Presidency faults Atiku’s N7.98tn oil windfall claim

Nigeria's Presidency has strongly refuted claims made by former Vice President Atiku Abubakar, who alleged the Federal Government received an unaccounted oil windfall of N7.98tn. The Presidency dismissed Abubakar's critique of President Bola Tinubu's administration's economic management, asserting that no such windfall exists and that any additional revenue from oil price increases is already accounted for in monthly financial allocations (FAAC).

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There is no such windfall. Any incremental revenue from higher oil prices is reflected in the monthly FAAC figures.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, challenged Abubakar to present his calculations, arguing that his claims were "analytically deficient." The Presidency highlighted that Nigeria's dollar-denominated Gross Domestic Product (GDP) has surged approximately 49% from its post-currency reform low of $253 billion to around $377 billion. Furthermore, the debt service-to-revenue ratio has reportedly fallen from nearly 100% in December 2022 to below 60%.

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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.

The Presidency criticized Abubakar's focus on the initial, difficult phase of economic reforms, comparing it to judging chemotherapy solely by its side effects. It explained that Nigeria's dollar GDP initially fell to $253 billion after currency realignment but has since recovered significantly. Naira GDP has also expanded by 69%, from approximately N314 trillion to N530 trillion, reflecting increased economic activity and price changes.

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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.

Addressing concerns about borrowing, the Presidency stated that Nigeria's debt-to-GDP ratio remains modest at around 40%, lower than many comparable nations. It emphasized that the debt service-to-revenue ratio is a more critical metric, which has improved. The government maintains that its borrowing is directed towards productive, long-term infrastructural and investment purposes, countering the argument of overborrowing as "alarmist."

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Nigeria’s debts have been acquired for productive, long-term infrastructural and investment purposes.