Politics

First anniversary: Nigeria not working – Atiku

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As President Bola Tinubu marks his first anniversary in workplace, a former Vice President, Atiku Abubakar has criticised the All Progressives Congress-led authorities saying Nigeria just isn’t working and that “Tinubu is a cocktail of trial-and-error economic policies.”

Atiku mentioned this in a press release made obtainable to PUNCH Online and titled: “Nigeria is not working: One year of Tinubu is a cocktail of trial-and-error economic policies,” on Tuesday.

Atiku acknowledged that on May 29, 2023, President Bola Tinubu raised the hopes of Nigerians along with his pledge to “remodel our economy to bring about growth and development through job creation, food security, and an end to extreme poverty.”

“Since then, Tinubu has also spoken about growing the economy at double-digit rates to US$1 trillion in six years, ending misery, and bringing immediate relief to Nigeria’s cost-of-living crisis. On listening to this, Nigerians must have breathed a sigh of relief after their experience with ex-President Buhari’s eight years of economic misadventure.

“Tinubu laid out no plans for the ‘remodelling’ of the economy but soon embarked on a cocktail of policies to achieve it. In May 2023, he eliminated PMS subsidies, and a month later, the CBN implemented a new foreign exchange policy that unified the multiple official FX windows into a single official market.”

The former presidential aspirant below the platform of the Peoples Democratic Party, Atiku, additionally cautioned Tinubu to introduce insurance policies that can higher the lot of Nigerians.

“More policies followed in rapid succession: the tightening of monetary policy to reduce Naira liquidity, a hike in monetary policy rates, the introduction of cost-reflective electricity tariffs, and a cybersecurity tax.”

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Atiku added that he’s extra passionate concerning the well-being of the Nigerian individuals and can by no means scale back efforts in direction of a greater nation.

He additionally voiced 4 dangers related to Tinubu’s reform measures and their dire penalties on Nigeria’s medium- to long-term progress and improvement.

“First, President Tinubu’s insurance policies don’t create prosperity. Instead, they pauperize the poor and bankrupt the wealthy. They spare nobody. Nigerian residents, nearly all of whom are poor, are going by means of the worst cost-of-living disaster because the notorious structural adjustment programme of the Eighties.

“Second, President Tinubu’s insurance policies create a hostile setting for companies, massive or small. The non-public sector is overwhelmed by Tinubu’s dismal insurance policies and overburdened by his failure to handle the coverage fallouts. The manufacturing sector, which holds the important thing to larger incomes, jobs, and financial progress, has been slowed down by rising enter costs, larger power and borrowing prices, and trade fee complexities.

“Third, President Tinubu’s foreign exchange policies have not had any positive impact on Nigeria’s foreign trade balance, contrary to policy expectations. In particular, the free-float and the resulting devaluation of the Naira have not resulted in an appreciable improvement in Nigeria’s trade balance. Devaluation has not enhanced the competitiveness of local producers and has had no positive impact on exports of goods, primary or manufactured.”

The fourth advice, in response to Atiku, is that “President Tinubu’s policies have failed to attract foreign investments into the country despite all the posturing and media hype by the President’s men. Exchange rate unification and free float of the Naira have not led to higher capital inflows (whether Foreign Direct Investment or Foreign Portfolio Investments), again contrary to policy expectations.”

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