Presidential spokesman Bayo Onanuga has launched a sweeping rebuttal of former Vice President Atiku Abubakar’s criticism of President Bola Tinubu’s economic policies, accusing the opposition leader of relying on outdated figures and painting a distorted picture of Nigeria’s economy.
In a lengthy statement issued on Sunday made available to The News Chronicle, Onanuga argued that Atiku’s attack on the Tinubu administration was based on what he described as “frozen snapshots of history” rather than current economic realities.
“Politics thrives on disagreement. Democracy demands it. But disagreements must be rooted in facts, not frozen snapshots of history,” Onanuga said.
He faulted Atiku for focusing on the 2024 fiscal year despite the country’s economic reforms having evolved significantly over the past two years.
Nigeria Is No Longer in 2024
According to the presidential spokesman, the opposition’s continued reliance on 2024 data ignores improvements recorded since the implementation of Tinubu’s economic reforms.
He said Nigeria’s dollar-denominated Gross Domestic Product (GDP), which dropped to about $253 billion following the exchange-rate adjustment, has recovered to approximately $377 billion—a 49 per cent increase. He also noted that naira GDP has expanded from about ₦314 trillion in 2024 to roughly ₦530 trillion.
“The reforms were never advertised as painless. They were presented as necessary structural adjustments intended to correct long-standing distortions,” he stated.
Nigeria Is Not Over-Borrowed
Responding to Atiku’s allegation of excessive borrowing, Onanuga argued that debt should be measured against a country’s economic capacity rather than in isolation.
He maintained that Nigeria’s debt-to-GDP ratio remains below 40 per cent—far lower than those of countries such as South Africa, Egypt, Ghana, Kenya, the United States and the United Kingdom.
He further claimed that the debt service-to-revenue ratio had dropped from nearly 100 per cent in December 2022 to below 60 per cent under the Tinubu administration.
“The more meaningful question is whether borrowing finances investments that expand productive capacity and future revenues,” he said.
Subsidy Removal ‘Expanded Fiscal Space’
Defending the removal of petrol subsidy, Onanuga described the policy as one previous administrations—including the government in which Atiku served as vice president—failed to implement despite acknowledging its fiscal burden.
He argued that the decision has significantly increased allocations to states and local governments through the Federation Account, enabling greater investment in infrastructure, education, healthcare and social services.
According to him, the policy has also advanced fiscal federalism by giving subnational governments more resources and responsibility for development.
Tax Reforms Protect the Poor
Onanuga also rejected Atiku’s claim that Tinubu’s administration had imposed heavier taxes on Nigerians.
He insisted the tax reforms are designed to shield low-income earners and small businesses while ensuring wealthier individuals and profitable companies contribute a fairer share.
“The objective is not merely to increase collections but to create a broader and more equitable tax system,” he said.
Health, Education and Infrastructure
The presidential aide highlighted what he described as major achievements in healthcare, education and infrastructure.
He said over 3,000 primary healthcare centres have been revitalised, more than 78,000 frontline health workers retrained, while three world-class cancer centres are now operational in Kubwa, Enugu and Katsina.
On education, Onanuga said over 11,000 projects have been executed through the Universal Basic Education Commission (UBEC), while the Nigerian Education Loan Fund (NELFUND) has disbursed more than ₦303 billion to over 1.64 million students across about 300 tertiary institutions.
He also pointed to ongoing investments in roads, bridges, rail, airports, power, gas infrastructure, housing and digital connectivity as evidence that the administration is laying the foundation for long-term economic growth.
Dismisses ‘₦7.98 Trillion Oil Windfall’ Claim
Onanuga dismissed Atiku’s claim that the government had failed to account for a ₦7.98 trillion oil windfall, describing the allegation as analytically flawed.
He explained that although global oil prices exceeded budget benchmarks, Nigeria’s crude oil production remained below projected levels, reducing expected earnings.
He added that government revenue cannot be calculated simply by multiplying crude prices by production volumes because such estimates ignore production costs, profit-sharing arrangements and crude-backed financing obligations.
“There is no such windfall of ₦7.98 trillion,” he said.
Worst Is Over
Concluding his response, Onanuga insisted that Tinubu’s reforms were beginning to yield results despite the initial hardship experienced by Nigerians.
He said inflation, which had risen following the reforms and external shocks, is expected to continue declining, while government intervention programmes—including the NG-CARES, HOPE and SOLID initiatives, alongside cash transfers to 15 million vulnerable households—are aimed at cushioning the impact on citizens.
“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,” he said.
He accused critics of ignoring the broader objectives of the administration’s reforms, insisting that President Tinubu remains focused on expanding economic opportunities, strengthening institutions and improving the living standards of Nigerians.
