As President Bola Tinubu marks his first year in office, former Vice President Atiku Abubakar has launched a scathing critique of the All Progressives Congress (APC)-led government, declaring that Nigeria is not functioning properly under Tinubu’s leadership.
Atiku described Tinubu’s economic policies as a “cocktail of trial-and-error” in a statement provided to PUNCH Online titled “Nigeria is not working: One year of Tinubu is a cocktail of trial-and-error economic policies.”
Atiku highlighted that on May 29, 2023, Tinubu had raised Nigerians’ hopes with promises to remodel the economy for growth, job creation, food security, and the eradication of extreme poverty.
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He recalled Tinubu’s pledge to grow the economy at double-digit rates to reach a GDP of $1 trillion within six years, and to alleviate the cost-of-living crisis.
However, Atiku noted that these promises have not been met with concrete plans, leading to a series of inconsistent policies.
“Tinubu laid out no plans for the ‘remodelling’ of the economy but soon embarked on a cocktail of policies to achieve it.
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In May 2023, he eliminated PMS subsidies, and a month later, the CBN implemented a new foreign exchange policy that unified the multiple official FX windows into a single official market,” Atiku stated.
The former presidential aspirant from the Peoples Democratic Party (PDP) urged Tinubu to implement policies that genuinely improve the lives of Nigerians.
He criticized several of Tinubu’s policies, including the tightening of monetary policy, hiking interest rates, introducing cost-reflective electricity tariffs, and a cybersecurity tax.
Atiku voiced concerns about the long-term risks and negative consequences of these reforms on Nigeria’s growth and development. He listed four key issues with Tinubu’s policies:
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Economic Pauperization: Atiku argued that Tinubu’s policies do not create prosperity but instead impoverish the poor and bankrupt the rich, exacerbating the cost-of-living crisis that has gripped Nigeria since the 1980s’ structural adjustment programme.
Hostile Business Environment: He claimed that Tinubu’s policies create an unfriendly environment for businesses, overwhelming the private sector with rising input prices, higher energy and borrowing costs, and exchange rate complexities, particularly affecting the manufacturing sector.
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Failed Foreign Exchange Policy: Atiku noted that Tinubu’s foreign exchange policies have not improved Nigeria’s trade balance. The free float and devaluation of the Naira have not enhanced the competitiveness of local producers or positively impacted exports.
Lack of Foreign Investment: Atiku emphasized that despite Tinubu’s efforts, his policies have failed to attract foreign investments. The unification of the exchange rate and the free float of the Naira have not led to higher capital inflows, contrary to policy expectations.
Atiku concluded by reaffirming his commitment to advocating for the well-being of Nigerians and working towards a better country, expressing his dedication to continued efforts for national improvement.