Growing hardship: Atiku accuses Tinubu of misguided economic policies

Former Vice President Atiku Abubakar has strongly criticized the All Progressives Congress (APC)-led government of President Bola Tinubu, attributing the severe economic challenges facing Nigeria to what he described as the hasty and incoherent policy direction of the current administration.

Atiku’s remarks came in response to the Presidency’s dismissal of his suggestions for tackling the country’s economic woes, which he made earlier this week.

Atiku, who ran for president in the 2023 election, stated that Tinubu’s quick assumption of office without a clear policy framework was the root cause of the country’s economic turmoil.

He particularly took issue with the fuel subsidy removal and the fiscal and monetary policies implemented by the current administration, arguing that these policies had exacerbated Nigeria’s already dire economic situation.

In a detailed statement, Atiku argued that the Federal Government could not simply tax its way out of the crisis.

He criticized the administration for relying on what he deemed as a haphazard approach to governance, and instead laid out his own comprehensive economic recovery plan, which he insisted would have put Nigeria on a more stable path.

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The response from the Presidency came through Bayo Onanuga, the Special Adviser to the President on Information and Strategy, who dismissed Atiku’s proposals as lacking in substance.

Onanuga accused Atiku of offering no viable alternative and argued that his economic policies would have led Nigeria into even worse circumstances than it currently faces.

He further claimed that Atiku’s vision would have been marked by cronyism, which would have worsened the country’s economic troubles.

In his response, Atiku took aim at the Presidency’s dismissive stance, saying that Nigeria’s current predicament was directly linked to President Tinubu’s lack of a coherent economic strategy.

He pointed out the irony of the First Lady’s recent national prayer for the country’s economic recovery, noting that while prayer is important, the scriptures emphasize diligent labor and hard work, not just appeals for divine intervention.

Atiku also mocked the Tinubu administration’s fixation on taxes as a means to solve the country’s problems, saying that such an approach was fundamentally misguided.

He highlighted that many nations, such as the United Arab Emirates, Qatar, and Monaco, had achieved economic success through low taxes and pro-business policies, suggesting that Nigeria’s fixation on higher taxes would only worsen the suffering of its citizens.

The former vice president went on to compare the economic performance of Nigeria under his stewardship between 1999 and 2003 to the current situation.

Atiku pointed out that during the Obasanjo administration, Nigeria’s GDP growth consistently outpaced the current administration’s dismal economic record.

Under Obasanjo, Nigeria experienced an average GDP growth of 6.59%, peaking at 15% in 2002, while under Tinubu’s leadership, Nigeria’s GDP growth had dropped to a mere 2.8%.

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He also reiterated his position on the 2023 election, which he believes was “stolen from the Nigerian people.” Atiku argued that the economic distress currently affecting the country was a direct result of the illegitimate election outcome.

He urged the government to take urgent action to address the growing unrest before it led to something far worse.

Several other prominent figures have echoed Atiku’s concerns.

Yusuf Shehu, a former Katsina State lawmaker, agreed that Nigerians were suffering under the economic policies of the Tinubu government, especially the sudden removal of the fuel subsidy without a cushioning mechanism for the masses.

Shehu criticized the hastiness of the subsidy removal, stating that no visionary leader would make such a significant policy announcement without first assessing the country’s economic books.

He also questioned why, despite the fuel subsidy removal, the Port Harcourt Refinery was still not operational. He pointed to several failed promises about the refinery’s reopening under the current administration, highlighting the government’s inability to deliver on key infrastructure projects.

The rising dissatisfaction among Nigerians is underscored by calls for immediate government action.

Dr. Pogu Bitrus, the President of the Middle Belt Forum, expressed support for Atiku’s assessment, saying that the subsidy removal and the floating of the naira were anti-people policies that had worsened the economic crisis.

He emphasized that the government should have first fixed the country’s refineries and stopped fuel imports before implementing such drastic measures.