…Says Ex-VP igbores old reforms, fiscal gains under current administration
Abuja– The Presidency has dismissed former Vice President Atiku Abubakar’s recent criticism of President Bola Tinubu’s administration as “unfair, misleading, and driven by personal animosity rather than objective analysis.”
In a rebuttal issued on Thursday by Bayo Onanuga, Special Adviser to the President on Information and Strategy, the Presidency accused Atiku of ignoring the administration’s landmark economic reforms and fiscal improvements while offering no credible alternative.
The statement followed Atiku’s recent remarks, where he accused the Tinubu government of implementing “anti-people” policies and mismanaging the economy.
Onanuga argued that the removal of fuel subsidies and the unification of exchange rates, policies Atiku himself had advocated in the past, were unavoidable steps to rescue Nigeria from fiscal collapse.
He said unlike previous administrations, including the one in which Atiku served as Vice President, President Tinubu had the courage to implement these tough but necessary reforms.
The Presidency highlighted significant economic improvements, including the Nigerian Exchange’s All-Share Index (ASI) rising from 50,000 to over 110,000 and market capitalisation surging to N69.4 trillion from N30 trillion before May 2023.
It also noted that debt service-to-revenue ratio had dropped from 93% to 60%, while states now receive higher allocations, enabling some to increase minimum wages to as much as N85,000.
Contrary to Atiku’s assertion that government policies were hurting ordinary Nigerians, the Presidency pointed to the Student Loan Scheme, which has already benefited over 600,000 students, as well as expanded health insurance and social safety nets.
The statement took a swipe at Atiku, suggesting that if he were “not still living in Dubai,” he would acknowledge Nigeria’s progress under Tinubu.
It also dismissed claims of excessive borrowing, clarifying that the 2025 budget proposal includes only a $1.2 billion loan request—far less than speculated on social media.
The Presidency urged Atiku and other opposition figures to move beyond “cheap talk” and offer substantive policy alternatives.
“Nigerians deserve opposition leaders who provide solutions, not just criticism,” the statement concluded. This administration will continue its work to lay a solid foundation for a more prosperous Nigeria—whether critics see it or not.
Read full statement below
MY RESPONSE TO FORMER VICE PRESIDENT ATIKU ABUBAKAR’S STATEMENT ON PRESIDENT TINUBU’S ADMINISTRATION
My attention has just been drawn to former vice president Atiku Abubakar’s vitriol against the Tinubu administration and the person of President Bola Tinubu.
Atiku’s sweeping criticism is unfair and appears to be driven more by animosity than objective analysis. Unless former Vice President Atiku allowed personal grievances to cloud his judgment, he should, in good conscience, acknowledge the significant progress and positive achievements made by this administration over the past two years.
While I respect Atiku’s right to voice his opinions in our vibrant democracy, I need to set the record straight and address the fallacies in his commentary.
Unless he still lives in Dubai, he ought to admit that in just two years, President Bola Ahmed Tinubu’s administration has embarked on the most ambitious and audacious economic and institutional reforms ever seen in decades. During the campaign, Tinubu never promised that the reforms would be painless. But he was clear they were necessary to rescue the country from the brink of fiscal collapse to reverse years of unsustainable spending and lay a solid foundation for long-term inclusive growth.
The removal of the fuel subsidy and unification of the foreign exchange system were steps successive administrations, including that of Obasanjo-Atiku Abubakar, acknowledged as necessary but failed to implement. Atiku promised the reforms in his manifesto. Indeed, all three major candidates in the election agreed they must be done, except that the responsibility to implement the reforms fell on President Bola Tinubu as the winner of the 2023 election.
Unlike Atiku and some critics, everyone agrees that the reforms have stabilised government finances, curbed systemic corruption, and enabled direct investments into social programmes and infrastructure. Foreign investors now see Nigeria as an irresistible destination. Since 2023, the Nigerian Exchange has seen its ASI jump from 50,000 to over 110,000, and market capitalisation has increased to N69.4 trillion, from about N30 trillion before Tinubu’s ascension.
Contrary to Atiku’s claim that government policies are “anti-people,” the Tinubu administration, fully acknowledging that its policies affect the vulnerable, has increased investments in social safety nets, introduced targeted interventions for low-income households, and more than doubled the minimum wage, from N30k to N70k. Some states even pay up to N85k to their workers, a feat made possible by increased federal allocations.
Atiku’s claim that education was out of reach for poor Nigerians was entirely off the mark. Everyone knows the claim is false; it’s just an attempt to throw any muck at Bola Tinubu.
Since last year, the government has introduced the Student Loan Scheme to ensure that underprivileged children are not denied education because of poverty. As of the last count, over 600,000 Nigerian students have benefitted from the loans. The loans cover the students’ school fees and living allowances. The loans do not yet cover Nigerians in expensive schools like Atiku’s American University in Yola. What is undeniable is that under Bola Tinubu, higher education is now more accessible to deserving youths.
This administration has also made considerable investments in health, including revitalising primary health centres and expanding health insurance. The government is also working hard to reduce the cost of medicines.
Atiku again ignorantly accused the Tinubu administration of borrowing fresh money to support the 2025 budget. He relied on social media gossip that the fresh loan request to the National Assembly was for that purpose. The Finance Minister has debunked this as untrue and said that even this year, the government only wants to borrow about $1.2 billion.
Because Atiku does not like Bola Tinubu’s guts, he forgets to credit his administration with some of the fiscal achievements in the last two years. Revenue has increased phenomenally. The debt service ratio to revenue has declined from 93 per cent to 60 per cent. This government has paid off the $3.4 billion IMF loan obtained in the Covid years. The current administration has discontinued Ways & Means deficit financing for the first time in decades. State revenue has risen, and subnational governments now have greater resources for local development and to pay their debts. This is the only positive Atiku admitted, forgetting to praise the Tinubu government that made this possible.
This government has admitted honestly that the reforms come with attendant challenges and has worked vigorously to lessen the pain.
But as President Tinubu said in his statement, marking his second anniversary, we have made progress. Inflation is easing, food production is rising, investments are returning, and the foundation for a more prosperous, just, and inclusive Nigeria is being laid. These gains are in plain sight for everyone. Only those who play blind will not see them.
Atiku and his co-travellers in the coalition party he is cobbling together need not worry about their democratic rights. As an acknowledged democrat, President Tinubu will not curtail their rights or silence them.
Finally, criticism must be elevated and constructive. When Atiku opposes government policies, he should also offer a solution. Otherwise, his opposition statements will be dismissed as mere partisan rhetoric and cheap talk.
Nigerians deserve opposition leaders who offer solutions, not just criticism. We invite all Nigerians to judge this administration by its actions, not by the rhetoric of those who have had their opportunities to lead and who bungled the chance in years past, sold national assets for pittance, and shortchanged their compatriots.
Bayo Onanuga
Special Adviser to the President
(Information and Strategy)
May 29, 2025
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