Atiku On First Anniversary Of Tinubu’s Administration: “Poor Pauperized, Rich Bankrupt

By Ayodele Oni

Presidential Candidate of the People’s Democratic Party ((PDP) in the 2024 election, Atiku Abubakar in his assessment of first anniversary of  Bola Tinubu’s Presidency has observed that the administration is implementing policies without proper planning and a clear destination.

Describing the practice as ‘nothing other than trial-and-error economics,’ Atiku pointed out that “President Tinubu’s policies do not create prosperity.

“Instead, they pauperize the poor and bankrupt the rich. They spare no one. Nigerian citizens, the majority of whom are poor, are going through the worst cost-of-living crisis since the infamous structural adjustment programme of the 1980s.

“The annual inflation rate at 33.69% is the highest in nearly three decades. Food prices are unbearably higher than what ordinary citizens can afford as food inflation soared to 40.53% in April, the highest in more than 15 years.

“Tinubu had the ‘courage’ to remove subsidy on PMS and impose additional taxes on his people, but lacks the compassion to raise the minimum wage or implement a social investment programme that would reduce the levels of vulnerability, and deprivation of workers and their families.

“President Tinubu’s policies create a hostile environment for businesses, big or small. The private sector is overwhelmed by Tinubu’s dismal policies and overburdened by his failure to address the policy fallouts.

“The manufacturing sector, which holds the key to higher incomes, jobs, and economic growth, has been bogged down by rising input prices, higher energy and borrowing costs, and exchange rate complexities.”

He decried the rate at which multinational companies are leaving Nigeria due to unfriendly business environment.

“Since May 2023, corporate Nigeria has lost more than a dozen enterprises to other countries. Unilever, GlaxoSmithKline (GSK), Procter & Gamble (P&G), Sanofi-Aventi Nigeria, Bolt Food, Equinor, among others had exited Nigeria citing reasons including foreign exchange complexities, security concerns, and high operational costs.

“According to the Nigeria Employers’ Consultative Association (NECA), nearly 20,000 jobs may have been lost due to the departure of 15 multinational companies from Nigeria.

“Tinubu and his team are not exactly sure of where the reform process is and what the next steps are. Has Nigeria reinstated fuel subsidy?

“Is the Naira on a free or managed float? These trial-and-error policies raise questions about the readiness of the administration and their capacity to restore the economy to a path of sustainable growth.

“Time is running out for the government, and Tinubu must act fast to save the economy.”

On way out, Atiku advised the administration to design a framework with clearly stated reform objectives.

“It is important that the government understands what reforms must be undertaken and in what sequence. A framework is needed with clearly stated reform objectives and strategies.

“Government should undertake a comprehensive review of the 2024 budget within the new reform framework. The 2024 FGN Budget, the exact size of which remains a mystery, is not designed to address the structural defects of the Nigerian economy or the cost-of-living crisis.

“It will neither create prosperity nor promote opportunities for our young people to lead a productive life.”