The Presidency has responded to recent criticisms by former Vice President Atiku Abubakar, defending President Bola Tinubu’s economic reforms and dismissing allegations of fiscal recklessness, excessive borrowing and mismanagement of public finances.
In a statement issued on Sunday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the Presidency argued that Atiku’s criticisms were based on outdated 2024 data and failed to reflect what it described as the country’s economic progress in 2026.
According to the Presidency, economic reforms introduced by the Tinubu administration were always expected to be difficult in their early stages but were necessary to address longstanding structural challenges. It said Nigeria’s economy had recovered from the initial impact of exchange-rate reforms, citing increases in both dollar and naira GDP since 2024.
Responding to concerns over the country’s rising debt profile, the Presidency maintained that Nigeria’s debt remained sustainable, with a debt-to-GDP ratio of about 40 percent. It also claimed that the debt service-to-revenue ratio had declined from nearly 100 percent in late 2022 to below 60 percent, attributing the improvement to higher government revenue and prudent debt management.
On the removal of fuel subsidy, the Presidency said the policy had significantly increased allocations to states and local governments, enabling greater spending on infrastructure, healthcare, education, salaries and social programmes. It described the subsidy as an unsustainable fiscal burden that previous administrations failed to eliminate.
The statement also defended the Federal Government’s tax reforms, insisting they were designed to reduce the tax burden on low-income earners and small businesses while ensuring wealthier individuals and profitable companies paid a fairer share of taxes.
Highlighting achievements in the health sector, the Presidency said more than 3,000 primary healthcare centres had been revitalised, over 78,000 frontline health workers retrained, and free caesarean section services expanded for indigent mothers. It also noted that three new cancer treatment centres were now operational.
In education, the government said the Nigerian Education Loan Fund (NELFUND) had provided loans to more than 1.6 million students, while over 11,000 basic education projects had been implemented nationwide. It further claimed that university strikes had been significantly reduced under the current administration.
The Presidency also pointed to ongoing investments in roads, railways, power, housing, airports and digital infrastructure, describing them as part of efforts to strengthen economic growth and improve national productivity.
Addressing Atiku’s claim of a N7.98 trillion oil revenue windfall, the Presidency rejected the figure, arguing that lower-than-expected oil production, production costs and existing crude oil obligations meant higher global oil prices did not automatically translate into equivalent government revenue.
The statement acknowledged that Nigerians continued to face economic challenges but insisted that the reforms had laid the foundation for long-term stability and growth. It added that recent social intervention programmes, including NG-CARES, HOPE, SOLID and cash transfers to vulnerable households, were aimed at cushioning the impact of the reforms.
The Presidency concluded by urging Nigerians to assess the administration’s policies based on long-term outcomes rather than short-term difficulties, maintaining that the government’s focus remained on strengthening the economy and improving living standards.
