Presidency Defends Tinubu Against Atiku's Oil Windfall Claims

The Presidency, through Special Adviser Bayo Onanuga, defended President Bola Tinubu’s economic reforms in response to criticisms from former Vice President Atiku Abubakar. Atiku had accused the Tinubu administration of fiscal recklessness, citing excess borrowing in the 2024 budget and alleging an oil windfall of N7.98 trillion.

The Presidency dismissed this claim, stating that the calculation was fundamentally flawed and that any incremental revenue from higher oil prices was reflected in monthly FAAC figures. It noted that while Brent crude prices averaged around $90, actual production fell short at about 1.6 million barrels per day.

The government explained that production shortfalls offset price premiums and highlighted that past crude volumes were pledged for loans to cover previous subsidies. The statement asserted that the Tinubu administration's structural reforms aimed to restore macroeconomic stability and that Nigeria's GDP had rebounded from about $253 billion to approximately $377 billion since the reforms.