Tinubu’s Policies Pauperize The Poor And Bankrupt The Rich – Atiku

Atiku Abubakar, a former vice president, claims that the Bola Tinubu’s administration is not running Nigeria.

In a statement, Atiku evaluated President Tinubu’s one-year term in office and said that the president had fallen short of his promise to restructure the country’s economy to promote growth and development by addressing extreme poverty, joblessness, and food security.

“Predictably, 12 months on, Tinubu’s pledge of growing the economy and ending misery remains unfulfilled. His actions or inactions have significantly worsened Nigeria’s macroeconomic stability. Nigeria remains a struggling economy and is more fragile today than it was a year ago. Indeed, all the economic ills – joblessness, poverty, and misery – which defined the Buhari-led administration have only been exacerbated.”

Atiku claimed Tinubu had destroyed Nigerians’ dreams, citing the fact that Africa’s largest economy had slid to fourth place, trailing Algeria, Egypt, and South Africa.

“Citizens’ hopes have been dashed (and not renewed contrary to the propaganda of the administration) as Nigeria’s economic woes have multiplied,” he said.

He blamed the administration for “unleashing reforms without sequencing; without any ideas on how to implement them; and without any regard to their potential and real devastating consequences. Implementing policies without proper planning and a clear destination is nothing other than trial-and-error economics.”

The former vice president claimed that Tinubu’s policies do not bring prosperity, citing four areas to highlight the risks associated with them.

“Instead, they pauperize the poor and bankrupt the rich. They spare no one. Nigerian citizens, the majority of whom are poor, are going through the worst cost-of-living crisis since the infamous structural adjustment programme of the 1980s.” He noted the annual inflation rate of 33.69% and food inflation of 40.53% in April.”

“Citing other negative economic indices, Atiku accused the president of having the ‘courage’ to remove subsidy on PMS “and impose additional taxes on his people but lacks the compassion to raise the minimum wage or implement a social investment programme that would reduce the levels of vulnerability, and deprivation of workers and their families.”

He said that over 20,000 jobs had been lost as a result of international companies leaving the country as an outcome of Tinubu’s policies, which have created a hostile atmosphere for businesses.

In addition to other negative effects, the former presidential candidate noted that President Tinubu’s foreign currency policies had no positive effect on Nigeria’s foreign trade balance.

He continued by saying that despite all of the President’s men’s mediatizing and posturing, Tinubu’s initiatives have not succeeded in luring foreign investors into the nation.

Continuing, Atiku stated, “Finally, despite deploying various monetary policy tools, inflationary pressure persists, and so does exchange rate volatility. No thanks to Tinubu’s misguided policy, the Naira’s value plummeted against the dollar and has since become the worst-performing currency in the world.

“It is clear from the foregoing that President Tinubu has an exaggerated understanding of the efficacy of his policies and was not ready for the potential fallouts. Tinubu and his team are not exactly sure of where the reform process is and what the next steps are. Has Nigeria reinstated fuel subsidy?

“Is the Naira on a free or managed float? These trial-and-error policies raise questions about the readiness of the administration and its capacity to restore the economy to a path of sustainable growth. Time is running out for the government, and Tinubu must act fast to save the economy.”

A Gentle Reminder: Every obstacle is a stepping stone, every morning; a chance to go again, and those little steps take you closer to your dream.

Nnamdi Okoli