The Nigerian Presidency has formally rejected allegations of financial mismanagement leveled by former Vice President Atiku Abubakar against the administration of President Bola Ahmed Tinubu. In a robust response, the government contended that the former presidential candidate relies on outdated 2024 economic data, failing to account for significant shifts in the national fiscal landscape.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, emphasized that the government’s reform agenda is yielding tangible improvements. Key indicators highlighted include enhanced revenue mobilization, a notable decrease in debt-service pressure, and increased allocations to subnational governments. The administration reported that Nigeria’s dollar-denominated GDP has climbed to roughly $377 billion, while naira-based GDP has risen to approximately ₦530 trillion. These figures, officials argue, demonstrate that the economy has moved past the initial difficulties observed in 2024.
Regarding concerns over borrowing, the Presidency maintained that Nigeria’s debt-to-GDP ratio remains manageable at about 40 percent. Furthermore, the debt service-to-revenue ratio has dropped to below 60 percent, down from nearly 100 percent in late 2022. The government defended its borrowing strategy, asserting that funds are being directed toward productive investments in infrastructure, education, and healthcare rather than recurrent consumption.
The administration also defended the removal of fuel subsidies, labeling them a historical drain on national resources that hindered development. This policy shift has enabled larger disbursements to states and local councils, facilitating local infrastructure development. Additionally, tax reforms are being implemented to protect low-income earners and small businesses while improving compliance among higher-income demographics.
Finally, the Presidency dismissed reports of a ₦7.98 trillion oil windfall, clarifying that production shortfalls and existing contractual obligations have offset potential gains from global oil price fluctuations. Officials concluded that while the reforms have required public sacrifice, they are essential for long-term stability and macroeconomic health.
