Former vice president Atiku Abubakar, reflecting on the first anniversary of President Bola Tinubu's administration, declared that Nigeria is not functioning effectively. Atiku, the presidential candidate of the opposition PDP in the 2023 general election, described the year as marked by a series of trial-and-error economic policies from the Tinubu-led administration.
In a statement on the occasion of the May 29 anniversary, Atiku urged President Tinubu to pause and reflect, emphasizing the need for a clear understanding of necessary reforms and their proper sequencing. He recalled that on May 29, 2023, Tinubu had raised Nigerians' hopes with his pledge to remodel the economy to foster growth and development through job creation, food security, and the eradication of extreme poverty. Tinubu also spoke of growing the economy at double-digit rates to reach a GDP of US$1 trillion in six years, ending misery, and providing immediate relief to Nigeria’s cost-of-living crisis.
Atiku noted that Nigerians had initially felt relieved after eight years of economic challenges under ex-President Muhammadu Buhari. However, he criticized Tinubu for laying out no concrete plans for economic remodeling, instead embarking on a series of policies with unpredictable outcomes.
"In May 2023, he eliminated PMS subsidies, and a month later, the CBN implemented a new foreign exchange policy that unified multiple official FX windows into a single market. More policies followed: tightening monetary policy to reduce Naira liquidity, raising monetary policy rates, introducing cost-reflective electricity tariffs, and a cybersecurity tax," Atiku recounted.
He argued that 12 months later, Tinubu’s pledges remained unfulfilled, with Nigeria's macroeconomic stability significantly worsened. Atiku highlighted that Nigeria remains a struggling economy, now more fragile than a year ago, with worsening issues of joblessness, poverty, and misery.
Reflecting on the current economic state, Atiku recalled his earlier warnings about the risks of implementing reforms without proper sequencing and planning, which he described as trial-and-error economics. He cited four key areas illustrating the negative impacts of Tinubu’s policies: increased poverty, a hostile business environment, worsening foreign trade balance, and failure to attract foreign investments.
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Atiku proposed alternative measures, urging Tinubu to pause and reflect, undertake a comprehensive review of the 2024 budget, and prioritize fiscal measures to address rising commodity prices. He also recommended a review of the Social Investment Programme to support vulnerable households, cautioned against introducing new taxes, and called for clarity on the fuel subsidy regime. Additionally, he emphasized the need to tackle insecurity, which continues to impact agricultural production and overall economic stability.
In conclusion, Atiku expressed his belief in necessary reforms but stressed the importance of proper implementation and mitigation measures. He suggested that it is not too late for Tinubu to change course and adopt the right strategies for the good of the nation.
