Tinubunomics figures misrepresented, says Budget Office DG

Tanimu Yakubu, Director-General of the Budget Office of the Federation, has criticised public discussions on Tinubunomics for relying on misleading calculations, describing many of the headline fiscal figures as exaggerated or inaccurate.

Speaking to State House correspondents on Sunday, Yakubu said that much of the controversy arises from combining unrelated financial data—such as tax revenue, oil income, government borrowing, and alleged subsidy savings—into single figures, creating a false impression of the government’s actual resources.

“Revenue, cash in hand, and financing are not the same. Just because money is collected or borrowed does not mean it is immediately available for spending,” Yakubu explained.

He added that many analysts fail to separate federation-wide receipts from what the federal government can actually use, leading to inflated claims about missing funds.

On fuel subsidy reform, he said the policy does not instantly generate cash but gradually improves budget management, reduces deficits, and allows for more targeted social spending. Similarly, he clarified that some increases in Nigeria’s debt levels result from exchange-rate adjustments on existing foreign debt, not new borrowing.

Yakubu urged Nigerians to focus on actual government spending and tangible results, such as infrastructure projects and social programs, rather than relying on large but misleading headline numbers.

“True accountability comes from examining federal revenues, expenditures, and outputs—not social-media arithmetic,” he said.

The Budget Office chief emphasised that Tinubunomics is intended as a structural adjustment plan to correct longstanding fiscal imbalances, rather than a promise of immediate wealth or cash availability.