Presidency Counters Atiku, Defends Tinubu’s Economic Reforms and Borrowing
The Presidency has dismissed former Vice President Atiku Abubakar’s criticisms of President Bola Tinubu’s economic policies, insisting that the administration’s reforms are yielding measurable results despite the initial hardships experienced by Nigerians.
In a statement titled “Facts, Not Fear: A Point-by-Point Response to Atiku Abubakar on Nigeria’s Reform Journey,” Special Adviser to the President on Information and Strategy, Bayo Onanuga, argued that Atiku’s assessment of the economy relied on outdated 2024 data and failed to acknowledge developments recorded in 2025 and 2026.
According to the Presidency, Nigeria’s economy has recovered significantly since the exchange-rate adjustment, with dollar-denominated Gross Domestic Product (GDP) rising from about $253 billion after the currency realignment to approximately $377 billion, while naira GDP increased from about ₦314 trillion to around ₦530 trillion.
Onanuga maintained that the Tinubu administration’s reforms were never presented as painless but were necessary to correct long-standing structural distortions inherited over several decades.
Responding to concerns over public debt, the Presidency argued that borrowing should be assessed alongside the country’s economic capacity rather than in isolation. It said Nigeria’s debt-to-GDP ratio remains below 40 per cent, describing it as relatively modest compared to several African and developed economies.
The statement also claimed that the government’s debt service-to-revenue ratio had fallen from nearly 100 per cent in December 2022 to below 60 per cent, attributing the improvement to stronger revenue mobilisation and prudent debt management.
Defending the removal of fuel subsidy, the Presidency said the policy had significantly increased statutory allocations to states and local governments, enabling higher spending on infrastructure, healthcare, education, salaries and social programmes.
On tax reforms, Onanuga rejected allegations that the administration was imposing heavier tax burdens on Nigerians. He explained that the reforms were designed to exempt low-income earners earning ₦1 million annually or less and small businesses with turnovers below ₦100 million while ensuring wealthier individuals and profitable companies contribute more through improved tax compliance.
The statement further highlighted achievements in the health sector, including the revitalisation of over 3,000 primary healthcare centres, the retraining of more than 78,000 frontline health workers, the establishment of three operational cancer centres in Kubwa, Enugu and Katsina, and free caesarean section services for indigent mothers in over 100 public health facilities.
In education, the Presidency cited over 11,000 projects implemented through the Universal Basic Education Commission (UBEC), while noting that the Nigerian Education Loan Fund (NELFUND) had disbursed more than ₦303 billion to over 1.64 million students across 300 higher institutions.
The government also pointed to ongoing investments in roads, railways, power infrastructure, airports, housing and digital connectivity, arguing that the projects, alongside improved fiscal inflows to states, were laying the foundation for long-term economic growth.
The Presidency dismissed Atiku’s claim of a ₦7.98 trillion oil windfall, describing it as analytically flawed. It explained that while global oil prices exceeded budget benchmarks, lower-than-expected crude production and existing oil-backed obligations limited additional government earnings.
Concluding the statement, the Presidency acknowledged that the reforms had imposed short-term hardships but insisted they were necessary to restore macroeconomic stability and strengthen Nigeria’s long-term economic prospects.
Onanuga added that the Federal Government had introduced intervention programmes, including the NG-CARES, HOPE and SOLID initiatives, alongside cash transfers to 15 million vulnerable households, to cushion the impact of the reforms on Nigerians.
