The Presidency has put up a comprehensive defence of President Bola Ahmed Tinubu’s economic reforms, dismissing criticisms by former Vice President Atiku Abubakar as “misplaced” and based on “outdated” information that fails to reflect Nigeria’s current economic trajectory.

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, Mr Bayo Onanuga, said the opposition’s assessment of the administration was anchored on the difficult adjustment period of 2024 instead of developments recorded over the past two years.

“Politics thrives on disagreement. Democracy demands it. But disagreements must be rooted in facts, not frozen snapshots of history. When yesterday’s data are presented as today’s reality, the public deserves context,” he said.

Onanuga said although Atiku’s concerns deserved a response, Nigerians also deserved “a fuller picture of where the country is today.”

…On alleged fiscal recklessness

Responding to allegations of fiscal recklessness, excessive borrowing and economic decline, Onanuga maintained that evaluating reforms solely based on their initial impact ignored subsequent improvements.

“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.

“Judging a reform programme solely by its earliest and most painful phase is like judging chemotherapy by the nausea it induces while ignoring the remission it seeks to achieve,” he said.

The presidential spokesman stated that after the exchange-rate adjustment in 2024, Nigeria’s dollar-denominated Gross Domestic Product had recovered substantially.

“Following the exchange-rate reset, Nigeria’s dollar-denominated GDP fell to about $253 billion… Since then… it has recovered significantly to approximately $377 billion, representing an increase of roughly 49 per cent from that post-adjustment trough,” he said.

The Presidency further said the country’s naira GDP had risen from about N314 trillion in 2024 to approximately N530 trillion.

On the issue of public debt, Onanuga said borrowing should be assessed alongside the country’s economic capacity.

“Debt, in itself, is not the defining measure of fiscal health. What matters are the size of the economy; our revenue-generating capacity; debt servicing costs; the purposes for which funds are borrowed; and whether borrowed resources finance productive investments or recurrent consumption,” he said.

According to him, Nigeria’s debt-to-GDP ratio remained below 40 per cent, comparing favourably with several emerging and developed economies, stressing that debt servicing had become less burdensome.

“The Tinubu Administration has seen a reduction in the debt service-to-revenue ratio, from a high of nearly 100 per cent in December 2022 to less than 60 per cent today. This is a remarkable achievement,” he said.

…Fuel subsidy removal

Onanuga also defended the removal of fuel subsidy, describing it as one of the administration’s boldest economic decisions.

He said successive governments, including the administration in which Atiku served as Vice President, had failed to end the subsidy regime despite acknowledging its burden on public finances.

“The current administration deserves commendation for being able to get rid of something that has become a lodestone around the neck of our collective patrimony,” he said.

According to him, one immediate result had been increased allocations to states and local governments through the Federation Account.

He explained that the increased revenues had enabled sub-national governments to invest more in roads, schools, hospitals, salaries, pensions and social programmes.

…Tax reforms

Rejecting accusations that the administration had imposed heavier taxes on Nigerians, Onanuga described such claims as misleading.

“The objective of the tax reforms is not merely to increase collections but to create a broader, more equitable tax system,” he said.

According to him, the reforms reduce the burden on low-income earners earning N1 million annually or less, as well as small businesses with annual turnovers of N100 million or below.

“The underlying principle is that those with greater capacity should bear a larger share of the tax burden, while micro-enterprises and vulnerable households receive greater protection,” he said.

The presidential aide also outlined what he described as major achievements in healthcare and education.

He said more than 3,000 primary healthcare centres had been revitalised nationwide, while over 78,000 frontline health workers had undergone retraining within three years.

“Over 100 facilities across Nigeria provide free caesarean operations for indigent mothers,” he said, stressing that cancer treatment centres had become operational in Kubwa, Enugu and Katsina, with facilities in 13 other states expanded.

…Education

On education, Onanuga said over 11,000 projects had been undertaken through the Universal Basic Education Commission in collaboration with state governments.

He said the Nigerian Education Loan Fund (NELFUND) had supported over 1.64 million students.

“NELFUND disbursing over N303 billion through 300 higher institutions,” he said, adding that the administration had also ended prolonged university strikes that previously disrupted academic calendars.

The president spokesman also said that federal and state governments had accelerated investments in roads, rail, energy, housing, airports and digital infrastructure.

He said these investments, supported by stronger revenues accruing to states, were helping reduce logistics costs and stimulate private sector growth.

Onanuga also rejected Atiku’s claim that the federal government had realised an undeclared oil windfall of N7.98 trillion.

“There is no such windfall of N7.98 trillion,” he said.

Onanuga  said although global crude oil prices exceeded budget benchmarks during the first half of 2026, lower-than-projected production limited additional earnings.

He explained that production averaged about 1.6 million barrels per day against the budget projection of 1.84 million barrels daily.

He said many analysts overlooked production costs, crude ownership structures and forward sale contracts when estimating government oil revenues.

“Atiku will do well to show the workings for his N7.98 trillion oil windfall,” the statement further said.

The presidential spokesman acknowledged that the reforms had imposed short-term hardships, but insisted they were laying the foundation for long-term stability.

“History rarely remembers governments for the popularity of their decisions in the moment. It remembers whether those decisions ultimately strengthened or weakened the nation,” he said.

..Inflation

On inflation, he stated that the most difficult phase had passed.

“The worst is over, as the effects of the necessary economic chemotherapy were more severe in 2023 and 2024,” he said.

The presidential spokesperson said inflation had fallen to 14.4 per cent in November 2025 before rising temporarily because of the Middle East conflict, but expressed optimism that it would decline further to about 12 per cent by the end of the year.

Onanuga also highlighted recently launched intervention programmes, including the ward-centric NG-CARES, HOPE and SOLID initiatives valued at over $3 billion, alongside cash transfers to 15 million vulnerable households.

He said that while Nigeria had not yet reached its desired economic destination, the country had moved beyond what he described as years of structural distortions and fiscal inefficiency.

“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,” he said.