Former Vice President, Atiku Abubakar has critically analyzed the government of Bola Tinubu during his one year in office and concluded that his administration was fully based on trial and error.
Atiku made this outburst in a statement titled, “Nigeria is not working: One year of Tinubu is a cocktail of trial-and-error economic policies”.
According to him, Tinubu’s laid out no plans for the remodelling of the economy but soon embarked on a cocktail of policies to achieve it.
Atiku recalled that despite the promises made by Tinubu to remodel Nigerians economy to bring about growth and development through job creation, food security and an end of extreme poverty, things had gone from bad to worse in the country.
The statement partly reads, “Tinubu has also spoken about growing the economy at double-digit rates to US$1 trillion in six years, ending misery, and bringing immediate relief to Nigeria’s cost-of-living crisis”.
“On listening to this, Nigerians must have breathed a sigh of relief after their experience with ex-President Buhari’s 8 years of economic misadventure”.
The statement continued, “In May 2023, he eliminated PMS subsidies, and a month later, the CBN implemented a new foreign exchange policy that unified the multiple official FX windows into a single official market.
“More policies followed in rapid succession: the tightening of monetary policy to reduce Naira liquidity, a hike in monetary policy rates, the introduction of cost-reflective electricity tariff, and a cybersecurity tax”.
Atiku lamented, “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 exacerbated.”
He stressed that Nigeria, Africa’s leading economy has slipped to the 4th position, lagging behind Algeria, Egypt, and South Africa within 12 months of Tinubu’s administration.
“Citizens’ hopes have been dashed (and not renewed contrary to the propaganda of the administration) as Nigeria’s economic woes have multiplied”, he added.
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