Economic policies: Atiku accuses Tinubu of worsening economy, increasing pain of poor Nigerians
…Presidency dismisses Atiku’s criticisms as unfounded, hypocritical
…FG challenges former VP to provide constructive alternatives
Former Vice President Atiku Abubakar has openly criticised President Bola Ahmed Tinubu’s handling of Nigeria’s economy.
Atiku in his comments accused the current administration of fostering economic policies that worsen the country’s financial woes, leading to a contraction of the private sector and the exodus of multinational companies.
He expressed concern over what he perceives as the government’s failure to address Nigeria’s economic challenges effectively, suggesting that President Tinubu’s strategies are causing widespread “pain and despair.”
In his comments, Atiku Abubakar said, “The economy’s performance has, in recent weeks and months, been a subject of intense discourse among Nigerian citizens at home and abroad. Nigerians are gravely concerned, and rightly so, that Tinubu’s poor response to Nigeria’s economic challenges is setting the stage for a prolonged and deeper domestic economic crisis.
“His economic policies, drawn from a so-called renewed hope agenda, are ironically dashing hopes, creating pain and causing despair. The private sector is shrinking by the day as small businesses are emasculated and as Multi-National Companies, confused and weary of the economy, leave Nigeria in droves. The intense cost of living pressures has created more misery for the poor in towns and villages. There is HUNGER IN THE LAND as basic commodities, including BREAD, are becoming out of reach for average Nigerians.
“His 2024 budget is a business-as-usual exercise, bereft of concrete ideas and actions that would support Nigeria’s journey toward economic transformation—consisting mainly of wasteful expenditures to cater to a bloated Federal Government. Budget 2024 will not facilitate growth and cannot empower our citizens to earn a living and live a decent life.
“BAT has shown no capacity to deal with the adverse and disastrous impact of the new subsidy regime on the people and businesses and the new foreign exchange policy, which provides for a free-floating exchange rate. His initiatives are literally uninformed, arbitrary, and chaotic. BAT’s palliatives are too mean, pitiable, and contemptuous of the poor. He seems genuinely lost, bewildered, and overwhelmed.
“To mask their failures, BAT and his political appointees are busy blaming his predecessor in office for bequeathing a ‘dead’ economy. This is a familiar game popularised by former President Buhari while in office. It reinforces what we already know: that BAT came into office unprepared.
“Tinubu and his economic management team must swallow their pride, admit their missteps and failures, and follow those who know the terrain. They must act fast before the economy sinks deeper into the abyss. The question is, will they? -AA.”
…FG challenges former VP to provide constructive alternatives
The Federal Government has countered former Vice President Atiku Abubakar’s recent criticisms regarding the state of the nation’s economy.
In a pointed response, the government challenged Atiku to offer constructive alternatives rather than seeking political gains through his critiques.
Atiku’s remarks, which highlighted the nation’s economic difficulties and the government’s alleged inadequate response, were met with a rebuttal signed by Bayo Onanuga, the President’s Special Adviser on Information & Strategy.
The presidency, however, dismissed Atiku’s criticisms as unfounded and hypocritical. Onanuga argued that Atiku, who has faced defeat in political contests, is offering “pedestrian and uninformed interventions” rather than constructive policy alternatives.
He contended that Atiku’s economic reform proposals during his presidential campaign bore no significant divergence from President Tinubu’s agenda.
“His claim that the government’s policies have created intense cost of living pressures are also not grounded on facts as recent comparative cost of living indices show that Nigerians still enjoy the lowest cost of living in Africa.
“Instead of mouthing platitudes every time in a bid to earn cheap political mileage, Alhaji Atiku who presumes himself as the leader of opposition should tell Nigerians what he would have done better if he had been elected President.
“Atiku should be honest enough to admit that President Tinubu inherited a weak economy, which to all intents and purposes and to ensure the survival of our country needs a complete overhaul.
“The economy was plagued by decades of significant fiscal deficits, a low revenue base, high external and domestic debts, and huge debt service burden.
“The national budget Tinubu met in 2023 showed that 97 percent of revenue was to be spent on debt servicing, with little reserved for capital, thereby foreclosing growth and jobs.
“Confronted with this grim economic reality, President Tinubu faced a difficult choice of balancing the political and economic costs of reforms against the risks of economic recession. His government chose the former, to keep the economy afloat and set it back on the path of growth and prosperity,” the statement reads.
