Nigerian Presidency Slams Atiku's Oil Windfall Claim as 'False'

The Nigerian Presidency has disputed former Vice President Atiku Abubakar's claim that the country received N7.98 trillion in oil windfall, calling it 'false'. Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, said Atiku's assessment was based on 2024 data and failed to account for changes in Nigeria's economy since then.

Onanuga argued that the oil windfall claim did not consider lower-than-expected crude oil production, production costs, existing crude commitments, and other factors that determine government revenue. He added that any incremental revenue from higher oil prices is reflected in the monthly FAAC figures.

The presidential aide defended the administration's borrowing and subsidy reforms, stating that debt should be assessed against the size of the economy, revenue capacity, debt-servicing costs, and the use of borrowed funds. According to Onanuga, Nigeria's debt-to-GDP ratio remains below 40%, while the debt-service-to-revenue ratio has fallen from nearly 100% in December 2022 to below 60%.