In a scathing review of President Bola Tinubu’s first year in office, former vice-president Atiku Abubakar has expressed deep disappointment with the state of the nation’s economy. Despite high hopes upon Tinubu assuming the presidency last May, Atiku contends that Nigeria’s economic situation has significantly worsened. In a statement assessing Tinubu’s first year in office, Abubakar highlighted the lack of progress and worsening economic conditions in the country. Despite Tinubu’s promises of remodelling the economy and bringing about prosperity, Abubakar believes that the president’s policies have only exacerbated Nigeria’s economic woes.

The Current Economic Situation

According to Atiku Abubakar, Nigeria’s economy is more fragile today than it was a year ago. The country has slipped to the 4th position in Africa, behind Algeria, Egypt, and South Africa, reflecting a decline in economic performance. Abubakar points out that joblessness, poverty, and general hardship have increased under Tinubu’s administration, leading to a lack of hope and disappointment among the citizens.

Critique of Tinubu’s Policies

Atiku Abubakar criticizes President Tinubu’s approach to economic reforms, labeling it as “trial-and-error economics.” He argues that Tinubu’s policies have failed to create prosperity and have instead led to increased hardship for the poor and challenges for businesses. The former vice-president highlights rising input prices, high energy and borrowing costs, and exchange rate fluctuations as some of the negative outcomes of Tinubu’s economic decisions.

Recommendations for Improvement

In light of the current economic challenges facing Nigeria, Atiku Abubakar offers some recommendations for President Tinubu to consider. These include pausing and reflecting on the reform process, reviewing the budget and social investment programmes, halting the introduction of new taxes, providing clarity on fuel subsidy reform, and addressing security concerns. Abubakar emphasizes the need for comprehensive reforms to steer the economy back on track.

Recommendations for President Tinubu

The six recommendations offered by Atiku for President Tinubu to address the economic challenges are highlighted below:

1. Pause and reflect on current policies
2. Undertake a comprehensive review of the 2024 budget
3. Review the social investment programmes to help vulnerable households
4. Avoid introducing new taxes or raising tax rates
5. Provide clarity on the fuel subsidy regime
6. Tackle security issues head-on

Conclusion

Atiku Abubakar’s critique of President Tinubu’s economic policies highlights the need for urgent action to address the worsening economic conditions in Nigeria. As a reform advocate, Abubakar calls for decisive measures to stimulate growth and improve the livelihoods of the people. It remains to be seen whether President Tinubu will heed these recommendations and take the necessary steps to steer the economy towards sustainable recovery and development.

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