By Suleiman Anyalewechi
The Presidential candidate of the African Democratic Congress ADC, Atiku Abubakar, has challenged the All Progressive Congress, APC-led Federal Government to account for the humongous accruals from the removal of petroleum products subsidy
He insisted that the major problems of the country are rooted, not in borrowing, but in an extravagant spending and poor fiscal management .
The former Vice President expressed regret that the Tinubu’s administration has been more interested in manipulating macroeconomic indices , rather than genuinely addressing the excruciating economic situation facing the overwhelming majority of the populace.
In an apparent response to the Government’s stout defence of its economic policies ,and their favourable measurable impacts at the weekend , Atiku in a statement issued by Phrank Shuaibu , his spokesperson on Monday, maintained that the economic policies of the Tinubu’s administration have left the citizenry more pauperised and forlorn.
According to him, while Government globally borrow to fund both short and long term development projects with potential to impact growth ,the Federal Government under Tinubu has been recklessly borrowing to fund unbridled and inordinate lavish lifestyle of its officials and cronies.
Atiku maintained that series of loans so far secured have not translated into improved infrastructure ,jobs creation , improved public services and better living conditions for the people.
He expressed serious concern that despite the large amount coming in as a result of the removal of petroleum products subsidy ,and the unrestrained borrowing culture of the Government, Nigerians have continued to face unreliable electricity supply , worsening insecurity , spiraling unemployment , declining purchasing power and a severe cost-of-living crisis.
The ADC Presidential hopeful questioned the rationale behind Government persistent borrowing , despite its acclaimed higher revenue collection from petroleum products subsidy removal, improved tax receipts and increased debt-servicing capacity.
“No serious economist argues that borrowing is inherently wrong. Nations borrow. The real question is this: what has Nigeria obtained in return for the unprecedented debts accumulated under this administration.
“If revenue has improved so dramatically; if subsidy has been removed ; if tax collection has increased ; and if debt servicing has supposedly become more manageable , why does this administration continue to borrow at record levels?, Atiku queried.
The former Vice President faulted the Government’s dependence on the growth in gross domestic product GDP for the measurement of economic progress, insisting such figures are not reflective of the harsh economic realities on the ground.
He maintained that the effectiveness and or otherwise of an economic reform programme is determined more by the practical living conditions of the citizens, including their purchasing power than text book statistical data.
“Governments are not elected to improve spreadsheets . They are elected to improve the lives of the people . Nigerians ” cannot eat GDP ,and or pay school fees with macroeconomic statistics”, Atiku noted
He particularly challenged the Government to account for the financial benefits of the petroleum products subsidy removal since 2023 , going by its inability to fulfill its earlier promises of investing same in infrastructural projects, healthcare delivery system, education and social security.
According to him, the true verdict on the score card of the administration will not be written by Government spokespersons, but rather by the what he described as ” silent factories ,the abandoned production lines ,the shuttered warehouses, the unemployed workers and the empty pockets of millions of Nigerians.”
Atiku also cautioned the Government against the policy of over taxing the people for the purpose of increasing revenue , noting that it has the dangerous potential of driving many already struggling businesses under.
The Source further reports that the presidency had in an unusually lengthy statement at the weekend accused the former Vice president of only viewing the Tinubu’s administration from the prism of economic hardships of 2024 , occasioned by the early impacts of the removal of petroleum products subsidy.
In the statement entitled: “Facts ,Not Fear: A point-by-Point Response to Atiku Abubakar on Nigeria’s Reform Journey” Presidential spokesperson, Bayo Onanuga, dismissed the ADC presidential candidate’s criticisms of the economic policies of President Tinubu’s administration as being based on ” outdated data and ” frozen snapshots of history.
He emphasized that Atiku’s persistent pillorying of the Tinubu’s reform agenda are driven more by the exigences of politics than factual appraisal of the real situation on the ground.
Onanuga maintained that the economy which showed visible signs of convulsions amidst what he tagged ” painful adjustments” has since evolved significantly.
According to him, after the initial exchange-rate reset ,the country’s GDP nosedived to about $253 billion,but has recovered to a more considerable level of over $377 billion, representing an increase of about 49 percent.
In the same vein, he posited that the Naira component had since expanded from its 2024 level of N 314 trillion to a whooping N530 trillion, representing an increase of about 69 percent.
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