Former Vice President Atiku Abubakar said yesterday Nigerians have had enough of President Bola Tinubu’s trial-and-error economic policies.
But All Progressives Congress, APC, described Atiku’s policy prescriptions as a mere rehash of the same old disastrous initiatives that brought Nigeria to its knees.
According to him, the policies have plunged the nation into its present predicament.
He also advised the President and his team to admit failures and be humble enough to realize that they could not tax Nigerians out of the current economic quagmire.
Atiku, who said this in a statement in Abuja yesterday, was responding to a statement credited to the Presidency which claimed that an Atiku Presidency could have plunged Nigeria into a deeper economic crisis than was currently being experienced.
The Turakin Adamawa said: “I have taken note of the initial responses highlighting the striking disparity between President Tinubu’s faltering economic policies and the alternatives I have proposed.
“It is exciting to witness such a vigorous debate on these critical matters, and I sincerely hope this discourse will ultimately benefit Nigeria and its citizens.
“Like many fellow Nigerians, I firmly believe that we find ourselves in this current economic turmoil due to Tinubu administration’s hasty ascent to power, devoid of a coherent plan.
“In stark contrast, my team not only devised a comprehensive recovery plan, but also welcomed significant input from Nigerians, ensuring that our approach was inclusive and well-considered.
“Isn’t it fascinating how the so-called ‘tested’ Tinubu administration’s only policy response seems to be a national prayer, led by the First Lady and the NSA, just mere 24 hours after I proposed my alternative solutions? What a bold strategy.
“In my humble interpretation of the scriptures, prayer, indeed, serves as a noble path to follow. However, the sacred texts also counsel us to engage in diligent labour and hard work.
“It is, therefore, uncharitable for Tinubu’s team to claim that my proposals remain untested.
What remains unproven is the erratic, trial-and-error nature of the policies so far implemented by this administration, which elucidates our present predicament.
“Let us not forget that under our economic stewardship between 1999 and 2003, Nigeria soared to the pinnacle of Africa’s economies, while their administration has relegated us to a disheartening fourth position.
“The average GDP rate under the Obasanjo administration that I served in was 6.59% and peaked at 15% in 2002; 7.98% under the late Yar’Adua’s administration and 4.8% under Jonathan, compared to the dismal 2.8% of the so-called ‘tested’ Tinubu era. Enough of the pains of the shambolic ‘bolekaja’ economic policy prescriptions!
“We cannot hope to tax our way out of the economic quagmire wrought by these misguided experimental policies of a novice administration. Numerous nations, such as the United Arab Emirates, Qatar, and Monaco (an EU territory with a zero-income tax policy), among many others, have emerged as economic powerhouses by fostering growth through lower taxation. Why then are we fixated on inflicting further hardship upon an already struggling populace?
“One can only speculate that Tinubu’s government is anchored to a mere Tea-plan, which can only lead to a T-pain.
“Furthermore, let me emphasize that the citizens who cast their votes in the 2023 presidential election are well aware that I did not lose; rather, we find ourselves in this predicament because the election was criminally stolen from Nigerian people.”
APC tackles Atiku
Meanwhile, the All Progres-sives Congress, APC, described Atiku’s policy prescriptions as a mere rehash of the same old disastrous initiatives that brought Nigeria to its knees, saying the Peoples Democratic Party, PDP, 2023 presidential candidate had nothing novel to offer.
APC in a statement by its Media Directorate yesterday, said since Atiku’s electoral loss in 2023, he had been restless.
The statement read: “Atiku’s policy offering starkly failed to acknowledge complex contradictions, past mistakes and the extreme urgency of the moment.
“His gradualist approach to subsidy removal and foreign exchange reforms have been tested before and failed to produce any significant outcomes. Specifically, his preferred managed-floating system unfairly favors opportunists and cronies who exploit and fleece the system for personal gain to the extreme detriment of the Nigerian people.
“Atiku’s gradualist model did not address Nigeria’s problems of old, did not fundamentally alter the structure of our economy, and cannot address our current, more complex, challenges. In a rational manner, the Central Bank of Nigeria, CBN has continued to intervene in the foreign exchange market, to provide some liquidity and reduce pressure on our local currency.
“Atiku’s proposed Economic Stimulus Fund and Infrastructure Development Unit is opaque, lacking clarity and concrete implementation plans. He touts his five-point agenda that aims to restore unity, rebuild the economy, tackle insecurity, and provide qualitative education but bare on detail of how these may be achieved.
“It is now clear for all to see that Atiku’s stale policy prescription has got nothing on the robust economic policy framework now under implementation by President Tinubu’s administration.
“But Atiku has continued to gaslight Nigerians, inciting outrage and enabling street protests against the administration’s reform policy plan that is designed to rebuild the country’s economy that he helped to destroy as a two term Vice President under PDP’s wasteful years.
“Atiku is well aware that price increases are an inevitable consequence of implementing a unified exchange regime and removing petrol subsidy. There’s no magic bulwark against that. Atiku did not prescribe any.
“President Tinubu remains committed to implementing bold, forward-looking and effective policies that address Nigeria’s complex challenges at their roots.
President Tinubu’s reform agenda, tough as it may be, is required to build a strong, resilient, vibrant, prosperous and sustainable economy for present and future generations of Nigerians.
“These reforms are crucial for stabilizing the economy, attracting investment, improving the business environment that supports growth and job creation, lifting millions out of poverty, and ensuring inclusive development. These reforms are expected to free up over N1 trillion annually for investment in critical sectors such as infrastructure, healthcare, education, and social investment programs.
“Atiku’s relentless and indiscriminate condemnation of the administration’s policies for selfish partisan political mileage is hypocrisy taken too far. Nigerians expect and deserve more statesmanship from a former Vice President of the Federal Republic.’’