The Presidency has rejected the Allied Peoples Movement’s (APM) reading of remarks by Minister of Budget and Economic Planning Senator Abubakar Atiku Bagudu, insisting that the opposition party wrongly concluded that the Federal Government’s economic reforms had failed.
Bayo Onanuga, the President’s Special Adviser on Information and Strategy, said in a telephone interview from Abuja on Thursday evening that Bagudu had not conceded that President Bola Tinubu’s economic programme was unsuccessful.
“They have clearly misunderstood Bagudu’s point,” Onanuga said in response to the APM statement released earlier that day.
The opposition party based its criticism on comments Bagudu delivered at Wednesday’s Federal Appointees Strategic Summit in Abuja. The minister admitted that the administration had not completely foreseen the extent of later turmoil in the world economy or the effect it would have on Nigeria.
During his assessment of the government’s economic programme, Bagudu said the petrol subsidy withdrawal and changes to the foreign exchange system were introduced amid major economic pressures.
He accepted that the reforms, together with global financial headwinds, had added to the living-cost pressures faced by Nigerians. However, he said the steps were required to correct entrenched economic imbalances and put the country on a firmer long-term path.
Bagudu further stated that the measures had greatly improved the financial position of the Federal Government, the states and local councils by increasing the funds distributed among the three levels of government.
He said the President had chosen to send the extra income to states and local governments instead of retaining it centrally, adding that the approach was intended to empower all levels of government to examine and discharge their responsibilities.
The minister said the administration was still working to convert the stronger fiscal position into increased production, employment, investment and better living conditions. He cautioned that higher public revenue by itself could not be described as economic transformation.
The APM, in contrast, treated Bagudu’s recognition of the disruption linked to the reforms as an admission that the Tinubu government had not properly assessed the consequences of its policies.
In a statement issued by its National Publicity Secretary, Abubakar Yusuf, the party said the minister’s comments supported its longstanding condemnation of the administration’s economic record.
The party called the remarks “a gross admission of incompetence”, claiming that the government had proceeded with sweeping changes without sufficient planning or protective measures.
It maintained that ending the petrol subsidy, overhauling foreign exchange arrangements and introducing other policies had made daily life harder, raised operating expenses for companies and eroded Nigerians’ spending power.
The APM also alleged that warnings about the potential fallout had been disregarded, accusing the government of failing to provide enough immediate relief for families and businesses affected by the reforms.
The party said that, having acknowledged responsibility for citizens’ hardship and admitted failure, President Tinubu should accept accountability, apologise to Nigerians and withdraw from the 2027 presidential contest.
It therefore called on voters to back its presidential candidate, Oyo State Governor Seyi Makinde, at the election scheduled for January 16, 2027, arguing that Nigeria needed a new direction in economic governance.
Onanuga rejected the basis of the APM’s position, saying the opposition had drawn an incorrect meaning from Bagudu’s presentation.
At the summit, Bagudu had paired his recognition of the reforms’ short-term strain and the effects of external economic shocks with an explanation of why the government believed the changes were necessary.
He said the policy was designed to deliver lasting economic stability and growth that reached more people. He also argued that the additional money now available to state and local authorities should be invested in productive sectors, infrastructure, education, security and other areas that can raise Nigerians’ quality of life.
