The Presidency has defended the economic policies of President Bola Tinubu, describing criticisms by former Vice President Atiku Abubakar as misleading and based on outdated information.
In a statement issued on Sunday, Special Adviser to the President on Information and Strategy, Bayo Onanuga, argued that Nigeria’s economic realities in 2026 differ significantly from those of 2024, which Atiku relied upon in criticising the administration’s policies.
According to Onanuga, economic reforms introduced by the Tinubu administration, including the removal of fuel subsidies, exchange rate adjustments and tax reforms, have begun to yield positive results despite the initial hardships they created.
He maintained that Nigeria’s debt profile remains manageable, noting that the country’s debt-to-gross domestic product ratio stands at about 40 per cent, while the debt service-to-revenue ratio has fallen considerably.
The presidential spokesman also defended the decision to remove fuel subsidies, describing the policy as a necessary step towards ending decades of fiscal waste and increasing allocations to states and local governments.
Onanuga further rejected claims that the Federal Government had mishandled an alleged oil windfall, insisting that revenue projections had been affected by fluctuations in crude oil production levels and other market realities.
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He also highlighted several achievements recorded by the administration in healthcare, education and infrastructure development, including the revitalisation of primary healthcare centres, the expansion of cancer treatment facilities and the implementation of the Nigerian Education Loan Fund.
The statement further argued that recent tax reforms were designed to protect low-income earners and small businesses while increasing compliance among wealthier individuals and large corporations.
According to the Presidency, social intervention programmes worth more than $3 billion have also been introduced to cushion the effects of the economic reforms on vulnerable Nigerians.
Concluding the statement, Onanuga said the government would continue to pursue policies aimed at strengthening the economy, improving institutions and raising living standards across the country.
He described critics of the administration’s policies as individuals seeking political relevance rather than engaging in constructive debate.