“Judge Reforms By Results, Not 2024 Pain” — Presidency Replies Atiku On Economy

The Presidency has responded to former Vice President Atiku Abubakar over his criticisms of the “Nigeria Reform Journey” under President Bola Ahmed Tinubu, saying debates on the economy must be based on current facts and not “frozen snapshots of history.”

In a statement issued on Friday, the Presidency said Atiku’s remarks, while entitled, presented an incomplete picture of Nigeria’s economic trajectory in 2026.

The Presidency accused Atiku of recycling 2024 data to judge the Tinubu administration in the middle of 2026.

“When yesterday’s data are presented as today’s reality, the public deserves context,” the statement read.

It listed Atiku’s allegations to include: fiscal recklessness, excess borrowing in the 2024 budget, questioning the removal of fuel subsidy, criticising tax reforms, concocting an oil windfall of N7.98 trillion, and suggesting that Nigeria is drifting economically.

“His concerns, though misplaced, deserve a response—not because criticisms should be silenced – but because Nigerians should have a fuller picture of where the country is today,” the Presidency stated.

The statement argued that “Economies are dynamic. Reforms are processes, not events.”

“Judging a reform programme solely by its earliest and most painful phase is like judging chemotherapy by the nausea it induces while ignoring the remission it seeks to achieve.”

The Presidency said the Nigerian economy that went through painful adjustments in 2024 has since evolved.

According to the statement, following the exchange-rate reset, Nigeria’s dollar-denominated GDP fell to about $253 billion.

However, it claimed that figures from statistics bodies and multilateral agencies like the IMF now show a recovery to approximately $377 billion — representing an increase of roughly 49 per cent from the post-adjustment trough.

On the domestic front, the Presidency said Naira GDP expanded from about ₦314 trillion in 2024 to around ₦530 trillion — a 69% increase reflecting both higher output and price adjustments.

Atiku Abubakar, the 2023 PDP presidential candidate, has been a consistent critic of the Tinubu administration’s economic policies, particularly the removal of fuel subsidy, exchange rate unification, and proposed tax reforms.

The Tinubu government maintains that the short-term pains of the reforms are necessary to achieve long-term fiscal stability, increased revenue, and sustainable growth.