By Danjuma Amodu
The Presidency has faulted former Vice President Atiku Abubakar for what it called a “frozen snapshot” assessment of Nigeria’s economy, insisting that reforms initiated by President Bola Ahmed Tinubu are already yielding measurable gains in revenue, GDP and fiscal management.
In a statement signed by Bayo Onanuga, Special Adviser to the President on Information and Strategy, the government responded point-by-point to Atiku’s recent criticisms on borrowing, subsidy removal, tax reforms and an alleged N7.98 trillion oil windfall.
The Presidency said disagreements in politics are healthy, but must be grounded in current facts rather than outdated data.
AN ECONOMY THAT HAS MOVED BEYOND 2024
The statement argued that judging the administration by 2024 alone ignores how much the economy has changed in 2026. It noted that after an exchange-rate reset pushed dollar-denominated GDP to about $253 billion, the figure has since recovered to approximately $377 billion, a rise of roughly 49 per cent. Naira GDP also grew from about ₦314 trillion in 2024 to around ₦530 trillion, a 69 per cent increase.
“The reforms were never advertised as painless. They were presented as necessary structural adjustments intended to correct long-standing distortions,” the statement said.
DEBT MUST BE JUDGED WITH CAPACITY
On debt, the Presidency said the focus should be on sustainability, not the headline figure. It put Nigeria’s debt-to-GDP ratio at “barely 40%” and said debt service-to-revenue ratio has dropped from nearly 100% in December 2022 to less than 60% today.
It compared Nigeria’s ratio with South Africa at 85%, Egypt 80%, Ghana 60%, Kenya 75%, USA 130% and UK 110%, and argued that borrowing has been channeled into long-term infrastructure rather than recurrent spending.
WHERE SUBSIDY SAVINGS WENT
The Presidency defended the removal of fuel subsidy, saying it stopped a “drainpipe” that past administrations, including the one Atiku served in, failed to address.
It said the most visible impact has been higher allocations to states and local governments through FAAC, which has expanded spending on roads, schools, hospitals, salaries and pensions. Citing World Bank assessments, it said subnational capital spending has improved since the reforms.
TAX REFORMS DESCRIBED AS PROGRESSIVE
The government rejected claims that taxes have gone up for ordinary Nigerians. It said the reforms aim to protect people earning ₦1 million per annum and below, and small businesses with turnover of ₦100 million and below, while improving compliance among high-income earners and profitable firms that previously evaded taxes.
HEALTH, EDUCATION AND INFRASTRUCTURE GAINS
The statement listed expansion in primary healthcare, with over 3,000 PHCs revitalised and 78,000 frontline workers retrained as of April 2026. It also cited free caesarean sections for indigent mothers in over 100 facilities and three new cancer centres in Kubwa, Enugu and Katsina.
In education, it highlighted over 11,000 UBEC projects and the Nigerian Education Loan Fund, which it said has disbursed over ₦303 billion to 1.64 million students across 300 institutions. The Presidency also noted an end to prolonged university strikes.
On infrastructure, it listed ongoing work on highways, rail, power, airports and housing, saying the investments are part of what drove the 49% dollar GDP growth since 2024.
NO N7.98 TRILLION OIL WINDFALL
The Presidency dismissed Atiku’s claim of an N7.98 trillion oil windfall as “analytical deficiency.” It explained that while Brent averaged around $90 in H1 2026 against a $64.85 budget benchmark, production averaged 1.6 million bpd against a 1.84 million bpd target, and some crude had been pledged against past subsidy loans.
CONCLUSION: REFORMS WILL CONTINUE
The statement said inflation fell to 14.4% in November 2025 before rising to 15.91% due to Middle East disruptions, but is projected to trend toward 12% by year end. It also announced over $3 billion in NG-CARES, HOPE and SOLID programmes, plus cash transfers to 15 million vulnerable households.
“History rarely remembers governments for the popularity of their decisions in the moment. It remembers whether those decisions ultimately strengthened or weakened the nation,” the Presidency said.
