The Presidency on Sunday rejected criticism by former Vice President Atiku Abubakar over the economic policies of President Bola Tinubu’s administration.
It maintained that the government’s reform agenda is beginning to produce positive outcomes despite the economic difficulties faced by many Nigerians.
The President’s Special Adviser on Information and Strategy, Bayo Onanuga, made the position known in a statement titled, “Facts, Not Fear: A Point-by-Point Response to Atiku Abubakar on Nigeria’s Reform Journey.”
His reaction came after Atiku criticised the Federal Government’s handling of the economy, accusing the Tinubu administration of fiscal irresponsibility, excessive borrowing, worsening hardship through the removal of fuel subsidy, and introducing what he described as punitive tax measures.
Atiku also alleged that there was an unexplained oil revenue windfall and warned that Nigeria’s economy was losing direction.
In response, Onanuga accused the African Democratic Congress presidential candidate of basing his arguments on outdated statistics while overlooking recent economic progress.
“It is curious that in the middle of 2026, the opposition’s principal economic argument remains anchored to developments in the 2024 fiscal year. Economies are dynamic. Reforms are processes, not events,” he said.
According to Onanuga, the economy has rebounded from the initial effects of the reforms, noting that Nigeria’s dollar-denominated Gross Domestic Product increased from about $253bn following the exchange rate adjustment to roughly $377bn, while naira-denominated GDP rose from around ₦314tn in 2024 to approximately ₦530tn.
Defending the government’s borrowing strategy, he argued that the country’s debt level remains within sustainable limits.
“Nigeria’s debt-to-GDP ratio remains relatively modest at barely 40 per cent… The Tinubu administration has seen a reduction in the debt service-to-revenue ratio from nearly 100 per cent in December 2022 to less than 60 per cent today,” he stated.
On the removal of the petrol subsidy, Onanuga said the policy had significantly improved allocations to states and local governments.
“The visible consequence of subsidy removal has been the sharp improvement in revenues accruing to states and local governments through the Federation Account,” he said.
He also defended the administration’s tax reforms, explaining that they were designed to shield low-income earners and small businesses while ensuring better tax compliance among wealthier individuals and profitable firms.
“The objective of the tax reforms is not merely to increase collections but to create a broader, more equitable tax system,” Onanuga said.
Highlighting the administration’s achievements, he noted that over 3,000 primary healthcare centres had been upgraded, more than 78,000 frontline health workers retrained, and three cancer treatment centres established nationwide.
He added that more than 1.64 million students had benefited from the Nigerian Education Loan Fund, with over ₦303bn disbursed to expand access to tertiary education.
Responding to Atiku’s allegation of a ₦7.98tn oil revenue windfall, Onanuga dismissed the claim as baseless.
“There is no such windfall of N7.98 trillion… Atiku will do well to show the workings for his N7.98 trillion oil windfall,” he said.
Onanuga acknowledged that the reforms had brought short-term challenges but insisted they were essential to correcting deep-rooted structural problems in the economy.
“Nigeria’s economy is not yet where it aspires to be. But neither is it where it stood at the height of its structural distortions. The fundamental reforms will continue to expand opportunity, strengthen institutions, and deliver tangible improvements in the lives of Nigerians,” he added.