The Presidency on Sunday rejected criticism by former Vice President Atiku Abubakar over the economic policies of President Bola Tinubu’s administration, insisting that the government’s reform programme is beginning to produce positive results despite the hardship being experienced by many Nigerians.
The Presidency also dismissed Atiku’s claim of an alleged N7.98 trillion oil revenue windfall, describing it as unfounded and challenging the former vice president to provide evidence for the figure.
The response was contained in a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, titled, **”Facts, Not Fear: A Point-by-Point Response to Atiku Abubakar on Nigeria’s Reform Journey.”**
The statement followed recent criticism by Atiku, the African Democratic Congress (ADC) presidential candidate, who accused the Tinubu administration of fiscal recklessness, excessive borrowing, imposing hardship through the removal of fuel subsidy and introducing tax policies he described as punitive.
Atiku had also questioned what he called an unaccounted oil revenue windfall and warned that Nigeria’s economy was heading in the wrong direction.
Responding, Onanuga accused the former vice president of relying on outdated economic data while ignoring improvements recorded since the government’s reforms were introduced.
“It is curious that in the middle of 2026, the opposition’s principal economic argument remains anchored to developments in the 2024 fiscal year. Economies are dynamic. Reforms are processes, not events,” Onanuga said.
According to the presidential spokesman, the economy has recovered from the initial shocks caused by key reforms such as the removal of petrol subsidy and the liberalisation of the foreign exchange market.
He said Nigeria’s dollar-denominated Gross Domestic Product (GDP), which dropped to about $253 billion after the exchange rate adjustment, has now risen to approximately $377 billion.
He also stated that the country’s GDP in naira terms increased from about ₦314 trillion in 2024 to around ₦530 trillion, reflecting what he described as growing economic activity.
On the issue of government borrowing, Onanuga maintained that Nigeria’s debt remains within manageable levels and does not pose an immediate threat to the economy.
He argued that while the administration had borrowed to finance infrastructure and development projects, the country’s debt profile remains sustainable when measured against the size of the economy.
“Nigeria’s debt-to-GDP ratio remains relatively modest at barely 40 per cent,” he said.
He further stated that one of the major achievements of the Tinubu administration has been a significant reduction in the amount of government revenue spent on servicing debts.
According to him, the debt service-to-revenue ratio has fallen from nearly 100 per cent in December 2022 to less than 60 per cent under the current administration.
Onanuga also defended the removal of petrol subsidy, describing it as one of the most important economic decisions taken by the government.
According to him, the policy has substantially increased the amount of money available to states and local governments through monthly allocations from the Federation Account Allocation Committee (FAAC).
“The visible consequence of subsidy removal has been the sharp improvement in revenues accruing to states and local governments through the Federation Account,” he said.
He argued that the additional revenue has enabled sub-national governments to undertake more development projects, improve public services and meet their financial obligations.
The presidential aide also defended the administration’s tax reform programme, saying its purpose is not simply to generate more revenue but to build a fairer tax system that protects low-income earners and small businesses.
He explained that the reforms are designed to improve tax compliance among wealthier individuals and profitable companies while reducing the burden on vulnerable Nigerians.
“The objective of the tax reforms is not merely to increase collections but to create a broader, more equitable tax system,” Onanuga stated.
Highlighting what he described as the administration’s achievements in the social sector, the presidential spokesman said thousands of primary healthcare centres have been upgraded across the country.
According to him, more than 3,000 primary healthcare facilities have been revitalised, while over 78,000 frontline health workers have received additional training to improve healthcare delivery.
He added that three specialised cancer treatment centres have also been established to strengthen the country’s healthcare system.
In the education sector, Onanuga said the Nigerian Education Loan Fund (NELFUND) has expanded access to tertiary education by providing financial support to students across the country.
He disclosed that more than 1.64 million students have benefited from the scheme, with over ₦303 billion disbursed to assist beneficiaries with tuition and other educational expenses.
The Presidency also strongly rejected Atiku’s allegation that the Federal Government failed to account for an oil revenue windfall of ₦7.98 trillion.
“There is no such windfall of ₦7.98 trillion,” Onanuga declared.
He challenged the former vice president to explain how he arrived at the figure.
“Atiku will do well to show the workings for his ₦7.98 trillion oil windfall,” he said.
According to the presidential spokesman, the administration remains committed to transparency and responsible management of public finances.
He acknowledged that many Nigerians continue to face economic hardship but argued that the reforms were necessary to correct long-standing structural problems inherited by the current administration.
The removal of fuel subsidy and the unification of the foreign exchange market, he noted, were difficult but unavoidable decisions aimed at restoring macroeconomic stability and attracting investment.
Onanuga maintained that although the reforms created short-term pain, they have laid the foundation for stronger and more sustainable economic growth.
“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,” he said.
He added that the government would continue implementing reforms aimed at expanding economic opportunities, strengthening institutions and improving the lives of Nigerians.
The exchange between the Presidency and Atiku comes as debates over the country’s economic direction continue to dominate national discourse.
Since assuming office in May 2023, President Tinubu has introduced major economic reforms, including the removal of petrol subsidy, the floating of the naira, tax reforms and efforts to increase government revenue.
While the administration says the policies are necessary to stabilise the economy and encourage long-term growth, opposition politicians, labour unions and civil society groups have criticised the reforms, arguing that they have contributed to rising inflation, increased food prices and a higher cost of living.
The Presidency, however, insists that the reforms are beginning to yield results and that the benefits will become more evident as implementation continues.
With both the government and opposition presenting different assessments of the economy, the debate is expected to remain at the centre of national political discussions as Nigeria moves closer to the 2027 general elections.