President Bola Tinubu's Economic Reforms Defended Amid Atiku Criticism
President Bola Ahmed Tinubu's administration has pursued a series of structural economic reforms, including the removal of the long‑standing fuel subsidy, unification of the foreign‑exchange market, and broadening of the tax base. In a series of statements, Presidential Spokesperson Bayo Onanuga countered former Vice President Atiku Abubakar’s accusations of fiscal recklessness, noting that Nigeria’s dollar‑denominated GDP rose from about $253 billion after the 2023 exchange‑rate reset to roughly $377 billion, while GDP in naira terms grew from about ₦314 trillion to ₦530 trillion. The Presidency also highlighted that the debt‑to‑GDP ratio is now around 40 percent and the debt‑service‑to‑revenue ratio has fallen from nearly 100 percent in late 2022 to below 60 percent, indicating improved fiscal sustainability.
The government defended the fuel‑subsidy removal as a measure that stopped fiscal leakages and freed resources for infrastructure, health, education and social programmes. It rejected Atiku’s claim of a N7.98 trillion oil windfall, explaining that the calculation ignored production shortfalls and contract costs. Atiku also criticised a ₦1.08 trillion allocation to the Federal Cooperative College for 2,791 projects, describing it as a misuse of public funds. The administration maintains that the reforms are delivering measurable results and laying the foundation for sustainable growth.
Entities: Atiku Abubakar · Bayo Onanuga · Bola Ahmed Tinubu · Federal Cooperative College · Nigeria · Nigerian Presidency
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [● 5 SOURCES] Nigeria's dollar‑denominated GDP rose from about $253 billion after the exchange‑rate reset to approximately $377 billion. (Presidency statements)
- [● 3 SOURCES] Removal of the fuel subsidy eliminated fiscal leakages and increased allocations to states for infrastructure, health, and education. (Presidency statements)
- [● 5 SOURCES] Nigeria's Naira GDP increased from about ₦314 trillion in 2024 to around ₦530 trillion. (Presidency statements)
- [● 3 SOURCES] Nigeria's debt‑to‑GDP ratio stands at about 40 percent. (Presidency statements)
- [○ 1 SOURCE] Federation revenue increased from ₦16.8 trillion in 2023 to ₦31.9 trillion in 2024. (Analysis by former Speaker Chinedum Orji)
- [● 2 SOURCES] Former Vice President Atiku Abubakar claimed an oil windfall of N7.98 trillion, which the Presidency said does not exist. (Presidency statements)
- [● 3 SOURCES] Debt‑service‑to‑revenue ratio fell from nearly 100 percent in late 2022 to below 60 percent under the Tinubu administration. (Presidency statements)
- [● 2 SOURCES] The Federal Cooperative College was allocated ₦1.08 trillion to implement 2,791 capital projects across Nigeria. (Tracka analysis cited by Atiku)