The Presidency has dismissed claims by former Vice President Atiku Abubakar that the Federal Government recorded a N7.98 trillion oil windfall, describing the assertion as misleading and lacking factual basis.
In a statement responding to Atiku’s comments, presidential aides said the figures being circulated do not accurately reflect the complexities of Nigeria’s oil revenue framework. They explained that crude oil earnings are subject to multiple deductions, including production costs, subsidies, joint venture obligations, and remittances to various tiers of government, which significantly reduce net inflows.
According to the Presidency, presenting gross figures as “windfall” without accounting for these obligations creates a distorted picture of the nation’s financial position. Officials stressed that oil revenue management is governed by established fiscal rules and transparency mechanisms, including oversight by relevant agencies and statutory bodies.
The statement further noted that fluctuations in global oil prices, exchange rates, and production levels also impact actual earnings, making it inaccurate to suggest that the government has access to excess funds of the magnitude claimed. It added that ongoing reforms in the oil and gas sector are focused on improving efficiency, boosting production, and ensuring accountability in revenue generation.
While reaffirming its commitment to prudent economic management, the Presidency urged public figures to exercise caution and rely on verified data when making statements on sensitive national issues. It emphasised that misinformation could undermine public confidence and distract from ongoing efforts to stabilise the economy.
The response comes amid broader debates over government revenue, fiscal transparency, and the management of Nigeria’s natural resources. Analysts have called for continued public engagement and clear communication from authorities to address concerns and promote informed discourse.
As discussions continue, the Presidency maintained that its economic policies remain geared towards sustainable growth, fiscal discipline, and improved welfare for Nigerians.