The economic adviser to President Bola Ahmed Tinubu, Mr Tanimu Yakubu has defended the Tinubu administration’s fiscal policies, arguing that critics of government borrowing and deficit spending lack a proper understanding of macroeconomics and Nigeria’s structural realities.

In a lengthy response to growing criticism over Nigeria’s rising debt profile, Yakubu dismissed claims that deficit financing is inherently reckless, insisting that modern economies rely on state intervention during periods of instability and weak private-sector growth.

According to him, “government spending stimulates economic activity by creating income for businesses, contractors and households, while also supporting infrastructure, security and social investments. He argued that many critics who condemn borrowing often benefit indirectly from the liquidity and economic activity generated by public expenditure.”

Yakubu maintained that Nigeria’s current fiscal challenges predate President Bola Tinubu’s administration, citing decades of fuel subsidy distortions, weak revenue generation, exchange-rate imbalances and overdependence on oil revenue.

He said focusing solely on the country’s debt figures without considering broader economic context is misleading. Citing official figures, Yakubu noted that Nigeria’s debt-to-GDP ratio stood at 36.9 percent as of December 2025, which he described as modest compared to countries such as the United States, Japan and the United Kingdom.

“The real challenge is weak revenue mobilisation and how borrowed funds are deployed,” he stated, adding that economic expansion, productivity growth and structural reforms remain more effective solutions than austerity measures.

Yakubu also defended the hardship associated with ongoing reforms, describing it as a temporary but necessary consequence of correcting longstanding distortions in the economy. He compared Nigeria’s situation to reform periods experienced by countries such as China, India and South Korea.

On allegations of fiscal misconduct against government officials, Yakubu warned against treating ongoing investigations as proof of guilt, stressing the importance of due process and institutional integrity in a democratic system.