BREAKING: The Presidency has dismissed former Vice President Atiku Abubakar’s criticism of President Bola Tinubu’s economic policies



The Presidency has dismissed former Vice President Atiku Abubakar’s criticism of President Bola Tinubu’s economic policies, insisting that the administration’s reforms are reviving Nigeria’s economy and delivering measurable gains.

In a statement issued by Presidential spokesman Bayo Onanuga, the Presidency argued that Atiku’s assessment relied on outdated 2024 economic data and failed to reflect improvements recorded in 2025 and 2026.

According to the statement, Nigeria’s economy has rebounded significantly following key reforms, with dollar-denominated GDP rising from about $253 billion to $377 billion, while naira GDP increased from ₦314 trillion to about ₦530 trillion.

The Presidency also defended the administration’s borrowing strategy, stating that Nigeria’s debt-to-GDP ratio remains relatively moderate compared to many emerging and developed economies. It added that the country’s debt service-to-revenue ratio has declined from nearly 100 per cent in late 2022 to below 60 per cent, reflecting improved revenue generation and prudent debt management.

Responding to concerns over fuel subsidy removal, the government said the policy has increased statutory allocations to states and local governments, enabling greater spending on infrastructure, healthcare, education, salaries and other public services.

The statement further maintained that ongoing tax reforms are designed to ease the burden on low-income earners and small businesses while improving compliance among higher-income individuals and profitable companies.

Highlighting achievements in critical sectors, the Presidency pointed to investments in healthcare, education, infrastructure and student loans through NELFUND, arguing that these initiatives demonstrate the benefits of the administration’s economic reforms.

It also rejected Atiku’s claim of a ₦7.98 trillion oil windfall, saying the calculation ignored production shortfalls, production costs and existing crude-backed loan obligations.

While acknowledging that economic challenges remain, the Presidency insisted Nigeria's economy is on a stronger footing than it was before the reforms, describing the policies as necessary structural adjustments aimed at long-term growth and stability.



#Tinubu #Atiku #Presidency #Nigeria #economy #economics #Reforms #FiscalPolicy #DebtManagement #fuel  #TaxReforms #GDP #CBN #Politics #Governance #Africa #NewsUpdate  #NigeriaNews #AriseNews
 

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