The Presidency on Sunday mounted a detailed defence of President Bola Tinubu’s economic reforms, dismissing former Vice President Atiku Abubakar’s criticisms of the administration’s fiscal policies as misleading, outdated and lacking factual basis.
Responding to Atiku’s allegations of excessive borrowing, poor management of fuel subsidy savings, punitive tax reforms and alleged fiscal recklessness, Special Adviser to the President on Information and Strategy, Bayo Onanuga, said the opposition was relying on 2024 data to assess an economy that had undergone significant changes by 2026.
Atiku’s attack on the Tinubu administration was contained in a statement on Friday by his Senior Special Assistant on Public Communication, Phrank Shaibu, titled Tinubu’s ‘Prosperity’ Exists Only in His Head”.
However, in a statement titled, Facts, Not Fear: A Point-by-Point Response to Atiku Abubakar on Nigeria’s Reform Journey, Onanuga argued that assessing the Tinubu administration’s reforms solely on their initial impact ignored the progress recorded over the past two years.
He said Nigeria’s economy had rebounded considerably following the painful adjustments that accompanied the exchange rate reforms, noting that dollar-denominated Gross Domestic Product (GDP) had risen from about $253 billion after the currency realignment to approximately $377 billion, while naira GDP expanded from about ₦314 trillion in 2024 to around ₦530 trillion
The presidential spokesman also rejected Atiku’s assertion that the Federal Government was borrowing recklessly, insisting that debt sustainability should be measured against economic capacity rather than the size of public debt alone.
According to him, government borrowings were being channelled into productive investments capable of expanding the country’s economic capacity and future revenues.