Presidency rebuts Atiku's economic claims, cites GDP rise, debt relief
On August 2, 2026, the Presidency responded to former Vice President Atiku Abubakar’s allegations of financial recklessness and economic mismanagement against President Bola Tinubu’s administration. Atiku, through his media aide, accused the government of excessive borrowing in the 2024 budget, questioning the fuel subsidy removal, criticising tax reforms, claiming a fabricated oil windfall of ₦7.98 trillion, and asserting that Nigeria is drifting economically. He cited a ₦17.39 trillion increase in Central Bank borrowing between May 2025 and May 2026, a 77.6% rise.\n\nThe Presidency, via Special Adviser Bayo Onanuga, rejected the claims as based on outdated data, highlighting macroeconomic gains: dollar‑denominated GDP rose from $253 billion to $377 billion (~49% increase), naira‑denominated GDP grew from ₦314 trillion to ₦530 trillion (~69% increase), and the debt‑service‑to‑revenue ratio fell from nearly 100% in December 2022 to below 60% today, with a debt‑to‑GDP ratio of about 40%. The administration credited the fuel subsidy removal for boosting state revenues and funding infrastructure, health and education projects, including over 3,000 revitalised primary health centres, NELFUND disbursing over ₦303 billion to students, and ongoing road, rail and power projects. Inflation fell to 14.4% in November 2025, rose to 15.91% due to the Middle East conflict, but is projected to trend toward 12% by year‑end. Programmes such as NG‑CARES, HOPE and SOLID, worth over $3 billion, and cash transfers to 15 million vulnerable households were launched to mitigate reform impacts.\n\nConsidering these opposing claims, what economic indicators should you trust to gauge how reforms affect your household expenses and investment decisions?