First Anniversary: Atiku Declares Nigeria Is Not Working

First Anniversary: Atiku Declares Nigeria Is Not Working

As President Bola Tinubu marks his first anniversary in office, former Vice President Atiku Abubakar has criticized the All Progressives Congress-led government, stating that Nigeria is not functioning effectively and describing Tinubu’s economic policies as a “cocktail of trial-and-error………..CONTINUE READING

In a statement made available to PUNCH Online titled “Nigeria is not working: One year of Tinubu is a cocktail of trial-and-error economic policies,” Atiku remarked that President Tinubu had initially raised hopes with his pledge on May 29, 2023, to remodel the economy for growth, development, job creation, food security, and ending extreme poverty.

Atiku noted, “Tinubu spoke about growing the economy at double-digit rates to US$1 trillion in six years, ending misery, and bringing immediate relief to Nigeria’s cost-of-living crisis. Nigerians must have felt relief after experiencing ex-President Buhari’s eight years of economic misadventure.”

He criticized Tinubu for laying out no clear plans for the promised economic remodeling but instead implementing a series of uncoordinated policies. “In May 2023, he eliminated PMS subsidies, and a month later, the CBN unified the multiple official FX windows into a single official market,” Atiku said.

The former presidential aspirant from the Peoples Democratic Party urged Tinubu to introduce policies that would improve the lives of Nigerians. “More policies followed: tightening monetary policy to reduce Naira liquidity, hiking monetary policy rates, introducing cost-reflective electricity tariffs, and implementing a cybersecurity tax.”

Atiku expressed his concern for the well-being of Nigerians and emphasized his commitment to a better country. He identified four major risks associated with Tinubu’s reform measures and their adverse effects on Nigeria’s growth and development.

“First, President Tinubu’s policies do not create prosperity but instead impoverish the poor and bankrupt the rich, sparing no one. Nigerians are enduring the worst cost-of-living crisis since the structural adjustment programme of the 1980s,” Atiku stated.

“Second, Tinubu’s policies create a hostile environment for businesses, both large and small. The private sector is overwhelmed by dismal policies and the failure to address their fallout. The manufacturing sector, essential for higher incomes, jobs, and economic growth, is burdened by rising input prices, higher energy and borrowing costs, and exchange rate complexities.”

“Third, Tinubu’s foreign exchange policies have not positively impacted Nigeria’s foreign trade balance as expected. The devaluation of the Naira has not improved the competitiveness of local producers or boosted exports.”

“Fourth, despite all the posturing and media hype, Tinubu’s policies have failed to attract foreign investments. Exchange rate unification and the free float of the Naira have not resulted in higher capital inflows, whether Foreign Direct Investment or Foreign Portfolio Investments.”

Atiku concluded by emphasizing his dedication to advocating for the well-being of Nigerians and urging the government to reconsider its economic policies for the benefit of the country

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