The presidency has replied former Vice President Atiku Abubakar on “Nigeria Reform Journey,” saying criticisms must be based on facts and not frozen snapshots of history. Main text: “When yesterday’s data are presented as today’s reality, the public deserves context.
Former Vice President Atiku Abubakar, in his typical pastime, has accused the administration of President Bola Ahmed Tinubu of fiscal recklessness, citing 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.
A Debate Anchored in 2024 Cannot Explain Nigeria in 2026.
Perhaps the first observation is chronological. It is curious that in the middle of 2026, the opposition’s principal economic argument remains anchored to developments in the 2024 fiscal year. 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 Nigerian economy that underwent painful adjustment in 2024 has evolved considerably. Following the exchange-rate reset, Nigeria’s dollar-denominated GDP fell to about $253 billion, reflecting the immediate effect of currency realignment. Since then, figures from statistics bodies and multilateral agencies like the IMF indicate that it has recovered significantly to approximately $377 billion, representing an increase of roughly 49 per cent from that post-adjustment trough. Likewise, Naira GDP has expanded from about ₦314 trillion in 2024 to around ₦530 trillion, a 69% increase reflecting both higher
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