The Presidency has rejected former Vice President Atiku Abubakar’s criticism of President Bola Tinubu’s economic policies, insisting that the administration’s reforms have revived Nigeria’s economy and laid the foundation for long-term growth. In a statement issued by Presidential spokesperson Bayo Onanuga, the Presidency described Atiku’s claims as based on outdated 2024 economic data that failed […]
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The Presidency has rejected former Vice President Atiku Abubakar’s criticism of President Bola Tinubu’s economic policies, insisting that the administration’s reforms have revived Nigeria’s economy and laid the foundation for long-term growth.
In a statement issued by Presidential spokesperson Bayo Onanuga, the Presidency described Atiku’s claims as based on outdated 2024 economic data that failed to reflect improvements recorded in 2025 and 2026.
According to the statement, Nigeria’s economy has rebounded significantly since the implementation of key reforms, with dollar-denominated Gross Domestic Product rising from about 253 billion dollars to 377 billion dollars, while naira GDP increased from about ₦314 trillion to ₦530 trillion.
The Presidency also defended the government’s borrowing, stating that Nigeria’s debt-to-GDP ratio remains lower than that of several comparable economies and that the debt-service-to-revenue ratio has fallen from nearly 100 per cent in late 2022 to below 60 per cent.
On fuel subsidy removal, the statement maintained that the policy had improved revenue available to states and local governments, allowing increased spending on infrastructure, healthcare, education and other public services.
The Presidency also defended ongoing tax reforms, saying they are designed to protect low-income earners and small businesses while ensuring higher-income individuals and profitable companies contribute their fair share.
It further highlighted investments in healthcare, education and infrastructure, including the revitalisation of primary healthcare centres, expansion of student loans through NELFUND and major road, rail and power projects.
Responding to claims of an alleged ₦7.98 trillion oil windfall, the Presidency described the calculation as misleading, explaining that lower-than-projected oil production and existing crude-backed loan obligations reduced available revenue despite higher global oil prices.
The statement concluded that the Tinubu administration remains committed to implementing long-term reforms aimed at strengthening the economy, expanding opportunities and improving the lives of Nigerians.
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