No N7.98tn oil windfall, Presidency faults Atiku’s criticism

The Presidency on Sunday dismissed criticism by former Vice President Atiku Abubakar over the Bola Tinubu administration’s economic policies.

The presidency stated that the country’s reform programme has begun to yield positive results despite the hardship experienced by Nigerians.

The Special Adviser to the President on Information and Strategy, Bayo Onanuga, stated this in a statement titled, “Facts, Not Fear: A Point-by-Point Response to Atiku Abubakar on Nigeria’s Reform Journey.”

Onanuga’s response followed Atiku’s criticism of the Federal Government’s economic management, in which the former vice president accused the Tinubu administration of fiscal recklessness, excessive borrowing, imposing hardship through the removal of fuel subsidy, and implementing tax policies he described as punitive.

Atiku also questioned what he termed an unaccounted oil revenue windfall and warned that the country’s economy was drifting.

Responding, Onanuga accused the presidential candidate of the African Democratic Congress of relying on outdated figures and ignoring recent economic developments.

“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,” he said.

According to Onanuga, Nigeria’s economy has recovered from the initial impact of the reforms, with the country’s dollar-denominated Gross Domestic Product rising from about $253bn after the exchange rate adjustment to approximately $377bn, while the naira GDP increased from about ₦314tn in 2024 to around ₦530tn.

Defending the administration’s borrowing, the presidential aide stated that Nigeria’s debt profile remained sustainable.

“Nigeria’s debt-to-GDP ratio remains relatively modest at barely 40 per cent… The Tinubu administration has seen a reduction in the debt service-to-revenue ratio from nearly 100 per cent in December 2022 to less than 60 per cent today,”he stated.

On the removal of petrol subsidy, the presidential aide argued that the policy had strengthened the finances of states and local governments.

“The visible consequence of subsidy removal has been the sharp improvement in revenues accruing to states and local governments through the Federation Account,” he said.

He also defended the administration’s tax reforms, saying they were intended to protect low-income earners and small businesses while improving tax compliance among higher-income individuals and profitable companies.

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

Highlighting the administration’s achievements, he said more than 3,000 primary healthcare centres had been revitalised, over 78,000 frontline health workers retrained, and three cancer treatment centres established across the country.

He added that over 1.64 million students had benefited from the Nigerian Education Loan Fund, with more than ₦303bn disbursed to support access to tertiary education.

On Atiku’s claim of an alleged N7.98tn oil windfall, Onanuga described the assertion as unfounded.

“There is no such windfall of N7.98 trillion… Atiku will do well to show the workings for his N7.98 trillion oil windfall,”he said.

The presidential spokesman maintained that while the reforms had imposed short-term hardship, they were necessary to address long-standing structural distortions in the economy.

“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. The fundamental reforms will continue to expand opportunity, strengthen institutions, and deliver tangible improvements in the lives of Nigerians,” he added.