The Presidency has defended the economic reforms introduced by President Bola Tinubu, dismissing criticisms by former Vice President Atiku Abubakar as outdated and lacking proper context.
Responding to Atiku’s assessment of Nigeria’s reform journey, the Presidency argued that evaluating the administration’s economic policies using 2024 data ignores the progress recorded over the past two years.
According to the Presidency, Atiku’s claims of fiscal recklessness, excessive borrowing, the removal of fuel subsidy, tax reforms and an alleged N7.98 trillion oil windfall failed to reflect the current state of the economy.
It maintained that economic reforms are long-term processes and should not be judged solely by their initial challenges.
“A debate anchored in 2024 cannot explain Nigeria in 2026,” the Presidency stated, adding that the economy has evolved significantly since the early phase of the reforms.
The Presidency said Nigeria’s dollar-denominated Gross Domestic Product (GDP), which dropped to about $253 billion following the exchange-rate adjustment in 2024, has recovered to approximately $377 billion, representing about a 49 per cent increase.
It also stated that the country’s naira-denominated GDP grew from about ₦314 trillion in 2024 to around ₦530 trillion, attributing the growth to increased economic activity and the impact of ongoing reforms.
On public debt, the Presidency argued that borrowing should be assessed alongside the country’s economic capacity and the purpose for which loans are obtained, rather than the total debt figure alone.
It noted that Nigeria’s debt-to-GDP ratio remains below 40 per cent, describing it as relatively moderate when compared with several African and advanced economies.
The Presidency further claimed that the debt service-to-revenue ratio has declined from nearly 100 per cent in December 2022 to less than 60 per cent under the Tinubu administration, attributing the improvement to increased revenue generation and prudent debt management.
It maintained that government borrowings are being channelled into long-term infrastructure and productive investments designed to expand the country’s economic capacity and generate future revenues.
