- Safiu Kehinde
The Presidency has on Sunday faulted former Vice President Atiku Abubakar’s criticism of President Bola Tinubu’s economic policies, describing his arguments as outdated and disconnected from realities.
Bayo Onanuga, the Special Adviser to the President on Information and Strategy, stated this in a statement titled, ‘Facts, Not Fear: A Point-by-Point Response to Atiku Abubakar on Nigeria’s Reform Journey.’
Atiku had reportedly accused the administration of President Bola Ahmed Tinubu of fiscal recklessness, citing excess borrowing in the 2024 budget.
He questioned the removal of fuel subsidy, criticising tax reforms, concocting an oil windfall of N7.98 trillion, and suggesting that Nigeria is drifting economically.
Reacting, Onanuga said Atiku’s assessment relied largely on 2024 economic data and ignored gains recorded in 2025 and 2026 under Tinubu’s reform agenda.
“Atiku’s economic arguments remain anchored in 2024, even as Nigeria’s economy has rebounded sharply in both dollar and naira terms,” he said.
According to him, 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.
“Rather than engaging with today’s realities, the former vice president relies on frozen snapshots of history while ignoring measurable progress achieved through ongoing reforms,” he said.
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.
“The reforms are necessary structural adjustments designed to correct long-standing distortions that persisted through earlier administrations, including the 1999-2007 Obasanjo-Atiku years,” he said.
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.
“Debt must be assessed relative to economic capacity and revenue performance, not through alarmist rhetoric detached from fiscal realities,” he said.
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.
He attributed the improvement to stronger revenue generation, better fiscal management and a more disciplined debt strategy.
Defending fuel subsidy removal, Onanuga said the policy ended decades of fiscal leakages that weakened public finances and constrained development spending.
“The savings from subsidy removal have visibly boosted statutory allocations to states and local governments,” he said.
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.
According to him, the reforms strengthened fiscal federalism by providing states and local governments with greater financial resources.
Addressing taxation concerns, Onanuga said the administration’s reforms were designed to broaden the tax net while protecting vulnerable citizens.
“Individuals earning up to N1 million annually and enterprises with turnover below N100 million are meant to bear lighter burdens,” he said.
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 revitalised more than 3,000 primary healthcare centres nationwide.
He also said 78,000 frontline health workers had been retrained to improve healthcare delivery across the country.
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.
According to reports, the beneficiaries were drawn from over 300 tertiary institutions across the country.
Onanuga also highlighted investments in roads, railways, ports, power infrastructure, airports, gas projects, housing and digital connectivity.
He said the investments demonstrated the administration’s commitment to long-term growth and economic transformation.
“These efforts have helped trigger the 49 per cent leap in dollar GDP and the 69 per cent rise in naira GDP since 2024,” he said.
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.
“While oil prices exceeded projections, daily production averaged about 1.6 million barrels against a forecast of 1.84 million barrels,” he said.
According to him, the shortfall limited potential revenue gains in spite of favourable international oil prices.
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.
According to him, analysts project inflation could decline to about 12 per cent by the end of the year.
Onanuga said the government had implemented NG-CARES, HOPE and SOLID programmes valued at more than three billion dollars.
He added that cash transfer programmes had reached 15 million households across the country.
“The conversation about reform should be anchored on measurable outcomes, not slogans or selective interpretations of economic data,” he said.
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.