The Nigerian Statehouse has launched a vigorous defense of President Bola Ahmed Tinubu’s economic policies, responding to recent criticisms from former Vice President Atiku Abubakar regarding the country’s fiscal direction.
In a detailed statement issued on
August 2, 2026, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, characterized the opposition’s claims as “frozen snapshots of history” that fail to capture the current economic reality.
The press release addressed several key areas of contention, including excess borrowing in the 2024 budget, the removal of the fuel subsidy, recent tax reforms, and alleged unaccounted oil windfalls.
Onanuga argued that the administration’s reforms, though painful, were necessary structural adjustments to correct long-standing economic distortions.
Defending the Debt and Subsidy Removal
Addressing concerns about national debt, the Statehouse emphasized that borrowing must be evaluated alongside the country’s economic capacity and revenue-generating potential.
The statement highlighted that Nigeria’s debt-to-GDP ratio remains at a relatively modest 40%, significantly lower than peer economies such as South Africa (85%) and Egypt (80%).
Furthermore, the administration claims to have reduced the debt service-to- revenue ratio from nearly 100% in December 2022 to less than 60% currently.
Regarding the controversial removal of the fuel subsidy, the government defended the decision as a vital step to stop a “drainpipe on the economy.”
Onanuga asserted that the savings have led to improved revenues for state and local governments, enabling increased
spending on infrastructure and social programs.
The statement contrasted this with
previous administrations, implying that the current government took the decisive action that was avoided in the past.
Addressing Tax and Oil Windfall Claims
The Statehouse also pushed back against claims that the new tax reforms are punitive.
According to the statement, the reforms are designed to be progressive, reducing the tax burden on low-income earners and small businesses while ensuring that profitable enterprises and high-income individuals contribute a fairer share.
Additionally, Onanuga dismissed claims of a ₦7.98 trillion oil windfall as analytically deficient.
The statement explained that while oil prices have been higher than benchmarked, production shortfalls and prior crude volume pledges for loans have offset potential revenue gains.
The government challenged Atiku to provide the mathematical workings behind his windfall claims.
Highlighting Infrastructure and Social Investments
Beyond economic defense, the Statehouse pointed to tangible investments in health, education, and infrastructure.
The statement cited the revitalization of over 3,000 Primary Healthcare Centres and the operational status of new cancer centers.
In the education sector, the Nigerian Education Loan Fund NELFUND was highlighted for disbursing over ₦303 billion to more than 1.64 million students, easing financial barriers to higher education.
The press release concluded by asserting that the administration’s focus remains on expanding opportunities and strengthening institutions, despite the undeniable costs of recent reforms.
“History rarely remembers governments for the popularity of their decisions in the moment. It remembers whether those decisions ultimately strengthened or weakened the nation,” It read, signaling a continued commitment to the administration’s economic agenda.
