- Presidential spokesman Bayo Onanuga dismissed Atiku Abubakar’s claims of fiscal recklessness under the Tinubu administration
- Onanuga challenged Atiku’s figures on Nigeria’s debt, oil windfall, and tax reforms, saying the opposition’s arguments rely on 2024 data
- The presidential aide cited GDP recovery, falling debt service ratios, and healthcare and education investments to counter the claims
Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, has publicly rebutted economic criticisms levelled by former Vice President Atiku Abubakar, arguing that the opposition’s case relies on outdated figures and ignores significant progress made since 2024.
In a statement dated August 2, 2026, Onanuga addressed Atiku’s claims point by point, including allegations of excess borrowing, questions over the removal of fuel subsidy, criticism of tax reforms, and what the former vice president described as an oil windfall of N7.98 trillion.
Source: Twitter
Presidency on the economy and debt
Onanuga noted that Nigeria’s dollar-denominated GDP, which dropped to about $253 billion following the exchange-rate adjustment, has since recovered to roughly $377 billion, a rise of about 49 per cent from its lowest point.
In naira terms, GDP expanded from around N314 trillion in 2024 to approximately N530 trillion. He also pointed out that the debt service-to-revenue ratio has fallen from nearly 100% in December 2022 to below 60%, while the country’s debt-to-GDP ratio stands at about 40%, which he described as modest compared to South Africa at 85%, Kenya at 75%, and the United States at 130%.
On the disputed N7.98 trillion oil windfall, Onanuga said the figure does not hold up to scrutiny. Although the average Brent crude price for the first half of 2026 was around $90 against a benchmark of $64.85, daily production averaged roughly 1.6 million barrels per day, falling short of the projected 1.84 million. He added that some crude volumes remained pledged against loans previously taken to fund the fuel subsidy.
On subsidies, tax, and social spending
Onanuga defended the removal of fuel subsidy, saying it freed up funds that now flow to states through the Federation Account, enabling subnational governments to increase spending on roads, hospitals, schools, salaries, and social programmes.
He cited World Bank assessments as noting improvements in public revenues and capital spending following the reforms.
On tax, he rejected Atiku’s characterisation that Nigerians are being taxed more, saying the reforms are designed to ease the burden on those earning N1 million or less per year and businesses with turnover below N100 million, while improving compliance among higher earners.
The statement also highlighted social investments under the administration, including over 3,000 primary healthcare centres revitalised by April 2026, three cancer centres now operational in Kubwa, Enugu, and Katsina, and more than 1.64 million students receiving loans through the Nigerian Education Loan Fund, with over N303 billion disbursed across 300 institutions.
Onanuga added that the Federal Government recently launched the NG-CARES, HOPE, and SOLID programmes worth over $3 billion, alongside cash transfers to 15 million vulnerable households.
He projected that inflation, currently at 15.91%, is expected to trend towards 12% by year end.
Again, Atiku hits Tinubu
Previously, Legit.ng reported that the presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, publicly criticised the Presidency for its response to Cardinal John Onaiyekan and the Catholic Bishops following their engagement with President Bola Tinubu.
The former Vice President warned that Tinubu’s administration’s growing intolerance of dissent poses a threat to Nigeria’s democracy.
Source: Legit.ng