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The Nigerian Presidency has formally responded to former Vice President Atiku Abubakar's accusations of fiscal recklessness against President Bola Ahmed Tinubu's administration, insisting that his criticisms are based on outdated economic data from 2024. In a statement titled "Facts, Not Fear: A Point-by-Point Response to Atiku Abubakar on Nigeria's Reform Journey," presidential spokesperson Bayo Onanuga said the administration's reform programme has moved past its most difficult phase and is already producing measurable results.
Coverage Comparison
According to reports by AllAfrica, the Presidency's response was issued on Sunday, and centers on the argument that Atiku Abubakar's assessment ignores significant macroeconomic gains recorded in 2025 and 2026. The statement dismisses the former Vice President's criticisms as rooted in "frozen snapshots of history," and stresses that economic reforms are processes, not events.
The Presidency's statement, as carried by AllAfrica, argues that judging the Tinubu administration solely by the painful adjustment period of 2024 is "like judging chemotherapy by the nausea it induces while ignoring the remission it seeks to achieve." The response also describes the reforms as "necessary structural adjustments" meant to correct distortions that persisted through earlier administrations, including the 1999-2007 Obasanjo-Atiku years.
Key Claims
The Presidency claims that following the exchange-rate reset, Nigeria's dollar-denominated GDP fell to about $253 billion but has since recovered to approximately $377 billion, representing a roughly 49 percent increase from that post-adjustment trough. Naira GDP has reportedly expanded from about ₦314 trillion in 2024 to around ₦530 trillion, a 69 percent increase.
The statement also asserts that the debt-to-GDP ratio remains at 40 percent, and that the debt service-to-revenue ratio has been reduced from 100 percent to 60 percent. Additionally, the removal of the fuel subsidy has boosted allocations to states and local governments, according to the Presidency.
Regarding tax reforms, the statement says they aim to reduce the burden on low-income earners and small businesses. It also claims that the Nigerian economy rebounded sharply in dollar and naira terms in 2025 and 2026, and that inflation fell to 14.4 percent in November 2025 before rising to 15.91 percent amid disruptions from the Middle East war. Analysts project that inflation will trend towards 12 percent by year-end.
The Presidency further denied the existence of any N7.98 trillion oil windfall, a claim that Atiku Abubakar had reportedly made.
The statement also highlighted improved revenue mobilization, lower debt-service pressure, higher allocations to states and local governments, and new investments in health, education, and infrastructure as evidence that the reforms are yielding results.