Presidential spokesman Bayo Onanuga has defended President Bola Tinubu's economic record, stating that "facts are stubborn" and contradicting claims by opposition figures. Onanuga's comments come in response to a ranking of African countries by public debt as a percentage of Gross Domestic Product, which placed Nigeria well below several heavily indebted economies. According to the IMF's April 2026 Fiscal Monitor, Nigeria's gross public debt stands at about 35.5 per cent of GDP for 2026.
Onanuga took to social media to respond to the report, expressing pride in the country's relatively low debt burden. He wrote that Nigeria's debt burden is about 35 per cent of its GDP, significantly lower than that of several other African countries. Onanuga credited President Tinubu and his economic team for responsible leadership, saying "Kudos to PBAT and the economic team for responsible leadership."
The presidential spokesman also highlighted investments being driven through the Midstream and Downstream Gas Infrastructure Fund. According to Nairametrics, the MDGIF had attracted about ₦1.6 trillion in investment across 31 projects involving 205 infrastructure assets. The report also noted the expansion of compressed natural gas infrastructure as part of efforts to deepen domestic gas utilisation.
Onanuga used the opportunity to launch a direct attack on President Tinubu's leading political opponents, Atiku Abubakar and Peter Obi. He stated that President Tinubu has achieved much, contrary to the views of Atiku and Peter Obi, whom he described as having a "jaundiced view" and being "underachieving." Onanuga's remarks reflect the intensifying exchanges between the Presidency and opposition figures ahead of the 2027 general elections.
Atiku Abubakar and Peter Obi have repeatedly criticised aspects of the Tinubu administration's economic record. In response, presidential aides have pushed back by pointing to government reforms and investment figures. The debate over the country's economic performance is likely to continue as the 2027 general elections approach.
The MDGIF's investments are expected to have a significant impact on Nigeria's economy, particularly in the energy sector. The fund has supported 31 projects and more than 200 infrastructure assets, with further CNG facilities expected to come on stream before the end of 2026. These investments are part of the government's efforts to deepen domestic gas utilisation and improve the country's energy infrastructure.
The exchange between Onanuga and the opposition figures highlights the ongoing political tensions ahead of the 2027 general elections. As the debate over the country's economic performance continues, both sides are likely to present their views and defend their positions. The government's efforts to attract investment and improve the economy will likely remain a key issue in the lead-up to the elections.
Key points
- Onanuga defends Tinubu's economic record, criticizing Atiku and Obi.
- Nigeria's public debt stands at about 35.5 per cent of GDP for 2026.
- The MDGIF has attracted ₦1.6 trillion in investment across 31 projects.
