Former Vice President Atiku Abubakar criticized the current Nigerian administration’s approach to economic policy in a recent and fiery statement. It is labeling the past year under President Bola Tinubu as a period of “trial-and-error” that has failed to fulfill the hopes of Nigerians. 

On the anniversary of President Tinubu’s tenure, Atiku reflects on the promises made and the stark realities faced by the nation.

Promises vs. Reality

According to Atikue, on May 29, 2023, President Tinubu raised the hopes of many Nigerians with ambitious pledges to reshape the economy—promising growth, job creation, food security, and an end to extreme poverty. The envisioned economic expansion was to propel Nigeria towards a staggering $1 trillion GDP within six years. 

However, a year into his administration, these promises still need to be met. Instead, the country grapples with increased joblessness, soaring poverty rates, and an overall economic downturn, marking a stark contrast to the prosperity that was promised.

Bola Tinubu’s unfulfilled economic pledges

Since assuming office, President Tinubu has introduced several economic policies which, according to Atiku, have only worsened the country’s economic instability. Among these were the elimination of PMS subsidies and a controversial new foreign exchange policy, alongside hikes in monetary policy rates and the introduction of a cybersecurity tax. 

Despite these measures, Tinubu’s administration has struggled to produce tangible results, with the nation’s macroeconomic stability significantly deteriorating over the past year.

Atiku articulates his concerns about the Tinubu administration’s lack of strategic planning in implementing economic reforms. He argues that the absence of a clear, sequenced plan has led to dire consequences for both the economy and the citizens. Atiku notes, “Implementing policies without proper planning and a clear destination is nothing other than trial-and-error economics.”

He emphasizes that the current policies not only fail to generate prosperity but have also exacerbated the cost-of-living crisis for ordinary Nigerians. With inflation at a nearly three-decade high and basic food items becoming unaffordable for many, the economic strategies seem to have backfired, pushing more citizens into poverty rather than lifting them out of it.

The former Vice President also highlights the adverse effects of these policies on the Nigerian business environment. The manufacturing sector, crucial for economic growth and job creation, faces numerous challenges such as rising costs and complex regulatory policies, which have stifled its potential. Moreover, the departure of multinational companies like Unilever and Procter & Gamble signals a broader issue of diminishing investor confidence in Nigeria’s economic governance.

Atiku’s Call for Change

In his critique, Atiku does not only focus on the shortcomings of the current administration but also suggests a series of measures that could potentially rectify the course of Nigeria’s economic policies. 

These include;

Pause and Reflect: The government should take a moment to understand the necessary reforms and their proper sequence. A clear framework with stated reform objectives and strategies is crucial.

Review the 2024 Budget: A comprehensive review of the 2024 federal budget is needed to ensure it addresses the structural issues in the Nigerian economy and the ongoing cost-of-living crisis. The budget should focus on creating opportunities and reducing poverty.

Revamp the Social Investment Programme (SIP): The Social Investment Programme should be reviewed to better mitigate the impacts of current policies on vulnerable households. It should extend beyond cash transfers to include more support for micro and small enterprises across all sectors, fostering inclusive growth.

Avoid Further Tax Increases: Tinubu should be cautious about introducing new taxes or increasing existing ones. Atiku emphasizes that the government should focus on expenditure rationalization and improving revenue utilization rather than burdening citizens with additional taxes.

Clarify the Fuel Subsidy Regime: There needs to be clear communication and management regarding the fuel subsidy policy, including the fiscal implications and the actual benefits of any reforms. This clarity will help address the operational challenges and public uncertainty surrounding fuel prices and availability.

Address Security Concerns: Tinubu is urged to overhaul the national security architecture to better meet the needs of Nigerians. Enhancing security is essential for stabilizing the agricultural sector and the overall economy, particularly in regions affected by conflict and instability.