Former Vice President and 2023 presidential candidate of the Peoples Democratic Party, Atiku Abubakar, criticised President Bola Tinubu’s economic policies, asserting they have impoverished the poor and bankrupted the rich.
As Tinubu marks his first year in office, the former vice president in a statement, stressing the need for a strategic, well-planned reform process to steer Nigeria towards economic recovery and growth.
While offering six key recommendations for improvement, he emphasised a need for comprehensive reviews and targeted social investments.
Mr Abubakar highlighted that Tinubu’s administration, which began with the promise of economic growth and poverty alleviation, has failed to deliver tangible benefits.
He criticised the government’s lack of a coherent economic remodeling plan, instead implementing disparate policies that have led to heightened inflation and increased living costs.
According to him, the administration’s actions have exacerbated Nigeria’s economic fragility.
Among Mr Abubakar’s recommendations is a thorough review of the 2024 budget to address structural economic defects and rising commodity prices.
He stressed the importance of supporting micro, small, and medium enterprises (MSEs) to achieve inclusive growth and warned against new or increased taxes, advocating instead for expenditure rationalization and improved governance efficiency.
Abubakar also urged President Tinubu to clarify the fuel subsidy regime, its fiscal commitments, and its impact on the Federation Accounts.
He called for a comprehensive review of the Social Investment Programme (SIP) to mitigate policy impacts on vulnerable households, moving beyond conditional cash transfers to include broader support for MSEs and medium and large-scale enterprises.
Addressing the pervasive issue of insecurity, the opposition leader pointed out its detrimental effect on agricultural production, particularly in northern Nigeria.
He noted that widespread terrorism, banditry, and kidnapping have forced many farmers and pastoralists to abandon their lands, leading to severe food shortages and escalating food prices.
Mr Abubakar concluded by lamenting the decline of Nigeria’s manufacturing sector and the exodus of multinational companies due to unfavorable economic policies.
He therefore argued that President Tinubu’s foreign exchange policies have failed to enhance trade balance or attract foreign investments, resulting in further economic instability.
