The Presidency has dismissed allegations of fiscal recklessness made by former Vice President Atiku Abubakar, insisting that the economic reforms introduced by President Bola Tinubu have placed Nigeria on a path to recovery and long-term growth.
In a statement issued on Sunday by Presidential spokesperson Bayo Onanuga, the Presidency described Atiku’s criticism as being based on outdated economic figures from 2024, arguing that it failed to reflect the country’s improved macroeconomic performance in 2025 and 2026.
The statement, titled “Facts, Not Fear: A Point-by-Point Response to Atiku Abubakar on Nigeria’s Reform Journey,” said the former vice president’s assessment overlooked significant gains recorded since the implementation of the administration’s reforms.
According to the Presidency, Nigeria’s dollar-denominated Gross Domestic Product (GDP) has climbed from about $253 billion after the exchange-rate adjustment to approximately $377 billion, representing a 49 per cent increase. It also noted that the country’s GDP in naira terms had risen from ₦314 trillion in 2024 to around ₦530 trillion, reflecting stronger economic activity.
Responding to concerns over government borrowing, the Presidency argued that debt should be measured against the country’s economic capacity and revenue generation rather than viewed in isolation. It stated that Nigeria’s debt-to-GDP ratio remains at about 40 per cent, lower than those of several emerging and advanced economies.
The statement also highlighted an improvement in the debt-service-to-revenue ratio, which it said had declined from nearly 100 per cent in late 2022 to below 60 per cent under the current administration due to increased revenue efficiency and prudent debt management.
Defending the removal of the fuel subsidy, the Presidency maintained that the policy had ended decades of fiscal strain and significantly increased allocations to states and local governments through the Federation Account Allocation Committee (FAAC).
It said the higher allocations had enabled subnational governments to expand spending on roads, schools, hospitals, salaries, pensions and social intervention programmes, adding that international institutions such as the World Bank had acknowledged improvements in public revenue and infrastructure investment following the reforms.
On taxation, the Presidency said the administration’s tax reforms were designed to broaden the tax base while protecting low-income earners and small businesses. It explained that individuals earning up to ₦1 million annually and businesses with turnover below ₦100 million were expected to benefit from reduced tax burdens, while compliance would be strengthened among higher-income earners and profitable companies.
The statement further highlighted achievements in the health and education sectors, including the revitalisation of more than 3,000 primary healthcare centres, retraining of 78,000 frontline health workers, and the establishment of three operational cancer centres with additional facilities planned across 13 states.
In education, the Presidency said more than 11,000 basic education projects had been executed, while the Nigerian Education Loan Fund (NELFUND) had disbursed over ₦303 billion to approximately 1.64 million students across 300 tertiary institutions.
The Presidency also rejected Atiku’s claim of a ₦7.98 trillion oil revenue windfall, describing the calculation as inaccurate. It explained that although global crude oil prices averaged around $90 per barrel during the first half of 2026, production remained below projections, while part of the country’s crude output had already been committed to servicing previous loan obligations.
According to the statement, fluctuations in oil production, production costs, contractual obligations and revenue-sharing arrangements make it misleading to estimate government earnings solely by multiplying oil prices by daily production volumes.
The Presidency further stated that inflation had dropped to 14.4 per cent in November 2025 before rising to 15.91 per cent due to disruptions linked to conflict in the Middle East. It added that analysts expect inflation to ease towards 12 per cent by the end of the year.
It also cited ongoing social intervention programmes, including the NG-CARES, HOPE and SOLID initiatives valued at over $3 billion, alongside cash transfer programmes targeting 15 million households.
Concluding the response, the Presidency urged political leaders to focus on evidence-based national discourse rather than political rhetoric, insisting that the Tinubu administration’s reforms are aimed at delivering sustainable economic growth despite short-term challenges.
