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Ex-President, Goodluck Jonathan accused of depleting reserves and Excess Crude Account
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Onanuga says Jonathan’s “abysmal record” will haunt him in 2027 race
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Tinubu praised for reforms as GDP, reserves rebound
The Presidency has accused former President Goodluck Jonathan of running Nigeria’s economy into the ground during his five-year administration and warned him to be cautious of those urging him to contest the 2027 presidential election.
In a statement signed by Mr Bayo Onanuga, Special Adviser to the President on Information and Strategy, the Presidency alleged that Nigeria’s current economic woes originated under Jonathan’s watch. It also dismissed claims by former Minister of Information, Prof Jerry Gana, that Jonathan could defeat President Bola Tinubu in 2027, describing them as “delusional.”
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The statement insisted that Jonathan’s government lacked any clear economic agenda, accusing it of “frivolous spending” and leaving the country in dire straits.
“In 2010, Jonathan inherited $66 billion — $46 billion in foreign reserves and $20 billion in the Excess Crude Account. By 2015, reserves had fallen below $30 billion, and the Excess Crude Account was depleted to $2 billion, despite record oil revenues,” Onanuga said.
According to him, by December 2014, the Federal Government was unable to pay salaries while 28 states owed workers arrears.
Contrasting Jonathan’s record with current reforms, the Presidency pointed to Tinubu’s policies as evidence of recovery.
“In just over two years, President Tinubu has removed the ruinous fuel subsidy, unified the exchange rate, and stabilised the economy. GDP grew by 4.23% in Q2 2025, inflation dropped to 20.12% in August 2025 — the lowest in three years — and foreign reserves now stand at $42.03 billion,” the statement noted.
It added that investor confidence had returned, the Naira had stabilised, and major infrastructure projects, including the Lagos-Calabar Coastal Highway, were underway.
While acknowledging Jonathan’s constitutional right to contest, the Presidency insisted that his record would not be forgotten by Nigerians.
“The PDP broke the economy; President Tinubu is fixing it. Jonathan and others are welcome to the 2027 race, but Nigerians will not allow them to return and run it down again,” Onanuga warned.
