ABUJA, Nigeria — The Presidency has mounted a detailed defence of President Bola Tinubu’s economic reforms, dismissing criticisms by former Vice President Atiku Abubakar as outdated and arguing that recent improvements in key macroeconomic indicators demonstrate that Nigeria’s reform agenda is beginning to yield results.

In a statement titled “Facts, Not Fear: A Point-by-Point Response to Atiku Abubakar on Nigeria’s Reform Journey,” the Presidency said Atiku’s criticisms relied largely on 2024 economic conditions and failed to reflect changes that have occurred since then.

The response comes amid an intensifying debate between the Federal Government and opposition leaders over the impact of reforms introduced since President Tinubu assumed office in May 2023, including fuel subsidy removal, foreign exchange liberalisation, tax reforms and fiscal restructuring.

According to the statement, Nigeria’s economic reforms should be evaluated over time rather than judged solely by their initial impact.

The Presidency argued that the economy has evolved significantly since the exchange rate adjustment in 2024, citing improvements in gross domestic product (GDP), government revenue and fiscal stability.

It stated that Nigeria’s dollar-denominated GDP, which declined to approximately $253 billion following the exchange-rate realignment, has since recovered to about $377 billion, representing an estimated 49% increase.

The statement also noted that the country’s nominal GDP in naira terms has grown from about ₦314 trillion in 2024 to approximately ₦530 trillion, reflecting increased economic activity alongside price adjustments.

However, it acknowledged that GDP figures should continue to be assessed alongside inflation, real economic growth and household welfare.

Responding to Atiku’s concerns over rising public debt, the Presidency argued that borrowing should be assessed in relation to the country’s economic capacity rather than in absolute terms.

According to the statement, Nigeria’s debt-to-GDP ratio remains below 40%, which it described as relatively moderate compared with several emerging and advanced economies.

The Presidency also said Nigeria’s debt service-to-revenue ratio has fallen from nearly 100% in December 2022 to below 60%, attributing the improvement to stronger government revenue mobilisation and prudent debt management.

It maintained that current borrowings are financing long-term infrastructure and productive investments rather than recurrent expenditure.

The statement reaffirmed the administration’s decision to remove petrol subsidies, describing the policy as one of Nigeria’s most significant fiscal reforms.

According to the Presidency, the subsidy regime had for decades diverted substantial public resources while disproportionately benefiting a limited number of interests.

It argued that removing the subsidy has significantly increased allocations to state and local governments through the Federation Account Allocation Committee (FAAC), enabling subnational governments to invest more in roads, healthcare, education, salaries and other public services.

The Presidency added that international institutions, including the World Bank, have acknowledged improvements in public revenues and capital spending following the reforms.

The Federal Government also rejected allegations that its tax reforms are designed to increase the burden on ordinary Nigerians.

Instead, it said the reforms seek to create a fairer tax system by exempting lower-income earners and many small businesses while strengthening compliance among higher-income individuals and profitable companies.

According to the statement, individuals earning ₦1 million annually or less and businesses with annual turnover below ₦100 million are expected to benefit from the proposed tax framework.

The Presidency cited several social sector initiatives as evidence that savings from fiscal reforms are being channelled into development.

It said more than 3,000 primary healthcare centres have been revitalised nationwide, while over 78,000 frontline health workers have received additional training during the administration.

The statement also highlighted expanded maternal healthcare programmes, including free caesarean sections for eligible indigent women and investments in specialised cancer treatment centres.

In education, the government said over 11,000 projects have been implemented through the Universal Basic Education Commission (UBEC) in collaboration with state governments.

It further stated that the Nigerian Education Loan Fund (NELFUND) has supported more than 1.64 million students, with loan disbursements exceeding ₦303 billion across approximately 300 higher institutions.

According to the Presidency, reforms have enabled continued investment in transport, energy, power, housing, digital infrastructure and logistics.

It noted ongoing projects covering federal highways, rail modernisation, airport redevelopment, electricity transmission, gas infrastructure and broadband expansion, while also pointing to increased infrastructure spending by state governments following higher FAAC allocations.

The Presidency also disputed Atiku’s claim that the government benefited from an unaccounted ₦7.98 trillion oil windfall, describing the assertion as economically inaccurate.

According to the statement, although average Brent crude prices exceeded the benchmark during the first half of 2026, Nigeria’s crude oil production remained below budget assumptions, reducing potential revenue gains.

It added that government earnings from crude oil are influenced by production costs, production-sharing contracts, forward sales and existing financing obligations, rather than simply international oil prices.

The Presidency argued that monthly FAAC distributions already reflect any additional oil revenues received by the Federation.

Concluding its response, the Presidency said Nigeria’s reforms should be assessed through measurable economic outcomes rather than political rhetoric.

While acknowledging that reforms have imposed short-term costs on households and businesses, it argued that the policies are intended to correct long-standing structural distortions, strengthen public finances and lay the foundation for sustainable economic growth.

The statement maintained that recent improvements in macroeconomic indicators suggest the economy is gradually stabilising, while stressing that further reforms and targeted social interventions will remain central to the administration’s agenda.

The latest exchange underscores the growing political debate over the effectiveness of the Tinubu administration’s economic reforms as Nigeria continues to navigate inflationary pressures, exchange-rate adjustments and broader efforts to restore macroeconomic stability.