…Says opposition relied on outdated 2024 data to criticise reforms
…Defends debt profile, oil revenue, healthcare and education spending
By Precious Mark
The Presidency has responded to former Vice President Atiku Abubakar’s recent criticism of President Bola Tinubu’s economic policies, stating that Nigeria’s dollar-denominated Gross Domestic Product (GDP) has rebounded by 49 per cent to $377 billion following the post-adjustment decline to $253 billion recorded in 2024.
Reacting on Sunday to Atiku’s allegations of fiscal recklessness, excessive borrowing and economic mismanagement, the Presidency said the opposition leader based his arguments on outdated statistics that fail to reflect the country’s current economic realities.
“A debate anchored in 2024 cannot explain Nigeria in 2026,” the Presidency stated.
“Reforms are processes, not events. Judging a reform programme solely by its earliest and most painful phase is like judging chemotherapy by the nausea it induces while ignoring the remission it seeks to achieve.”
According to the Presidency, Nigeria’s naira-denominated GDP has also risen by 69 per cent, increasing from N314 trillion in 2024 to about N530 trillion, driven by stronger economic activity and structural price adjustments.
Responding to concerns over the country’s debt profile, the Presidency maintained that Nigeria’s debt-to-GDP ratio stands at just under 40 per cent, which it described as significantly lower than those of comparable and advanced economies, including South Africa at 85 per cent, Egypt at 80 per cent, Ghana at 60 per cent and the United States at 130 per cent.
The statement also pointed to improved fiscal management, disclosing that the debt service-to-revenue ratio has declined from nearly 100 per cent in December 2022 to below 60 per cent.
“At a mere 40 per cent debt-to-GDP ratio and less than 60 per cent debt service-to-revenue ratio, which continues to improve, the argument of overborrowing is alarmist and does not stand,” the Presidency said.
Defending the removal of the petrol subsidy, the Presidency argued that the policy ended decades of wasteful expenditure and increased statutory allocations to states and local governments, thereby enabling higher spending at the subnational level on roads, healthcare, education and pensions.
Addressing ongoing tax reforms, the Presidency dismissed Atiku’s claim that Nigerians were being subjected to excessive taxation. It explained that the new tax framework shields micro-enterprises and low-income earners while ensuring wealthier individuals contribute an equitable share.
“The reforms are intended to reduce the burden on many low-income earners earning N1 million per annum and below and small businesses with turnover of N100 million and below, while strengthening compliance among higher-income individuals,” the Presidency explained.
The Presidency also outlined progress in the health sector, revealing that more than 3,000 Primary Healthcare Centres have been refurbished, over 78,000 frontline health workers retrained, and free caesarean sections provided for indigent mothers across more than 100 public hospitals. It added that world-class cancer treatment centres have commenced operations in Kubwa, Enugu and Katsina, alongside expansion projects across 13 states.
Turning to education, the Presidency said the Universal Basic Education Commission has completed more than 11,000 projects, while the Nigerian Education Loan Fund (NELFUND) has disbursed over N303 billion to more than 1.64 million students attending 300 tertiary institutions nationwide.
Rejecting Atiku’s assertion that the Federal Government failed to account for an alleged N7.98 trillion oil windfall, the Presidency described the claim as an “analytical deficiency”. It explained that although Brent crude averaged $90 per barrel against the budget benchmark of $64.85, actual oil production stood at 1.6 million barrels per day, below the targeted 1.84 million barrels per day. It added that production costs and crude already committed to settling outstanding subsidy obligations significantly reduced the expected revenue gains.
“Atiku will do well to show the workings for his N7.98 trillion oil windfall,” the Presidency stated.
The Presidency maintained that macroeconomic stability is steadily returning, adding that inflation is projected to moderate to around 12 per cent by the end of the year. It further cited the implementation of the $3 billion NG-CARES, HOPE and SOLID social protection programmes, together with direct cash transfers to 15 million vulnerable households, as evidence of measures designed to cushion the impact of ongoing economic reforms.