Atiku Abubakar, the 2023 presidential candidate for the Peoples Democratic Party, has lambasted President Bola Tinubu’s policies, claiming they have impoverished the poor and bankrupted the rich. As Tinubu marks his first year in office with his “Renewed Hope” agenda, Atiku urged him to take decisive action to improve Nigeria’s economic trajectory.
In a statement released on Tuesday, Atiku delivered a scathing review of Tinubu’s first year, accusing the All Progressives Congress-led government of failing to provide a coherent economic plan. Instead, Atiku argued, the administration has implemented a series of disjointed policies that have worsened the country’s economic woes.
Atiku, who has been a persistent critic of the administration, outlined six crucial steps for Tinubu to make his presidency successful. He called for a comprehensive review of the 2024 budget within the framework of new reforms, a reassessment of the Social Investment Programme to protect vulnerable households, and a halt on new taxes or tax increases. Additionally, he demanded transparency regarding the fuel subsidy regime and an urgent focus on tackling security challenges.
“Predictably, 12 months later, Tinubu’s promises of economic growth and alleviating misery remain unfulfilled,” Atiku stated. “His actions or inactions have significantly worsened Nigeria’s macroeconomic stability.”
Atiku criticised the removal of PMS subsidies and the Central Bank’s new foreign exchange policy, which unified multiple official FX windows. He pointed out that these measures, along with other rapid policy changes, have led to economic instability.
“Nigeria remains a struggling economy and is more fragile today than it was a year ago. All the economic ills – joblessness, poverty, and misery – which defined the Buhari administration have only worsened,” Atiku lamented. “Africa’s leading economy has slipped to fourth position, behind Algeria, Egypt, and South Africa.”
He continued, “First, President Tinubu’s policies do not create prosperity. Instead, they pauperise the poor and bankrupt the rich. Nigerian citizens, the majority of whom are poor, are enduring the worst cost-of-living crisis since the 1980s.”
Atiku noted that the annual inflation rate has surged to 33.69%, the highest in nearly three decades, with food inflation at 40.53%. He highlighted the soaring costs of essential items and transport, which have placed an unbearable burden on ordinary citizens.
“Tinubu had the ‘courage’ to remove the PMS subsidy and impose additional taxes but lacks the compassion to raise the minimum wage or implement effective social investment programmes,” he said.
Atiku also criticised the hostile environment created for businesses under Tinubu’s policies. He cited the departure of major companies like Unilever and GlaxoSmithKline, which have left due to high operational costs and foreign exchange complexities.
“The manufacturing sector, which is crucial for economic growth, has been bogged down by rising input prices, higher energy and borrowing costs, and exchange rate complexities,” Atiku explained. “Since May 2023, corporate Nigeria has lost more than a dozen enterprises to other countries.”
He argued that Tinubu’s foreign exchange policies have failed to improve Nigeria’s trade balance or attract foreign investment. Atiku asserted that the overestimation of policy effectiveness and lack of readiness for their consequences have been evident.
To address these issues, Atiku recommended a comprehensive review of the 2024 budget, prioritising measures to ease the rising commodity prices that have pushed millions into poverty. He also urged a detailed reassessment of the Social Investment Programme to support micro and small enterprises and protect vulnerable households.
Finally, Atiku warned against increasing VAT or other taxes, suggesting instead that the government focus on expenditure rationalisation, improving revenue utilisation, and reducing the cost of governance. He emphasised the urgent need to address the pervasive insecurity that hampers agricultural production, particularly in the northern regions.
“Insecurity resulting from terrorism, banditry, kidnapping, and cattle rustling has drastically reduced food production and caused prices to skyrocket,” Atiku said. “Food scarcity in Nigeria is so dire that between June and August this year, about 31.5 million Nigerians may face severe food shortages and scarcity.”
Atiku concluded with a call for immediate and clear-headed policy reforms to steer Nigeria towards economic stability and growth.
