Presidency Fires Back at Atiku, Says Tinubu’s Reforms Fuelled Record Corporate Profits

The Presidency on Wednesday mounted a robust defence of President Bola Ahmed Tinubu’s economic reforms, insisting that the strong half-year financial performance posted by many companies listed on the Nigerian Exchange (NGX) is proof that the administration’s policies are yielding tangible results.

The response came after former Vice President Atiku Abubakar dismissed the Federal Government’s claims of economic progress, arguing that worsening poverty, factory closures, and declining living standards showed that the administration’s “economic prosperity exists only in press statements.”

In a statement signed by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the Presidency maintained that the surge in corporate revenues and profits across several sectors was directly linked to reforms introduced since mid-2023.

According to Onanuga, the unification of the foreign exchange market created a transparent, market-driven exchange rate that improved price discovery and enabled companies with significant foreign currency earnings to more accurately report their revenues.

He said export-oriented companies such as Aradel Holdings and Seplat Energy benefited significantly from the policy, alongside the Federal Government’s approval of major upstream oil transactions, including Renaissance Africa Energy’s acquisition of Shell Petroleum Development Company assets and Seplat Energy’s takeover of Mobil Producing Nigeria Unlimited.

The Presidency argued that the approvals boosted investor confidence, expanded production capacity, and strengthened the long-term growth prospects of indigenous oil companies.

Onanuga also cited the administration’s naira-for-crude initiative, saying it had strengthened local refining and helped transform the Dangote Refinery into a net exporter of Premium Motor Spirit (petrol) and aviation fuel.

Manufacturing firms, including Dangote Cement, BUA Cement, and HBM (formerly Lafarge Africa), were also said to have benefited from improved access to foreign exchange, enabling better production planning, more efficient procurement of imported inputs, and stronger profitability.

The statement further credited the removal of petrol subsidy, banking sector recapitalisation, tighter monetary policy, and ongoing tax reforms with improving fiscal stability, boosting investor confidence, and creating a more predictable environment for long-term investments.

According to the Presidency, the combined impact of the reforms has enhanced market efficiency, strengthened financial transparency, and improved capital allocation for export-oriented and capital-intensive businesses.

“Rather than reflecting isolated firm-level developments, these results illustrate how comprehensive structural reforms can translate into measurable improvements in corporate financial performance through stronger market fundamentals and a more predictable business environment,” Onanuga said.

The Presidency’s response followed Atiku’s criticism that despite official claims of macroeconomic progress, millions of Nigerians continued to grapple with soaring living costs, rising poverty and industrial decline, citing the closure or distress of hundreds of manufacturing firms as evidence that the reforms had yet to improve the lives of ordinary citizens.