The Presidency has dismissed criticisms by former Vice President Atiku Abubakar over the Tinubu administration’s economic policies, insisting that Nigeria’s reform programme is delivering measurable results despite the initial hardships experienced by citizens.
In a statement issued on Sunday, Special Adviser to the President on Information and Strategy, Bayo Onanuga, said Atiku’s assessment of the economy was based on outdated 2024 data and failed to reflect developments recorded by the administration in 2026.
Onanuga argued that evaluating the reforms solely by their early challenges ignored the broader objective of correcting long-standing structural distortions in the economy. According to him, Nigeria’s economy has rebounded 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 in 2024 to around ₦530 trillion.
Responding to concerns over the country’s rising debt profile, the presidential spokesman maintained that Nigeria’s debt remains sustainable, stressing that the country’s debt-to-GDP ratio stands at about 40 per cent, which he described as relatively modest compared to several emerging and advanced economies.
He added that the debt service-to-revenue ratio had fallen from nearly 100 per cent in December 2022 to below 60 per cent under the current administration, reflecting improved revenue generation and prudent debt management.
The Presidency also defended President Bola Tinubu’s decision to remove fuel subsidy, describing it as a bold reform that previous administrations, including the one in which Atiku served as vice president, failed to implement. It said the policy had significantly increased statutory allocations to states and local governments, enabling them to invest more in infrastructure, healthcare, education, salaries and social programmes.
On the administration’s tax reforms, Onanuga rejected claims that the government had imposed heavier taxes on Nigerians. He said the reforms were designed to reduce the tax burden on low-income earners and small businesses while improving compliance among higher-income individuals and profitable enterprises. According to him, the reforms aim to create a fairer and broader tax system rather than merely raising government revenue.
Highlighting achievements in key sectors, the Presidency said more than 3,000 primary healthcare centres had been revitalised, over 78,000 frontline health workers retrained, and more than 100 public health facilities now provide free caesarean sections for indigent women. It also noted that three world-class cancer centres are operational in Kubwa, Enugu and Katsina, while cancer treatment facilities have been expanded in 13 states.
In the education sector, the statement said over 11,000 projects had been executed through the Universal Basic Education Commission in partnership with state governments, while the Nigerian Education Loan Fund (NELFUND) had benefited more than 1.64 million students with tuition and upkeep loans worth over ₦303 billion across about 300 tertiary institutions. It also credited the administration with restoring stability to public universities by ending prolonged industrial actions.
The Presidency further cited ongoing investments in roads, railways, power, airports, housing, gas infrastructure and digital connectivity as evidence of sustained infrastructure development. It argued that these projects, alongside stronger fiscal inflows to states, were supporting private sector growth and improving national productivity.
Onanuga dismissed Atiku’s claim that the Federal Government earned an oil windfall of ₦7.98 trillion, describing the assertion as analytically flawed. He explained that although global crude oil prices averaged above the benchmark in the first half of 2026, production remained below projections, while part of the crude output had already been committed to servicing existing obligations.
He added that government oil revenues could not be calculated simply by multiplying crude prices by daily production without accounting for production costs, contractual arrangements and the share accruing to oil companies.
The Presidency maintained that the administration’s reforms had laid the foundation for long-term economic stability and growth, despite the temporary sacrifices required. It said recent social intervention programmes, including the ward-centric NG-CARES, HOPE and SOLID initiatives valued at over $3 billion, alongside cash transfers to 15 million vulnerable households, were designed to cushion the impact of the reforms.
