President Bola Tinubu has defended his administration’s economic reforms, insisting that the difficult measures taken since 2023 are laying the foundation for a stronger Nigerian economy and a $1 trillion economy by 2030.
The President, represented by the National Chairman of the All Progressives Congress, Prof. Nentawe Yilwatda, made the position known at the second edition of the Asiwaju Scorecard Series and Policy Roundtable in Abuja.
Tinubu argued that his administration inherited an economy burdened by fuel subsidy distortions, multiple foreign-exchange windows, weak revenue mobilisation, foreign-exchange shortages, rising debt-service obligations and years of inadequate investment in infrastructure.
He maintained that the removal of petrol subsidy and reforms in the foreign-exchange market were necessary to address the structural weaknesses and move the country towards sustainable economic growth.
According to the President, Nigeria's economic indicators are beginning to show improvements. He cited gross external reserves of about $52.7 billion as of August 2026, growth in non-oil revenue, an improved merchandise trade position and real GDP growth of 4.43 per cent in the second quarter of 2026. Inflation was also said to have eased to about 15.4 per cent.
Tinubu said the reforms should not be judged only by the immediate hardship they created, arguing that macroeconomic stability was the foundation needed before the country could achieve broader prosperity.
He also rejected suggestions that restoring the fuel subsidy would provide a sustainable solution to Nigeria’s economic challenges. The President's position is that the former subsidy system was associated with leakages, inefficiency and significant pressure on public finances, while its removal has created additional fiscal space for investment.
However, former Vice President Atiku Abubakar has strongly challenged the government's assessment of the economy, arguing that improved macroeconomic figures have not translated sufficiently into better living conditions for ordinary Nigerians.
Atiku, through his Senior Special Assistant on Public Communication, Phrank Shaibu, said Nigerians were still facing high food, transportation and education costs and questioned why the government was only now promising cheaper transportation, increased food production and relief for vulnerable citizens after years of hardship.
He argued that the real measure of economic success should be whether families can afford basic necessities and whether workers' incomes can meet their needs.
Atiku has also criticised the current petrol pricing regime and proposed a different approach to reducing energy costs. His camp says lower energy and transportation costs would reduce the cost of moving agricultural produce and manufactured goods, ultimately easing pressure on food prices.
The former vice president has further promised to review the Nigerian Education Loan Fund scheme if elected in 2027, including possible debt forgiveness for qualifying students. He argued that loans should not be presented as evidence that education has become affordable when families are still struggling with rising education costs.
The disagreement comes as both politicians position themselves ahead of the 2027 presidential election, with economic policy increasingly becoming a major point of political debate.
While the Tinubu administration says its reforms are producing greater economic stability and creating the conditions for long-term investment and growth, Atiku insists that the benefits have yet to sufficiently reach households struggling with the cost of living.
The debate is therefore centred on whether Nigeria should consolidate the reforms introduced under Tinubu or pursue a different approach aimed at delivering faster relief to citizens.
Tinubu's camp says reversing the reforms could return the country to the fiscal problems that made them necessary in the first place, while Atiku's camp maintains that economic policies must ultimately be judged by their impact on the daily lives and purchasing power of Nigerians.
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