Presidency disputes Atiku's criticism of economic policies, cites reform progress

Nigeria's Presidency has strongly refuted criticisms leveled by former Vice President Atiku Abubakar against the Bola Tinubu administration's economic policies. Presidential Adviser on Information and Strategy, Bayo Onanuga, dismissed Abubakar's accusations of fiscal recklessness, excessive borrowing, and punitive tax policies as based on outdated figures and a disregard for recent economic developments.

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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.

Onanuga stated that Nigeria's reform program, despite initial hardships, is beginning to yield positive results. He highlighted a significant increase in the country's Gross Domestic Product (GDP), with the dollar-denominated GDP rising from approximately $253 billion to $377 billion following exchange rate adjustments. Similarly, the naira GDP grew from about ₦314 trillion in 2024 to around ₦530 trillion. The Presidency also defended the administration's borrowing, asserting that Nigeria's debt-to-GDP ratio remains modest at under 40 percent, and the debt service-to-revenue ratio has decreased significantly.

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Nigeria’s debt-to-GDP ratio remains relatively modest at barely 40 per cent… The Tinubu administration has seen a reduction in the debt service-to-revenue ratio from nearly 100 per cent in December 2022 to less than 60 per cent today.

Responding to Abubakar's concerns about an unaccounted oil revenue windfall and the economy drifting, Onanuga accused the former vice president of relying on outdated information. He emphasized that economies are dynamic and reforms are processes, not static events. The Presidency argued that the removal of the fuel subsidy has bolstered the finances of states and local governments through improved revenue allocations from the Federation Account.

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The visible consequence of subsidy removal has been the sharp improvement in revenues accruing to states and local governments through the Federation Account.

Furthermore, the administration defended its tax reforms, explaining that they are designed to protect low-income earners and small businesses while enhancing tax compliance among higher-income individuals and profitable companies. Onanuga stated that the objective is not merely to increase collections but to foster a broader and more equitable tax system. The Presidency also pointed to achievements such as the revitalization of over 3,000 primary healthcare centers as evidence of the administration's progress.

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