May 29: Atiku scored low on Tinubu across all sectors

Former Vice President Atiku Abubakar has rated President Bola Tinubu low in all sectors of the country, noting that his commitment to economic growth and ending poverty remains unfulfilled

Atiku, in a statement issued on Tuesday seeking access to Tinubu after a year in office, described the last 12 months as a mixture of clues and errors.

“Tinubu presented no plans to “rebuild” the economy, but soon adopted a series of policies to achieve this.

“In May 2023, it eliminated PMS (premium spirits) subsidies and a month later, the CBN (Central Bank of Nigeria) implemented a new foreign exchange policy that unified multiple official currency windows into one official market.

“In quick succession, further actions were taken: tightening of monetary policy to reduce the liquidity of the naira, increase in interest rates as part of the monetary policy, introduction of cost-reflective electricity tariff and cybersecurity tax,” Atiku noted.

The former presidential candidate of the Peoples Democratic Party (PDP) has stated that Tinubu’s actions or inactions have worsened Nigeria’s macroeconomic stability.

According to him, Nigeria’s economy continues to struggle and is now more volatile than it was a year ago.

“Indeed, all the economic problems – unemployment, poverty and misery – that defined the Buhari-led administration have only worsened.

“Africa’s leading economy has dropped to 4th position, lagging behind Algeria, Egypt and South Africa. Citizens’ hopes were dashed (and not renewed despite the administration’s propaganda) as Nigeria’s economic problems intensified,” Atiku lamented.

Recalling that he had done so earlier this year, he raised concerns about the policy being implemented without proper planning and highlighted four areas that he believed Tinubu’s reforms had dire consequences for Nigeria’s medium and long-term growth and development.

Atiku said President Tinubu’s policies do not create prosperity but rather “pauperize the poor and bankrupt the rich.

“They spare no one. “Nigeria’s citizens, most of whom are poor, are facing the worst cost of living crisis since the infamous structural adjustment program of the 1980s.”

The former vice president noted that the annual inflation rate of 33.69 percent is the highest in almost three decades and added that food prices, which he said have risen to 40.53 percent, are unbearably higher than what ordinary citizens can afford.

Despite high inflation, the PDP candidate said Nigerian workers are among the lowest earners in the world.

“Tinubu had the ‘courage’ to withdraw PMS subsidies and impose additional taxes on his people, but he lacks the compassion to increase the minimum wage or implement a social investment program that would reduce the level of vulnerability and poverty of workers and their families,” Atiku noted.

He said President Tinubu’s policies were creating a hostile environment for businesses, large and small, adding that the private sector was being unduly burdened by his failure to address the impacts of the policies.

“The manufacturing sector, which is key to higher incomes, jobs and economic growth, is trapped by rising input prices, higher energy and borrowing costs and exchange rate complexities.

“Since May 2023, corporate Nigeria has lost over a dozen businesses to other countries.

“Unilever, GlaxoSmithKline (GSK), Procter & Gamble (P&G), Sanofi-Aventi Nigeria, Bolt Food, Equinor and others have exited Nigeria citing reasons such as foreign exchange complexity, security concerns and high operational costs.

“According to the Nigerian Employers Consultative Association (NECA), almost 20,000 jobs could have been lost as a result of the departure of 15 multinational companies from Nigeria.

“In an economy with high unemployment rates, a declining manufacturing sector cannot be an option,” Atiku added.

He stated that President Tinubu’s foreign exchange policy has not had any positive impact on Nigeria’s foreign trade balance, contrary to political expectations.

According to him, free trade and the consequent devaluation of the naira have not resulted in any noticeable improvement in Nigeria’s trade balance.

He noted that devaluation did not increase the competitiveness of local producers and did not have a positive impact on exports of goods, both primary and industrial.

Atiku also stated that President Tinubu’s policies have failed to attract foreign investment into the country despite the media hype surrounding the president’s men.

He blamed the unification of exchange rates and the free movement of the naira, which he noted had not led to greater capital inflows contrary to policy expectations.

“Indeed, FDI inflows declined by 26.8 percent, from $5.33 billion in May 2023 to $3.9 billion in May 2024,” he said.

He advised the president to review the 2024 budget under the new reform framework.

Atiku said the 2024 federal budget would not deliver prosperity or empower young people to lead productive lives.

He also called for a comprehensive review of the Social Investment Program (SIP) to alleviate some of the impact of the policy on the most vulnerable households.

“Tinubu must be cautioned against any attempt to further pauperize the poor by introducing new taxes or increasing tax rates,” Atiku warned.

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