The Presidency on Sunday criticized former Vice President Atiku Abubakar in a point-by-point rebuttal to his accusations of fiscal recklessness, arguing that the critique of presidential candidate of the African Democratic Party (ADC), leans on outdated 2024 data and ignores significant macroeconomic gains recorded in 2025 and 2026.
Special Adviser to the President on Information and Strategy Bayo Onanuga in a statement titled; “Facts, Not Fear: A Point-by-Point Response to Atiku Abubakar on Nigeria’s Reform Journey,” said Atiku was still wallowing in “frozen snapshots of history” without considering evolving economic realities under President Tinubu’s reform agenda.
Onanuga said Atiku’s economic arguments remain anchored in 2024, even as Nigeria’s economy has rebounded sharply in dollar and naira terms.
According to the presidential aide, Nigeria’s dollar-denominated GDP has risen from about $253 billion post-exchange rate reset to roughly $377 billion—a 49% recovery—while naira GDP expanded from ₦314 trillion to around ₦530 trillion, a 69% increase.
Onanuga described the reforms as “necessary structural adjustments” meant to correct distortions that persisted through earlier administrations, including the 1999–2007 Obasanjo-Atiku years.
On borrowing, the presidential aide stressed that debt must be assessed relative to economic capacity and revenue performance, citing the country’s debt-to-GDP ratio at about 40%, lower than peers such as South Africa (85%), Egypt (80%), and Kenya (75%), and far below advanced economies like the U.S. (130%) and U.K. (110%).
According to him, the debt-service-to-revenue ratio has fallen from nearly 100% in late 2022 to under 60% today, reflecting improved revenue efficiency and conservative debt management.
Onanuga also defended the removal of the long-criticized fuel subsidy, saying it had drained public finances for decades.
He said the savings have visibly boosted statutory allocations to states and local governments, enabling higher spending on infrastructure, salaries, pensions, and social programs.
Citing World Bank assessments, the presidential aide said public revenues and subnational capital spending have improved following the reforms—what it termed “true federalism” in action.
Addressing claims of punitive taxation, he said the reforms are designed to broaden the tax base while shielding low-income earners and small businesses. Individuals earning up to ₦1 million annually and enterprises with turnover below ₦100 million are meant to bear lighter burdens, while compliance is tightened among higher earners and profitable firms.
He highlighted health-sector investments, including the revitalization of more than 3,000 primary healthcare centers, retraining of 78,000 frontline workers, and the operation of three cancer centers with expansions in 13 states.
On education, Onanuga pointed to over 11,000 basic education projects and the Nigerian Education Loan Fund (NELFUND), which has disbursed more than ₦303 billion to 1.64 million students across 300 institutions.
He also listed the huge gains recorded by the government including ongoing infrastructure projects—highways, rail, ports, power, airports, gas, housing, and digital connectivity—to rising public investment and private-sector growth.
These efforts he said have helped trigger the 49% leap in dollar GDP and 69% rise in naira GDP since 2024.
Onanuga also dismissed Atiku’s claim of an N7.98 trillion oil windfall as analytically flawed.
According to him, while Brent crude averaged about $90 per barrel in the first half of 2026 versus a $64.85 benchmark, daily production fell short at 1.6 million barrels versus a forecast 1.84 million.
Onanuga argued that some crude volumes were pledged for loans used to fund past subsidy payments, limiting immediate revenue availability.
The presidential aide added that inflation fell to 14.4% in November 2025 before rising to 15.91% amid Middle East war disruptions, with analysts now projecting a decline toward 12% by year-end.
He insisted that the government launched ward-centric NG-CARES, HOPE, and SOLID programmes worth over $3 billion, alongside cash transfers to 15 million households.
Onanuga therefore cautioned Atiku and his followers to adopt a more mature national conversation approach focused on measurable outcomes rather than slogans.
“All else is an attempt by political carpetbaggers to gain attention,” Onanuga said in the statement.
The presidential spokesman described the Tinubu administration’s reforms as a long-term reinvention of the country’s economy, one that demands short-term sacrifice but promises lasting gains.
