President Bola Tinubu has defended his administration’s economic reforms, saying they are necessary to put Nigeria on track towards building a $1tn economy by 2030. Former Vice President Atiku Abubakar, however, criticised the policies and questioned why Nigerians had to endure prolonged economic hardship before the government began promising relief.
Tinubu, represented by the National Chairman of the All Progressives Congress, Prof Nentawe Yilwatda, at the second edition of the Asiwaju Scorecard Series and Policy Roundtable in Abuja on Tuesday, said the reforms had strengthened the foundation for economic stability and growth.
He pointed to improvements in foreign reserves, revenue mobilisation, trade and gross domestic product as evidence that the economy was moving in a new direction.
Atiku, the presidential candidate of the African Democratic Congress, countered that recent government promises of cheaper transportation, higher food production and support for vulnerable Nigerians represented a belated response to a cost-of-living crisis that had persisted for more than three years.
With the 2027 general elections approaching, Atiku has continued to challenge the Tinubu administration’s economic policies, particularly their impact on household finances and the cost of living.
Tinubu Defends Reform Agenda
Speaking at the Abuja event, Tinubu, through Yilwatda, said the government’s reforms had placed Nigeria on a path towards achieving a $1tn economy by 2030.
He said the removal of fuel subsidies, changes to the foreign exchange market, stronger revenue mobilisation and investments in critical infrastructure were necessary to move the country away from years of economic uncertainty.
“When President Bola Ahmed Tinubu assumed office on 29 May 2023, Nigeria faced a difficult economic inheritance. We had fuel subsidy distortions, multiple exchange-rate windows, weak revenue mobilisation, foreign-exchange shortages, rising debt-service pressures and years of inadequate investment in critical infrastructure.
“The President understood that Nigeria could not continue on that trajectory and therefore took difficult decisions, including the removal of the fuel subsidy and the reform of the foreign-exchange market.
“The evidence increasingly shows that the foundation is strengthening. Nigeria’s gross external reserves have risen to about $52.7bn by August 2026.
“Consolidated non-oil revenue increased from approximately N13.63tn in 2023 to N16.4tn in the first two quarters of 2026, demonstrating the growing contribution of non-oil sources to government revenue.
“Our trade position has also improved dramatically: from a merchandise trade surplus of only about N44.8bn for the whole of 2023 to approximately N7.54tn in the first quarter of 2026 alone.
“Real GDP grew by 4.43 per cent in Q2 2026, while inflation has fallen significantly from its earlier peak to about 15.4 per cent.
“These figures do not mean that our economic challenges have disappeared, but they demonstrate that the direction of travel has changed.
“And let me emphasise: macroeconomic stability is not the destination; it is the foundation. The ultimate test is when stability translates into cheaper food, more jobs, affordable credit, reliable electricity and greater purchasing power for Nigerians,” Yilwatda said on Tinubu’s behalf.
On the $1tn target, Tinubu described the ambition as a broader national objective focused on increasing production, exports and investment while creating more jobs.
“It is not merely a number, but a national mission: a Nigeria that produces more, exports more, attracts more investment, creates more jobs and gives its young people a greater stake in the future.”
Infrastructure at Centre of $1tn Ambition
Tinubu said achieving the target would require significant investment in infrastructure, with the Renewed Hope Agenda prioritising roads, railways, ports, energy and digital connectivity.
He said Nigeria should maximise its maritime potential by developing an integrated five-port maritime and logistics corridor.
“Nigeria must now take full advantage of its enormous maritime opportunity by developing an integrated five-port maritime and logistics corridor.
“Our strategic ambition should be to develop and connect five major deep-sea ports at Lagos, Ondo, Ibom, Port Harcourt and Calabar, linking them by modern rail and road infrastructure, with the Lagos-Calabar Coastal Super Highway serving as the principal coastal road spine. But the vision does not stop at the coastline.
“The Western Corridor will connect the maritime gateways to the interior through the Lagos–Abuja–Kaduna–Kano rail corridor, complemented by the Sokoto–Badagry Super Highway, thereby opening a direct trade route from the Atlantic coast to the markets of the Northwest and the Sahel.
“The Eastern Corridor will similarly connect the eastern maritime gateways through the Port Harcourt–Abuja–Kaduna–Kano rail corridor, complemented by the proposed Calabar–Maiduguri Trans-Sahara Super Highway, creating a second major east-to-north trade route.
“In this way, Nigeria can create an integrated national transport system in which our five deep-sea ports are connected, connected to our major cities and production centres, and connected ultimately to the landlocked markets of Niger, Chad, Burkina Faso, Sudan and the Central African Republic.”
The President said the strategy could transform Nigeria into a major maritime and logistics hub for West and Central Africa.
“This is how Nigeria can move beyond being simply a coastal trading nation to becoming the maritime gateway and logistics hub of West and Central Africa, capturing a much larger share of the continent’s trade, logistics, manufacturing and distribution value chain.
“That is more than transportation infrastructure, but a trade architecture. It would generate opportunities in logistics, warehousing, freight forwarding, customs, banking, insurance, manufacturing, distribution and agro-processing. It would create jobs, generate foreign exchange and strengthen Nigeria’s position as a regional commercial hub.”
Tinubu also called for industrial parks, export-processing zones, logistics hubs, agro-processing clusters and manufacturing centres to be developed along major transport corridors.
He said connecting rail infrastructure to agricultural and mineral-producing regions would encourage processing and manufacturing, allowing infrastructure investment to become a driver of economic growth.
He further said Nigeria’s maritime strategy should extend beyond individual ports to include shipping, logistics, ship repair, marine services, finance, fisheries, offshore energy, tourism and marine technology.
“Every container through a Nigerian port is an economic opportunity. Every Nigerian agricultural product exported is an opportunity. Every factory established along a transport corridor is an opportunity. Every international company that chooses Nigeria as its African distribution base is an opportunity. That is how we grow GDP, create jobs, earn foreign exchange and build the foundation of a $1tn economy,” he said.
Tinubu also identified Nigeria’s gas resources and the Ajaokuta-Kaduna-Kano gas pipeline as important to connecting gas supplies with major population and industrial centres in northern Nigeria.
“It is about electricity, fertiliser, manufacturing, transportation, energising homes and industrialisation,” he said.
Government Highlights Youth Investment
The President also highlighted government programmes aimed at expanding opportunities for young Nigerians.
“We are investing in the future of our young people because they are the greatest asset of the Nigerian economy.
“Through NELFUND, we are expanding access to higher education so that financial circumstances do not prevent young Nigerians from acquiring the knowledge they need to succeed.
“We are also supporting young people in technical and vocational education through grants and skills-development opportunities, while programmes to train young Nigerians in digital technologies are equipping a new generation with the skills required for the global digital economy.
“At the same time, through initiatives such as CREDICORP, we are expanding access to responsible credit so that workers, entrepreneurs and businesses can acquire productive assets, grow their enterprises and create jobs.
“This is not simply social investment; it is an investment in the productive capacity of Nigeria and in the young Nigerians who will ultimately build and drive our $1 trillion economy.”
APC Defends Fuel Subsidy Removal
Earlier, Chairman of the APC Professionals Forum’s Board of Trustees, Dr Isa Yuguda, said the 2027 election should be judged on government achievements, policies and realistic solutions.
Yuguda described fuel subsidy removal as a difficult but necessary decision, citing his experience as chairman of the 2009 Fuel Subsidy Task Force, where he said he witnessed widespread fraud and financial leakages.
He said the reform had reportedly saved more than N15tn, creating additional resources for sectors including education, security, agriculture and infrastructure.
Yuguda warned that returning to the subsidy system could undermine those gains.
“As we approach the 2027 election, Nigerians must carefully evaluate political promises, particularly those relating to the return of fuel subsidy.
“The proposal by former Vice President Alhaji Atiku Abubakar to restore subsidy may appear attractive to citizens seeking immediate relief, but it must be examined against our national experience.
“The old subsidy regime was associated with massive leakages, fraudulent claims, inefficiency, and a significant drain on public finances.
“Presenting a return to that system without clearly addressing these problems risks misleading Nigerians for short-term political gain and could reverse the fiscal space now supporting critical national investments,” he added.
Atiku Challenges Tinubu Over Cost of Living
Atiku, however, rejected the government’s defence of its economic policies and accused the administration of allowing Nigerians to face years of hardship while promising relief as the 2027 election approaches.
Through his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said the debate should not be reduced to a personal disagreement between him and Tinubu but should focus on the difficulties faced by ordinary Nigerians.
In a statement titled, “Tinubu, the issue is not Atiku — it is why Nigerians can no longer afford to live,” Shaibu said Atiku would continue to advocate policies aimed at reducing the cost of living.
He said, “Atiku has more important people to engage directly: the mother struggling to feed her children; the civil servant whose salary disappears into transportation; the farmer paying more to move produce to market; the student being pushed into debt simply to remain in school; and millions of Nigerians whose daily reality bears no resemblance to the prosperity advertised in your tweets.”
The statement followed Tinubu’s criticism of Atiku’s proposals to lower energy costs and his rejection of a return to fuel subsidies.
Shaibu questioned why the government was only now promising measures to reduce transportation costs, increase food production and assist vulnerable Nigerians.
“Why did Nigerians have to suffer for more than three years before your government discovered that economic growth must reach ‘the dining table and the pocket’?
“Why is intervention backwards when Atiku proposes it, but progressive when you announce it?” he asked.
Atiku’s camp argued that reducing energy costs would have broader economic benefits by lowering transportation and production expenses and, in turn, reducing the prices of food and other essential goods.
The statement said the Atiku Economic Recovery Plan would provide targeted support for Nigerian crude supplied for domestic refining under a capped and transparently budgeted framework.
It said the proposal would include tracking crude supplies, monitoring refined products and using a consumer pass-through mechanism to ensure the benefits reach consumers.
“The economics is straightforward. Reduce fuel costs, and you reduce pressure on transportation. Reduce transportation costs, and you reduce the cost of moving tomatoes, rice, yam, livestock and manufactured goods,” he said.
He added that the aim was to deliver “structural relief” rather than allow living costs to rise before introducing temporary palliatives.
Atiku Criticises Student Loan Policy
The former vice president also criticised the government’s student loan programme, arguing that education costs had increased while student loans were being presented as a solution.
Atiku
