Presidency Rebuts Atiku’s Criticism, Says Tinubu’s Borrowing Supports Economic Growth

The Presidency has defended the borrowing strategy of President Bola Tinubu’s administration, insisting that Nigeria’s debt profile should be measured against the country’s economic capacity and revenue performance rather than the size of the debt alone.

In a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, dismissed allegations of reckless borrowing by former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, describing claims of a ₦7.98 trillion oil windfall as “analytically flawed.”

Onanuga said Nigeria’s debt-to-GDP ratio is about 40 per cent, which he noted is lower than those of several African countries, including South Africa (85 per cent), Egypt (80 per cent) and Kenya (75 per cent), as well as advanced economies such as the United States (130 per cent) and the United Kingdom (110 per cent).

He also stated that the country’s debt-service-to-revenue ratio had improved significantly, declining from nearly 100 per cent in late 2022 to below 60 per cent in 2026 due to increased government revenue and prudent debt management.

Addressing claims of an oil revenue windfall, the presidential spokesman explained that although Brent crude averaged about $90 per barrel in the first half of 2026, Nigeria’s oil production remained below the budget benchmark at about 1.6 million barrels per day. He added that part of the country’s crude output had already been committed to servicing loans used to finance previous fuel subsidy payments.

On inflation, Onanuga noted that the rate fell to 14.4 per cent in November 2025 before rising to 15.91 per cent following disruptions caused by the Middle East conflict. He added that analysts expect inflation to decline to about 12 per cent before the end of the year.

He highlighted several intervention programmes, including NG-CARES, HOPE and SOLID, valued at more than $3 billion, as well as cash transfer initiatives benefiting 15 million households.

Defending the removal of fuel subsidy, Onanuga described the policy as necessary to halt the strain it placed on public finances. According to him, the additional revenue generated has increased allocations to states and local governments, enabling greater spending on infrastructure, salaries, pensions and social welfare programmes.

The presidential aide also said the administration’s tax reforms are designed to widen the tax base while easing the burden on low-income earners and small businesses. He explained that individuals earning up to ₦1 million annually and businesses with annual turnovers below ₦100 million would benefit from lighter tax obligations.

Onanuga further highlighted achievements in the health and education sectors, including the revitalisation of more than 3,000 primary healthcare centres, the retraining of 78,000 frontline health workers, the operation of three cancer centres and the execution of over 11,000 basic education projects across the country.

He added that the Nigerian Education Loan Fund (NELFUND) has disbursed more than ₦303 billion to about 1.64 million students in over 300 tertiary institutions.

According to him, ongoing investments in roads, rail, ports, airports, power, housing, gas and digital infrastructure, alongside increased private sector activity, have contributed to a 49 per cent rise in Nigeria’s dollar-denominated GDP and a 69 per cent increase in naira GDP since 2024.

The Presidency urged Atiku and other opposition figures to evaluate the administration based on measurable economic indicators rather than political rhetoric, maintaining that the economy has recorded significant progress under President Tinubu’s leadership.