Presidency Replies Atiku’s Critique Of Tinubu’s Economic, Fiscal Policies

Nigeria's Presidency has formally responded to former Vice President Atiku Abubakar's accusations of financial recklessness, labeling his criticisms as based on outdated information and a failure to recognize the nation's economic recovery.

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Former Vice President Atiku Abubakar, in his typical pastime, has accused the administration of President Bola 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 N7.98 trillion, and suggesting that Nigeria is drifting economically.

Presidential spokesperson Bayo Onanuga released a statement asserting that Abubakar's critique, which cited concerns about the 2024 budget, fuel subsidy removal, tax reforms, and alleged oil windfalls, relied on "frozen snapshots of history." The Presidency argued that Nigeria's economy has rebounded significantly in both dollar and naira terms following "necessary structural adjustments" implemented under President Bola Tinubu's reform agenda.

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His concerns, though misplaced, deserve a response, not because criticisms should be silenced – but because Nigerians should have a fuller picture of where the country is today.

According to the Presidency's statement, titled "Facts, Not Fear: A Point-by-Point Response to Atiku Abubakar on Nigeria’s Reform Journey," Nigeria's dollar-denominated GDP has risen from approximately $253 billion post-exchange rate reset to about $377 billion, marking a 49% recovery. Concurrently, the Naira GDP has expanded from ₦314 trillion to around ₦530 trillion, a 69% increase, reflecting higher economic activity and price changes.

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His economic arguments remain anchored in 2024, even as Nigeria’s economy has rebounded sharply in dollar and naira terms.

The Presidency emphasized that these figures demonstrate the economy's evolution beyond its most difficult moments in 2024. It also stressed that borrowing must be assessed relative to the nation's economic capacity and revenue performance, suggesting Abubakar's arguments overlooked these evolving economic realities.

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Nigeria’s dollar-denominated GDP has risen from about $253 billion post-exchange rate reset to roughly $377 billion, a 49% recovery, while naira GDP expanded from ₦314 trillion to around ₦530 trillion, a 69% increase.