Presidency Defends Tinubu’s Economic Reforms with Data

The Presidency issued a detailed defense of President Bola Ahmed Tinubu’s economic reforms, countering criticisms from former Vice President Atiku Abubakar, which were described as “misplaced” and based on outdated information. Bayo Onanuga, Special Adviser to the President on Information and Strategy, stated that Atiku’s assessment relied on the challenging economic conditions of 2024 rather than recent developments.

Onanuga emphasized that economic reforms are processes that should not be judged solely by their initial impacts. He reported that Nigeria’s dollar-denominated Gross Domestic Product (GDP) had significantly recovered from approximately $253 billion post-exchange-rate adjustment in 2024 to about $377 billion, a 49% increase.

Additionally, Nigeria's naira GDP rose from about N314 trillion in 2024 to approximately N530 trillion. On public debt, Onanuga noted that Nigeria's debt-to-GDP ratio remained below 40%, and the debt service-to-revenue ratio improved from nearly 100% in December 2022 to less than 60% today.