Presidency Slams Atiku, Reels Out GDP, Debt, and Tax Gains Under Tinubu

The Presidency has mounted a detailed defense of President Bola Ahmed Tinubu’s economic policies, dismissing criticisms from former Vice President Atiku Abubakar as inaccurate and out of sync with current financial realities.

In a comprehensive counter-statement released by the Special Adviser on Information and Strategy, Bayo Onanuga, the administration accused the opposition of judging Nigeria’s economic trajectory using outdated snapshots from the early stages of the reforms.

Reeling out updated macroeconomic indicators, the presidential spokesman revealed that the country’s dollar-denominated Gross Domestic Product (GDP) rebounded from $253 billion following initial currency adjustments to approximately $377 billion, while Naira GDP expanded significantly to around ₦530 trillion.

On fiscal management, Onanuga countered claims of reckless borrowing, pointing out that Nigeria’s debt service-to-revenue ratio dropped from nearly 100 percent in late 2022 to less than 60 percent. He added that ongoing tax reforms actively shield small businesses making under ₦100 million annually and low-wage earners making ₦1 million or less.

The Presidency also dismissed accusations regarding an undisclosed ₦7.98 trillion oil windfall, explaining that while international oil prices surpassed budget benchmarks, crude production fell slightly short at 1.6 million barrels per day. The response concluded by emphasizing that ongoing investments in basic education, infrastructure, and student loans demonstrate the administration’s long-term commitment to laying a solid foundation for inclusive growth.