The Presidency has dismissed claims by former Vice President Atiku Abubakar that the Federal Government received an unaccounted N7.98 trillion oil windfall, insisting that the allegation is based on faulty economic analysis.
In a statement issued on Sunday, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, challenged Atiku to provide the calculations behind his claim, maintaining that there was no hidden oil revenue.
According to the Presidency, any increase in earnings resulting from higher global crude oil prices is reflected in the monthly allocations shared by the Federation Account Allocation Committee (FAAC).
The statement also defended the economic reforms of President Bola Tinubu’s administration, arguing that critics were focusing on the difficult early stages of the reforms while ignoring signs of recovery.
The Presidency said Nigeria’s dollar-denominated Gross Domestic Product (GDP) had risen from about $253 billion after the exchange rate adjustment to approximately $377 billion, representing a 49 per cent increase. It added that the country’s naira-denominated GDP had also expanded from about N314 trillion in 2024 to around N530 trillion.
On public debt, the government maintained that Nigeria’s debt-to-GDP ratio remains below 40 per cent, describing it as lower than those of several countries, including South Africa, Egypt, Ghana, Kenya, the United States and the United Kingdom.
It also noted that the country’s debt service-to-revenue ratio had improved significantly, dropping from nearly 100 per cent in December 2022 to below 60 per cent, which it described as evidence of better fiscal management.
Addressing the alleged oil windfall, the Presidency explained that Atiku’s calculation failed to account for production costs, the share of crude belonging to oil companies and existing crude oil sales agreements.
While Brent crude averaged about $90 per barrel in the first half of 2026, above the budget benchmark of $64.85, the government noted that average daily crude production stood at about 1.6 million barrels per day, below the projected 1.84 million barrels, thereby reducing the expected revenue gains.
The statement further argued that simply multiplying oil prices by production volumes does not accurately reflect government earnings and urged Atiku to disclose how he arrived at the N7.98 trillion figure.
The Presidency also highlighted several achievements of the Tinubu administration, including reforms in taxation, the removal of fuel subsidy and investments in education and healthcare.
It disclosed that more than 1.64 million students had benefited from the Nigerian Education Loan Fund (NELFUND), with over N303 billion disbursed across 300 tertiary institutions.
According to the statement, over 3,000 primary healthcare centres have been revitalised, three cancer treatment centres are now operational in Kubwa, Enugu and Katsina, while more than 11,000 Universal Basic Education Commission (UBEC) projects are being executed in partnership with state governments.
On inflation, the Presidency expressed optimism that the rate would continue to decline despite temporary increases linked to the Middle East conflict, projecting that inflation could fall to around 12 per cent before the end of the year.
It also said the Federal Government had launched several social intervention programmes, including NG-CARES, HOPE and SOLID, valued at over $3 billion, alongside cash transfers to 15 million vulnerable households.
The Presidency concluded that although the reforms have been difficult, they are necessary to address long-standing structural challenges in the economy, insisting that the current administration remains committed to restoring sustainable economic growth.
