Presidency has defended President Bola Tinubu’s economic reforms, dismissing former Vice President Atiku Abubakar’s criticism of the administration as misleading and based on outdated economic data.
In a lengthy statement titled: _”Facts, Not Fear: A Point-by-Point Response to Atiku Abubakar on Nigeria’s Reform Journey,”_ Special Adviser to the President on Information and Strategy, Bayo Onanuga, said the opposition’s assessment failed to reflect the progress recorded since the implementation of key economic reforms.
Onanuga argued that Atiku’s criticisms, which focused largely on the 2024 fiscal year, ignored developments that have taken place over the last two years.
According to him, “A debate anchored in 2024 cannot explain Nigeria in 2026.”
He said the reforms introduced by the Tinubu administration were never presented as painless but were necessary to address long-standing structural distortions in the economy.
The presidential spokesman noted that after the initial impact of the exchange-rate adjustment, Nigeria’s economy had shown signs of recovery, with improvements in both dollar-denominated and naira GDP.
On borrowing, Onanuga maintained that Nigeria’s debt profile should be assessed alongside its capacity to sustain debt rather than the size of the debt alone.
He stated that “Nigeria’s debt-to-GDP ratio remains relatively modest (at barely 40%) compared with many peer economies and advanced countries,” adding that the debt service-to-revenue ratio had declined significantly under the current administration.
According to him, “The more meaningful question is whether borrowing finances investments that expand productive capacity and future revenues, rather than merely postponing difficult choices.”
The Presidency also defended the removal of fuel subsidy, describing it as one of the most difficult but necessary policy decisions taken by the Tinubu administration.
Onanuga said the policy had increased revenues shared among the federal, state and local governments, enabling greater investment in infrastructure, healthcare, education and other public services.
He argued that previous administrations, including the one in which Atiku served as vice president, failed to eliminate the subsidy despite acknowledging its burden on public finances.
On the administration’s tax reforms, the presidential spokesman rejected claims that government was imposing additional hardship on Nigerians.
He said the reforms were designed to reduce the tax burden on low-income earners and small businesses while ensuring that wealthier individuals and profitable companies contribute a fairer share.
According to him, “The objective of the tax reforms is not merely to increase collections but to create a broader, more equitable tax system.”
Highlighting achievements in the health sector, Onanuga said the government had expanded access to primary healthcare, upgraded medical facilities and introduced programmes to reduce the cost of maternal healthcare.
He disclosed that more than 100 hospitals now provide free caesarean sections for indigent mothers, while over 3,000 primary healthcare centres have been upgraded and more than 78,000 frontline health workers retrained within three years.
In education, the Presidency said investments in school infrastructure, technical education and student financing had expanded access to learning opportunities.
It added that over 1.64 million students had benefited from the Nigerian Education Loan Fund (NELFUND), with more than N303 billion disbursed through about 300 higher institutions nationwide.
The statement also highlighted ongoing investments in roads, rail, power, housing, airports and digital infrastructure, saying improved revenue to state governments had accelerated development projects across the country.
Responding to Atiku’s claim that the Federal Government earned an oil windfall of N7.98 trillion, Onanuga dismissed the figure as inaccurate.
He explained that higher crude oil prices were partly offset by lower production levels and existing crude oil commitments tied to previous loan obligations.
According to him, “There is no such windfall of N7.98 trillion.”
He further argued that crude oil revenue calculations must take into account production costs, revenue sharing with oil companies and contractual obligations rather than relying solely on international oil prices and production volumes.
The presidential spokesman maintained that Nigeria was not over-borrowed and insisted that ongoing reforms were improving revenue generation and reducing fiscal pressures.
He said, “The debt debate should, therefore, examine not only how much Nigeria borrows but also whether the country’s capacity to generate and manage revenue continues to improve.”
Onanuga acknowledged that the reforms had imposed short-term hardship but insisted that they were laying the foundation for long-term economic stability and growth.
He said the Federal Government had also expanded social intervention programmes, including the NG-CARES, HOPE and SOLID initiatives, alongside cash transfers to 15 million vulnerable households, to cushion the effects of the reforms.
Concluding the statement, Onanuga said the Tinubu administration remained focused on strengthening the economy despite criticism from the opposition.
He stated, “Nigeria’s economy is not yet where it aspires to be. But neither is it where it stood at the height of its structural distortions or in the bygone years of fiscal waste and slackness. The fundamental reforms will continue to expand opportunity, strengthen institutions, and deliver tangible improvements in the lives of Nigerians. That is the focus of President Tinubu. All else is an attempt by political carpetbaggers to gain attention.”