The Presidency has dismissed claims by former Vice President Atiku Abubakar that the Federal Government received an unaccounted oil windfall of N7.98 trillion, describing the allegation as analytically flawed and unsupported by facts.
In a statement issued on Sunday, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, challenged Mr Atiku to provide evidence for the claim while defending the economic policies of the President Bola Tinubu administration.
The statement, titled “Facts, Not Fear: A Point-by-point Response to Atiku Abubakar On Nigeria’s Reform Journey,” maintained that no such oil windfall existed.
“There is no such windfall. Any incremental revenue from higher oil prices is reflected in the monthly FAAC figures,” Mr Onanuga stated.
Presidency defends economic reforms
The Presidency argued that Nigeria’s economic reforms were yielding positive results, noting that the country’s dollar-denominated Gross Domestic Product had recovered significantly following the exchange-rate adjustment.
According to the statement, Nigeria’s dollar GDP increased from about $253 billion after the currency reform to approximately $377 billion, representing a 49 per cent rise.
It also said the country’s naira GDP expanded from N314 trillion in 2024 to about N530 trillion, reflecting stronger economic activity and price adjustments.
The Presidency criticised Atiku for focusing on earlier phases of the reforms instead of their long-term impact.
“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 statement said.
Debt profile remains sustainable
Responding to concerns over government borrowing, the Presidency maintained that Nigeria’s debt profile remained within acceptable limits.
It said the country’s debt-to-GDP ratio stood at less than 40 per cent, lower than several other countries, including South Africa, Egypt, Ghana, Kenya, the United States and the United Kingdom.
The statement also noted that the debt service-to-revenue ratio had dropped from nearly 100 per cent in December 2022 to below 60 per cent, describing this as evidence of improved fiscal management.
According to the Presidency, government borrowings were financing infrastructure and long-term investments rather than recurrent expenditure.
Oil windfall claim challenged
Addressing Mr Atiku’s allegation of an unaccounted N7.98 trillion oil windfall, the Presidency said the calculation ignored critical factors affecting government earnings.
It explained that although Brent crude traded above the $64.85 budget benchmark, averaging about $90 per barrel in the first half of 2026, Nigeria’s crude oil production averaged about 1.6 million barrels per day, below the projected 1.84 million barrels per day.
According to the statement, lower production partly offset gains from higher global oil prices.
The Presidency further argued that government oil revenue cannot be calculated simply by multiplying crude prices by production volumes.
“Such analyses ignore the cost of production, the share of crude belonging to oil-producing companies and the impact of crude sale contracts. Atiku will do well to show the workings for his N7.98 trillion oil windfall,” it stated.
Social programmes highlighted
The Presidency also defended the administration’s social investment programmes, tax reforms and fuel subsidy removal policy.
It disclosed that more than 1.64 million students had benefited from the Nigerian Education Loan Fund, with N303 billion disbursed across over 300 tertiary institutions.
The statement added that over 3,000 primary healthcare centres had been revitalised, while cancer treatment centres had become operational in Kubwa, Enugu and Katsina.
It also said more than 11,000 UBEC projects had been implemented in partnership with state governments.
Inflation expected to decline
On inflation, the Presidency expressed optimism that the rate would continue to decline despite recent disruptions linked to the Middle East conflict.
It stated that inflation had fallen to 14.4 per cent in November 2025 before rising to 15.91 per cent, adding that analysts expected it to ease to around 12 per cent before the end of the year.
The statement further noted that the Federal Government had launched programmes such as NG-CARES, HOPE and SOLID, valued at more than $3 billion, alongside cash transfers targeting 15 million vulnerable households.
The Presidency insisted that the Tinubu administration’s reforms were necessary to address longstanding structural challenges in the economy and urged critics to assess the reforms based on long-term outcomes rather than short-term difficulties.
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