The Presidency has rejected former Vice President Atiku Abubakar’s criticism of the Federal Government’s economic policies, arguing that his assessment failed to consider more recent developments in the Nigerian economy.
Presidential spokesperson Bayo Onanuga responded in a statement issued on Sunday, August 2, 2026, titled “Facts, Not Fear: A Point-by-Point Response to Atiku Abubakar on Nigeria’s Reform Journey.”
The statement followed Atiku’s criticism of the government’s borrowing strategy and his allegation that the administration had benefited from an estimated ₦7.98 trillion in additional oil revenue arising from higher crude prices.
Presidency Says Atiku Relied on Outdated Data
Onanuga argued that Atiku’s economic conclusions were largely based on conditions recorded in 2024 and did not reflect changes reported during 2025 and 2026.
According to the presidential aide, Nigeria’s dollar-denominated gross domestic product recovered from about $253 billion following the exchange-rate adjustment to approximately $377 billion.
He described the movement as a 49 per cent recovery in the dollar value of the economy.
Onanuga also said GDP measured in naira had risen from approximately ₦314 trillion to ₦530 trillion, representing an increase of about 69 per cent.
The figures and interpretations were presented by the Presidency as evidence that the economy had responded positively to the administration’s reforms.
Reforms Described as Necessary Adjustments
The Presidency maintained that the government’s policies were intended to correct economic distortions that had accumulated over several administrations.
Onanuga acknowledged that the reforms had imposed immediate difficulties but said they were designed to create a stronger fiscal and economic foundation over the longer term.
He argued that problems involving subsidies, public revenue, borrowing and foreign-exchange management existed before Tinubu assumed office.
The spokesperson also linked some of the long-standing structural challenges to policies implemented during previous governments, including the administration in which Atiku served as vice president between 1999 and 2007.
Presidency Defends Government Borrowing
Responding to concerns about rising public debt, Onanuga said Nigeria’s borrowing should be assessed against the country’s economic size, revenue and capacity to repay.
He placed Nigeria’s debt-to-GDP ratio at about 40 per cent and compared it with higher ratios reported in South Africa, Egypt and Kenya.
The Presidency also argued that Nigeria’s ratio remained below levels recorded in several developed economies.
Onanuga said the government had borrowed primarily to finance infrastructure and other investments expected to support long-term growth.
These comparisons reflect the Presidency’s defence of its debt strategy and do not, by themselves, address concerns about the effect of debt servicing on government spending or household welfare.
Debt-Service Burden Reportedly Declines
The presidential spokesperson said Nigeria’s debt-service-to-revenue ratio had fallen from almost 100 per cent in late 2022 to below 60 per cent.
He attributed the reported improvement to increased government revenue, tighter fiscal management and changes in the country’s debt strategy.
Onanuga rejected what he described as alarmist assessments of Nigeria’s borrowing, saying debt figures should be interpreted alongside the government’s revenue and economic capacity.
Atiku had earlier accused the Tinubu administration of excessive domestic borrowing despite the higher international price of crude oil.
Fuel Subsidy Removal Defended
The Presidency also defended the removal of the petrol subsidy, describing the former arrangement as a major source of fiscal leakage.
Onanuga said the policy had increased the amount of money distributed to states and local governments through statutory allocations.
According to him, the additional funds had enabled subnational governments to spend more on roads, salaries, pensions and social programmes.
He said the policy had strengthened fiscal federalism by giving states and councils access to more resources.
The statement did not dismiss the financial pressure created by higher fuel and transportation costs but argued that retaining the subsidy would have further weakened government finances.
Presidency Explains Tax Reform Policy
Addressing criticism of the administration’s tax programme, Onanuga said the reforms were intended to expand the tax base without placing heavier obligations on low-income Nigerians and small businesses.
He said individuals earning up to ₦1 million annually and businesses with turnover below ₦100 million were expected to face lighter tax burdens under the revised framework.
The Presidency said enforcement would instead focus more closely on profitable companies, higher earners and individuals or businesses that had previously avoided their obligations.
Onanuga presented the changes as an attempt to improve compliance, simplify administration and distribute the tax burden more fairly.
Government Lists Healthcare and Education Programmes
The spokesperson said the Tinubu administration had revitalised more than 3,000 primary healthcare centres and retrained approximately 78,000 frontline health workers.
He also claimed that more than 11,000 basic education projects had been implemented under the administration.
Onanuga said the Nigerian Education Loan Fund had disbursed more than ₦303 billion to about 1.64 million students in over 300 tertiary institutions.
NELFUND is the federal institution responsible for administering Nigeria’s interest-free student loan programme, although its public impact page did not display the detailed figures when checked.
Presidency Rejects ₦7.98tn Oil Windfall Claim
Onanuga disputed Atiku’s claim that the government had received an additional ₦7.98 trillion from oil sales because crude prices exceeded the budget benchmark.
Atiku’s calculation reportedly used the difference between the benchmark price and prevailing international prices, alongside estimated daily production over the period under review.
The Presidency argued that such a calculation did not account for production expenses, the share belonging to oil companies, contractual obligations and crude already committed to servicing earlier loans.
It said Brent crude averaged about $90 per barrel during the first half of 2026, compared with the budget benchmark of $64.85.
However, the government said daily production averaged approximately 1.6 million barrels, below the budget projection of 1.84 million barrels per day.
Onanuga maintained that the lower production level partly reduced the benefit derived from higher oil prices and denied that the administration had received the alleged ₦7.98 trillion windfall.
Presidency Highlights Inflation and Social Support
The presidential aide said inflation had fallen to 14.4 per cent in November 2025 before rising following economic disruptions linked to the Middle East conflict.
He cited projections suggesting that inflation could moderate further by the end of 2026.
Nigeria’s National Bureau of Statistics currently displays headline inflation at 15.91 per cent under the rebased Consumer Price Index series.
Onanuga also listed the NG-CARES, HOPE and SOLID programmes among government interventions intended to support vulnerable households and improve public services.
He said programmes valued at more than $3 billion had been implemented, while government cash transfers had reportedly reached 15 million households.
Atiku, Presidency Differ Over Reform Outcomes
The disagreement reflects a wider political debate over whether the government’s reforms have produced improvements sufficient to justify the rising cost of living experienced by many Nigerians.
While the Presidency has emphasised GDP expansion, improved revenue, infrastructure spending and falling debt-service ratios, Atiku has focused on borrowing, fiscal transparency and the economic pressure facing households.
Onanuga urged political leaders to base public discussions on current data and measurable results rather than selective economic figures.
He maintained that the administration’s reform programme required short-term sacrifices but was intended to create sustainable economic gains for future generations.
