Atiku: Nigeria Not Functioning Under Tinubu’s Government After One Year

Atiku Abubakar, former presidential candidate of the Peoples Democratic Party (PDP), has remarked that Nigeria is not functioning one year into President Bola Tinubu’s tenure.

Atiku characterized Tinubu’s first year as a mixture of trial-and-error economic policies.

The former Vice President recalled Tinubu’s promise to “remodel our economy to bring about growth and development through job creation, food security, and an end to extreme poverty,” which initially raised hopes among Nigerians.

Since then, Tinubu has also articulated ambitions for growing the economy at double-digit rates to US$1 trillion in six years, promising to end misery and provide immediate relief to Nigeria’s cost-of-living crisis.

In a statement released on Wednesday, Atiku expressed that Nigerians would have initially breathed a sigh of relief upon hearing Tinubu’s assurances, especially after their experiences during ex-President Muhammadu Buhari’s eight years of economic challenges.

“Atiku noted that Tinubu laid out no specific plans for the ‘remodeling’ of the economy but soon initiated a series of policies aimed at achieving it.

“In May 2023, he removed PMS subsidies, followed by the CBN implementing a new foreign exchange policy in June, unifying multiple official FX windows into a single official market.

“This was swiftly accompanied by additional policies: tightening of monetary policy to reduce Naira liquidity, a hike in monetary policy rates, the introduction of cost-reflective electricity tariffs, and a cybersecurity tax.

“However, despite these measures, Tinubu’s promise of economic growth and an end to misery remains unfulfilled even after 12 months. His actions or inactions, according to Atiku, have worsened Nigeria’s macroeconomic stability significantly.

“The nation continues to struggle economically and is more fragile today than it was a year ago. Despite the administration’s propaganda, Nigeria’s economic challenges, including joblessness, poverty, and misery, have only intensified.

“As a result, Africa’s leading economy has slipped to the 4th position, trailing behind Algeria, Egypt, and South Africa. Atiku lamented that citizens’ hopes have been dashed, contrary to the administration’s claims, as Nigeria’s economic hardships have increased,” he said.