Former vice president of Nigeria, Atiku Abubakar, has slammed President Bola Tinubu-led administration, particularly its “renewed hope” economic plans, adding that it has dashed the hope of the citizens.
Atiku, who was the runner-up in the 2023 presidential election, noted that the economic policies of Tinubu are shrinking small businesses and causing multinational companies to exit the country in droves.
The former vice president made these accusations on Sunday, writing on his X (formerly Twitter) account, emphasizing that Tinubu needs to explore other alternatives to address the economic challenges in the country “before the economy sinks deeper into the abyss.”
- “The economy’s performance has, in recent weeks and months, been a subject of intense discourse among Nigerian citizens at home and abroad.
- “Nigerians are gravely concerned, and rightly so, that Tinubu’s poor response to Nigeria’s economic challenges is setting the stage for a prolonged and deeper domestic economic crisis.
- “His economic policies, drawn from a so-called renewed hope agenda, are ironically dashing hopes, creating pain and causing despair. The private sector is shrinking by the day as small businesses are emasculated and as Multi-National Companies, confused and weary of the economy, leave Nigeria in droves.
- “The intense cost of living pressures has created more misery for the poor in towns and villages. There is hunger in the land as basic commodities, including bread, are becoming out of reach for average Nigerians,” he said.
2024 Budget lacks Concrete Ideas and Actions
Speaking further, Atiku berated the administration’s 2024 budget proposal, describing it as lacking “concrete ideas and actions.”
He added that the President has demonstrated lack of capacity to deal with mounting challenges in the foreign exchange market.
According to Atiku, the free-floating of the naira was implemented without proper management, adding that the initiative is “uninformed, arbitrary, and chaotic.”
- “BAT (Bola Ahmed Tinubu) has shown no capacity to deal with the adverse and disastrous impact of the new subsidy regime on the people and businesses and the new foreign exchange policy, which provides for a free-floating exchange rate. His initiatives are literally uninformed, arbitrary, and chaotic. BAT’s palliatives are too mean, pitiable, and contemptuous of the poor. He seems genuinely lost, bewildered, and overwhelmed,” he added.
What you should know
- President Bola Tinubu removed the subsidy on fuel as well as floated the Naira against the Dollar in the foreign exchange market as part of his reforms to revamp the economy.
- Meanwhile, the reforms have resulted in mounting inflationary pressure and escalating high cost of living in the country, with an inflation rate of 28.92% as of December 2023.
- In addition, the Naira has depreciated by over 100% since the implementation of the floating policy, adding to the pressure of economic woes in the country.
- While the government claimed they are working to address these economic challenges, the opposition leaders believe the current administration has no clue on how to fix them.
