Presidency replies Atiku on economy, says ex-VP’s claims based on outdated data

Nigeria's Presidency has refuted claims of financial recklessness and economic mismanagement made by former Vice President Atiku Abubakar against President Bola Tinubu's administration.

Abubakar, the presidential candidate for the African Democratic Congress (ADC), had previously alleged excessive borrowing in the 2024 budget, questioned the removal of fuel subsidies, criticized tax reforms, and claimed Nigeria was economically adrift. He asserted that the administration's attempts to reshape economic realities through "creative accounting" contrasted with the hardship faced by Nigerians.

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This destroys the narrative that subsidy savings are being used to reduce government indebtedness. Nigerians deserve honesty, not creative accounting.

Abubakar specifically pointed to comments by Finance Minister Taiwo Oyedele regarding subsidy savings, calling them inconsistent with financial records. He stated the administration's debt to the Central Bank of Nigeria (CBN) had increased, citing a ₦17.39 trillion rise between May 2025 and May 2026, a 77.6% increase. "This destroys the narrative that subsidy savings are being used to reduce government indebtedness. Nigerians deserve honesty, not creative accounting," Abubakar said.

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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.

In response, Bayo Onanuga, the President's Special Adviser on Information and Strategy, stated that Abubakar's allegations relied on outdated data that failed to account for significant macroeconomic improvements in 2025 and 2026. "Politics thrives on disagreement. Democracy demands it. But disagreements must be rooted in facts, not frozen snapshots of history," Onanuga remarked. He characterized Abubakar's accusations as a "typical pastime" and presented the Presidency's response as a "point-by-point response to Atiku Abubakar on Nigeria’s reform journey."

Onanuga emphasized that while Abubakar's concerns were misplaced, they warranted a response. The Presidency aims to provide context when historical data is presented as current reality, asserting that democracy requires disagreements grounded in facts rather than outdated information.

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Former Vice President Atiku Abubakar, in his typical pastime, has accused the administration of President Bola Ahmed Tinubu of fiscal recklessness, citing excess borrowing in the 2024 budget, questioning the removal of fuel subsidy, criticising tax reforms, concocting an oil windfall of ₦7.98 trillion, and suggesting that Nigeria is drifting economically.