Leadership: Tinubu’s promise to reset Nigerian economy unfulfilled a year after ─Atiku

*Former Vice-President Atiku Abubakar faults President Bola Ahmed Tinubu’s administration, arguing the Nigerian economy has slipped to the 4th position lagging behind Algeria, Egypt, and South Africa, and citizens’ hopes have been dashed, as the country’s ‘economic woes have multiplied’

Isola Moses | ConsumerConnect

Ex-Vice-President Atiku Abubakar, again, has taken a swipe at President Bola Ahmed Tinubu’s administration, arguing that the Nigerian economy has slipped to the 4th position lagging behind Algeria, Egypt, and South Africa, and citizens’ hopes have been dashed, just as the country’s ‘economic woes have multiplied’ in his last one year in office.

Atiku, in his recent statement titled, “Nigeria Is Not Working: One Year Of Tinubu Is A Cocktail Of Trial-And-Error Economic Policies”, on his assessment of the current administration since May 29, 2023, faulted President Tinubu for failing to fulfill his promise to grow the country’s economy as well as end the misery of Nigerian consumers.

Since he mounted the saddle as the Nigerian leader May 29 last year, President Tinubu had introduced sweeping reforms, including termination of the controversial fuel subsidy regime and unification of the Foreign Exchange (Forex) rate among others, aimed at revitalising the economy and increasing the investment profile of the country.

Atiku also recalled President Tinubu raised the hopes of Nigerians with his pledge to “remodel our economy to bring about growth and development through job creation, food security and an end of extreme poverty.”

He noted: “Tinubu laid out no plans for the ‘remodeling’ of the economy but soon embarked on a cocktail of policies to achieve it.

“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.

The ex-Vice President also stated: “Since then, 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.”

Many others have equally argued that such tough but lofty economic measures the Tinubu administration has introduced have induced untold hardships and increasing cost of living for millions of Nigerian consumers.

Former Vice-President Atiku also said, after a year in office, the country’s economy had deteriorated under President Tinubu’s watch.

He stated: “Predictably, 12 months on, Tinubu’s pledge of growing the economy and ending misery remains unfulfilled,” Atiku said while appraising Tinubu’s performance in office.

“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.”

Atiku also contended that “Africa’s leading economy has slipped to the 4th position lagging behind Algeria, Egypt, and South Africa.

“Citizens’ hopes have been dashed (and not renewed contrary to the propaganda of the administration) as Nigeria’s economic woes have multiplied.”

According to the former Vice-President, Tinubu has “embarked on a cocktail of policies” with no concrete plans to achieve the remodelling of the economy he promised.

Atiku said despite high hopes when the President assumed the reins of leadership  May 2023, “Nigeria is worse off.”

He further stated: “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.”