The Presidency has rejected former Vice President Atiku Abubakar’s criticism of President Bola Tinubu’s economic policies, describing his claims of fiscal recklessness and an alleged ₦7.98 trillion oil windfall as misleading and based on flawed economic assumptions.
In a statement issued on Sunday, Special Adviser to the President on Information and Strategy, Bayo Onanuga, said Atiku’s assessment ignored the progress recorded since the implementation of key economic reforms, including the removal of fuel subsidy and foreign exchange reforms.
Responding to Atiku’s allegation that the Federal Government benefited from a ₦7.98 trillion oil windfall, the Presidency said the calculation failed to account for production costs, crude oil production shortfalls, contractual obligations and forward sales.
According to the statement, although Brent crude prices averaged about $90 per barrel in the first half of 2026, actual crude production averaged approximately 1.6 million barrels per day, below the projected 1.84 million barrels per day, significantly reducing expected revenue gains.
The Presidency also noted that part of Nigeria’s crude oil production had already been committed to servicing existing loans used to finance fuel subsidies before their removal.
“It is incorrect to assume that government revenue can simply be calculated by multiplying oil prices by daily production volumes. Such analysis ignores production costs, the share of oil companies and existing crude sale agreements,” the statement said.
Defending the administration’s economic reforms, the Presidency argued that recent policy decisions were aimed at restoring macroeconomic stability and laying the foundation for sustainable long-term growth.
It stated that Nigeria’s dollar-denominated Gross Domestic Product (GDP) had recovered from about $253 billion after the exchange rate adjustment to approximately $377 billion, while the country’s nominal GDP had increased from about ₦314 trillion in 2024 to roughly ₦530 trillion.
On public debt, the government maintained that Nigeria’s borrowing remained within sustainable limits, stressing that debt should be assessed relative to the country’s economic size and revenue-generating capacity rather than absolute figures.
According to the Presidency, Nigeria’s debt-to-GDP ratio stands at about 40 per cent, while the debt service-to-revenue ratio has declined from nearly 100 per cent in 2022 to below 60 per cent.
The statement also defended the removal of fuel subsidy, describing it as one of the administration’s boldest reforms, saying it had significantly increased allocations to states and local governments through the Federation Account, enabling greater investment in infrastructure, healthcare, education and social services.
On tax reforms, the Presidency dismissed claims that the government was imposing additional burdens on Nigerians, insisting the reforms were designed to broaden the tax base while protecting low-income earners and small businesses.
The statement further highlighted achievements in healthcare, education and infrastructure, including the revitalisation of more than 3,000 primary healthcare centres, expansion of cancer treatment facilities, implementation of over 11,000 Universal Basic Education Commission projects, and the disbursement of more than ₦303 billion in student loans through the Nigerian Education Loan Fund (NELFUND).
The Presidency acknowledged that recent reforms had imposed short-term hardship on Nigerians but maintained that they were necessary to correct long-standing structural distortions and reposition the economy for sustainable growth.
It added that social intervention programmes, including NG-CARES, HOPE, SOLID initiatives and cash transfers to 15 million vulnerable households, were being implemented to cushion the impact of the reforms.
