“Your arguments are frozen in 2024”: Presidency tackles Atiku

The Presidency on Sunday dismissed former Vice President Atiku Abubakar’s criticism of President Bola Tinubu’s economic policies, insisting that the administration’s reforms are producing measurable results and have placed Nigeria on the path to long-term recovery.

In a lengthy statement titled “Facts, Not Fear: A Point-by-Point Response to Atiku Abubakar on Nigeria’s Reform Journey,” Special Adviser to the President on Information and Strategy, Bayo Onanuga, accused Atiku of relying on outdated economic data and ignoring improvements recorded since the reforms began.

According to Onanuga, “Politics thrives on disagreement. Democracy demands it. But disagreements must be rooted in facts, not frozen snapshots of history.”

He said although Atiku had accused the Tinubu administration of fiscal recklessness, excessive borrowing, poor handling of fuel subsidy removal, punitive tax reforms and concealing an alleged N7.98 trillion oil windfall, “his concerns, though misplaced, deserve a response… because Nigerians should have a fuller picture of where the country is today.”

Onanuga argued that Atiku’s economic assessment remained “anchored to developments in the 2024 fiscal year”, adding that such an approach ignored the progress made since then.

“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. 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.”

He maintained that Nigeria’s economy had rebounded significantly after the initial impact of exchange rate reforms.

“The Nigerian economy that underwent painful adjustment in 2024 has evolved considerably… figures from statistics bodies and multilateral agencies like the IMF indicate that it has recovered significantly to approximately $377 billion,” he said.

The presidential spokesman also defended the Federal Government’s borrowing, insisting that the country’s debt level remained manageable.

“What matters are the size of the economy, our revenue-generating capacity, debt servicing costs, the purposes for which funds are borrowed, and whether borrowed resources finance productive investments or recurrent consumption.

“Nigeria’s debt-to-GDP ratio remains relatively modest at barely 40 per cent compared with many peer economies and advanced countries.”

He further stated that the Tinubu administration had reduced the debt service-to-revenue ratio from nearly 100 per cent in December 2022 to below 60 per cent.

“This is a remarkable achievement that shows that Nigeria’s revenue efficiency has improved, while debt management remains conservative and astute,” he said.

On the removal of fuel subsidy, Onanuga said previous administrations had failed to address what had become a major drain on public finances.

“The current administration deserves commendation for being able to get rid of something that has become a lodestone around the neck of our collective patrimony.”

He argued that the policy had increased allocations to states and local governments, enabling them to invest more in roads, schools, hospitals, salaries, pensions and social programmes.

Rejecting Atiku’s criticism of the administration’s tax reforms, Onanuga described the allegations as misleading.

“This is blatantly false, and the statement is an attempt to deceive and dissemble.

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

He explained that the reforms were designed to reduce the tax burden on low-income earners and small businesses while ensuring that wealthier individuals and profitable companies paid their fair share.

On healthcare, the Presidency highlighted what it described as major improvements under the Tinubu administration.

According to Onanuga, over 3,000 primary healthcare centres had been revitalised by April 2026, while more than 78,000 frontline health workers had been retrained.

He added that more than 100 health facilities across the country were now providing free caesarean sections for indigent mothers, while three world-class cancer centres were operational in Kubwa, Enugu and Katsina.

The statement also highlighted achievements in education, including the Nigerian Education Loan Fund (NELFUND).

Onanuga said over 1.64 million students had benefited from the scheme, with more than N303 billion disbursed through 300 higher institutions.

He also claimed that university strikes had effectively ended under the current administration.

On the allegation that the government concealed a N7.98 trillion oil windfall, Onanuga dismissed the claim outright.

“There is no such windfall of N7.98 trillion.”

He explained that although international crude oil prices had exceeded budget benchmarks, lower production levels and existing crude-backed loan obligations had reduced the expected gains.

“The production shortfall partly offset the price premium,” he said.

He further challenged Atiku to provide evidence for the claim.

“Atiku will do well to show the workings for his N7.98 trillion oil windfall.”

Looking ahead, the presidential spokesman insisted that the country’s economic reforms were beginning to yield results despite the hardship experienced by many Nigerians.

“The worst is over, as the effects of the necessary economic chemotherapy were more severe in 2023 and 2024.”

He added that inflation, which had risen following disruptions caused by the Middle East conflict, was expected to continue declining towards 12 per cent before the end of the year.

Onanuga concluded that although Nigeria had not yet reached its desired destination, the Tinubu administration remained committed to sustaining reforms.

“Nigeria’s economy is not yet where it aspires to be. But neither is it where it stood at the height of its structural distortions or in the bygone years of fiscal waste and slackness.

“The fundamental reforms will continue to expand opportunity, strengthen institutions, and deliver tangible improvements in the lives of Nigerians. That is the focus of President Tinubu. All else is an attempt by political carpetbaggers to gain attention.”