Presidency counters Atiku, cites rising reserves, falling inflation as proof of progress

The Presidency has dismissed recent criticisms by former Vice President Atiku Abubakar, insisting that Nigeria is making steady economic progress under President Bola Tinubu.

In a statement released on Monday, Bayo Onanuga, Special Adviser to the President on Information & Strategy, described Atiku’s remarks — which likened Nigeria’s current situation to pre-revolutionary France and Russia — as “misleading” and “out of touch with reality.”

Citing data from the National Bureau of Statistics (NBS), the Presidency noted that headline inflation had declined for the fifth consecutive month as of August, while the country posted a record trade surplus, with non-oil exports now accounting for 48 percent of the trade balance against crude oil’s 52 percent.

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The statement further disclosed that Nigeria’s foreign exchange reserves have risen to nearly $42 billion, compared to $32 billion when President Tinubu took office. It added that the government has cleared over $7 billion in arrears, including $800 million owed to international airlines.

According to the Presidency, states are now better funded, able to pay salaries and pensions promptly, while still investing in capital and social projects. It attributed today’s challenges to what it described as “economic mismanagement” during past administrations, stressing that ongoing reforms are designed to reverse such legacies.

“After just two years and five months, the administration is proud of the progress made under President Tinubu’s leadership,” the statement read. “Nigerians can see and feel the positive changes taking place across the nation.”