August 2, 2026
The Presidency on Sunday pushed back against criticism from former Vice President Atiku Abubakar, saying President Bola Tinubu’s economic reforms are already delivering results despite the current hardship.In a statement titled _“Facts, Not Fear:
A Point-by-Point Response to Atiku Abubakar on Nigeria’s Reform Journey,”_ the Special Adviser to the President on Information and Strategy, Bayo Onanuga, said the administration’s policies are turning the economy around.Atiku had earlier accused the Tinubu government of fiscal recklessness, excessive borrowing, hardship caused by fuel subsidy removal, and “punitive” tax policies.
He also alleged there was an unaccounted ₦7.98 trillion oil revenue windfall and warned that the economy was “drifting.”Responding, Onanuga said Atiku was relying on outdated 2024 figures and ignoring new developments. “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,” he said.
The presidential aide said the reforms have helped the economy recover. He noted that Nigeria’s dollar-denominated GDP rose from about $253 billion after the exchange rate adjustment to $377 billion , while naira GDP grew from ₦314 trillion in 2024 to around ₦530 trillion.On debt, Onanuga argued the government’s borrowing remains sustainable.
“Nigeria’s debt-to-GDP ratio remains relatively modest at barely 40 per cent… The Tinubu administration has seen a reduction in the debt service-to-revenue ratio from nearly 100 per cent in December 2022 to less than 60 per cent today,” he stated.He also defended the removal of petrol subsidy, saying it has boosted allocations to states and local governments through the Federation Account.On tax reforms, Onanuga said the goal was to protect low-income earners and small businesses while ensuring richer individuals and profitable companies pay their fair share.
“The objective of the tax reforms is not merely to increase collections but to create a broader, more equitable tax system,” he said.Listing key achievements, he said over 3,000 primary healthcare centres have been revitalized, 78,000+ frontline health workers retrained, and 3 cancer treatment centres established nationwide. He added that 1.64 million students have benefited from the Nigerian Education Loan Fund, with more than ₦303 billion disbursed.On Atiku’s claim of a ₦7.98 trillion oil windfall, Onanuga called it baseless.
“There is no such windfall of N7.98 trillion… Atiku will do well to show the workings for his N7.98 trillion oil windfall,” he said.He concluded that while the reforms have caused short-term pain, they were needed to fix long-standing structural problems.
“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. The fundamental reforms will continue to expand opportunity, strengthen institutions, and deliver tangible improvements in the lives of Nigerians,” Onanuga added.
