government had implemented NG-CARES, HOPE, and SOLID programmes valued at more than three billion dollars and that cash transfer programmes had reached 15 million households across the country.
The presidential aide urged political actors to adopt a more constructive approach to national discourse. He maintained that the Tinubu administration’s reforms represented a long-term strategy to reposition and strengthen the Nigerian economy. ‘This reform programme is a reinvention of Nigeria’s economy. It demands short-term sacrifice, but it promises lasting gains for future generations,’ he said.