Key points
- The Presidency says Atiku Abubakar’s criticism of Tinubu’s economic reforms relies on outdated data and ignores recent economic gains.
- It says Nigeria’s GDP has grown significantly in both dollar and naira terms since the reforms began.
- The administration maintains that its reforms are strengthening public finances, infrastructure and social programmes despite short-term economic challenges.
Main story
The Presidency has rejected former Vice President Atiku Abubakar’s criticism of President Bola Tinubu’s economic policies, describing his assessment as outdated and inconsistent with recent economic developments.
In a statement titled Facts, Not Fear: A Point-by-Point Response to Atiku Abubakar on Nigeria’s Reform Journey, Presidential Spokesperson Bayo Onanuga said Atiku based his arguments largely on 2024 economic data while overlooking improvements recorded in 2025 and 2026.
According to Onanuga, Nigeria’s dollar-denominated Gross Domestic Product (GDP) increased from about $253 billion following the exchange-rate adjustment to approximately $377 billion, while GDP in naira terms rose from N314 trillion to about N530 trillion.
He described the Tinubu administration’s policies as necessary structural reforms aimed at correcting long-standing economic distortions, arguing that many of the country’s current challenges predated the present administration.
Onanuga also defended the country’s debt profile, saying Nigeria’s debt-to-GDP ratio remained sustainable and had improved alongside stronger revenue generation and declining debt-service obligations.
He said the removal of fuel subsidies had strengthened public finances by increasing statutory allocations to states and local governments, enabling higher spending on infrastructure, salaries, pensions and social programmes.
The presidential spokesman added that the administration had expanded investments in healthcare, education, transportation, power, housing and digital infrastructure while implementing tax reforms designed to ease the burden on low-income earners and small businesses.
Responding to Atiku’s claim that the government benefited from an N7.98 trillion oil windfall, Onanuga argued that lower-than-projected crude oil production limited potential revenue gains despite favourable global oil prices.
He also said the administration had implemented several social intervention programmes and projected that inflation would moderate further as ongoing reforms take effect.
The issues
The exchange reflects the growing debate over the impact of the Federal Government’s economic reforms, including fuel subsidy removal, exchange-rate liberalisation and fiscal restructuring. While the administration argues that the policies are laying the foundation for long-term growth, critics maintain that they have worsened the cost of living and increased economic hardship for many Nigerians.
What’s being said
“Atiku’s economic arguments remain anchored in 2024, even as Nigeria’s economy has rebounded sharply in both dollar and naira terms.” — Bayo Onanuga, Presidential Spokesperson.
“The reforms are necessary structural adjustments designed to correct long-standing distortions that persisted through earlier administrations.” — Bayo Onanuga, Presidential Spokesperson.
“The conversation about reform should be anchored on measurable outcomes, not slogans or selective interpretations of economic data.” — Bayo Onanuga, Presidential Spokesperson.
What’s next
The debate over the administration’s economic reforms is expected to continue as the government pursues its fiscal and structural policy agenda ahead of the 2027 general elections, with economic indicators and living standards likely to remain central to public discourse.
Bottom line
The Presidency has mounted a detailed defence of Tinubu’s economic reforms, arguing that recent improvements in key economic indicators validate its policy direction despite continued criticism from opposition figures.
