Former Vice-President Atiku Abubakar has asked President Bola Tinubu to adopt the similar reforms of his Argentina counterpart, Javier Milei.
In a statement on Sunday, Abubakar, presidential candidate of the Peoples Democratic Party (PDP) in 2023, said Milei, like Tinubu, inherited a bad economy.
The former vice-president, however, said the Argentine president has been able to set his country on the right economic path.
“President Javier Milei of Argentina was sworn into office on 10 December 2023. He inherited a worse condition than Nigeria’s,” Abubakar said.
“But what he did to return his country to a place where investors are ‘starting to believe’ should serve as a lesson to Nigeria’s Bola Tinubu. Nigeria is where we are today simply because of what Tinubu has done or did not do.
“His shifting the blame on the opposition and, even ridiculously, his predecessor is needless and myopic. Market forces don’t play politics. They respond to your actions and inactions.
“President Milei’s major campaign promise was to reposition the Argentine economy after years of slow growth, high debt levels, triple-digit inflation (160% when he took over the Presidency in December 2023) and 40% poverty rate.
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“His first task was to begin implementing measures to achieve greater macroeconomic stability and promote higher global competitiveness.
“He came into the office with a comprehensive stabilization plan, which seeks to implement far-reaching measures within the context of a market-oriented economy.
“He started off cutting government expenditure by cutting the size of government and wastages; blocked stealing of government funds, and attracted Foreign Direct Investment (FDI) through concessions, tax holidays, and improved ease of doing business.
“President Milei flies regular business class for all his travels and does not offer the presidential fleet of Argentina for his son’s birthday.
“Likewise, there is no settlement for his hangers-on and political allies through unwieldy and burdensome appointments to public offices.”
The former vice-president said Argentina’s Milei did not build the largest government like Tinubu did at a time when “our economy was and still on its knees”.
“The examples set by President Milei are the requirement of leadership in a time when the economy has begun to fail the expectations of the people,” he said.
“The reforms so far implemented by the Tinubu administration are ad hoc and hurriedly put together without proper review. Ours is unlike Argentina’s Milei, who is sequencing his reforms.
“President Milei anticipates the after-reform shocks and admits that things will be tough for the people. But he is fully prepared for the aftershocks and has in place mitigating pills. He walks the talk. He makes sacrifices himself by giving up perks of office.
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“It is not business-as-usual for the presidency while the people are called upon to make sacrifices. Argentina runs a lean government by reducing the number of ministries, privatizing nearly 40 state-owned enterprises, and reducing wasteful spending.”
Abubakar said for Tinubu to put the country on the right path, he needs to improve spending efficiency and block leakages as well as save money.
“Unless, and until there are clear-cut policies and pathway to economic rejuvenation predicated on a leadership led sacrifice, there will be discontentment, especially among the youths, which may find expression in protests and for which it will be silly to continue to blame the opposition for,” he said.