No N7.98tn oil windfall, Presidency faults Atiku’s criticism

The presidential spokesman, Bayo Onanuga, dismissed former Vice President Atiku Abubakar's criticism of the Bola Tinubu administration's economic policies, stating that Nigeria's reform program has been yielding positive results despite the hardships faced by Nigerians. Onanuga argued that the opposition's economic arguments were based on outdated figures from 2024 and that the economy had recovered from the initial impact of the reforms.

He defended the administration's debt profile, noting that Nigeria's debt-to-GDP ratio was relatively modest at 40 percent and had improved with a reduction in the debt service-to-revenue ratio from 100 percent to less than 60 percent. The spokesman defended the removal of petrol subsidy, stating that it had strengthened the finances of states and local governments.

He also defended the administration's tax reforms, which aimed to create a more equitable tax system. Onanuga highlighted the administration's achievements, including the revitalization of primary healthcare centers, retraining of frontline health workers, establishment of cancer treatment centers, and disbursement of loans to students for tertiary education.

He dismissed Atiku's claim of an alleged N7.98tn oil windfall, stating that such a windfall did not exist.