Presidency Defends Tinubu's Economic Policies Against Atiku

The Presidency dismissed former Vice President Atiku Abubakar's criticism regarding the economic policies of the Bola Tinubu administration. Bayo Onanuga, Special Adviser to the President on Information and Strategy, issued a statement titled “Facts, Not Fear: A Point-by-Point Response to Atiku Abubakar on Nigeria’s Reform Journey.” Atiku had accused the government of fiscal recklessness and excessive borrowing, questioning the management of oil revenue and the impact of subsidy removal.

Onanuga countered that Nigeria's economy is recovering, with the dollar-denominated GDP rising from about $253 billion to approximately $377 billion and naira GDP increasing from ₦314 trillion to around ₦530 trillion. He defended the administration's borrowing strategy, stating a sustainable debt-to-GDP ratio of barely 40 percent and a reduction in the debt service-to-revenue ratio from nearly 100 percent to less than 60 percent.

Onanuga also highlighted the positive effects of subsidy removal on state finances and the equitable goals of tax reforms.