The Presidency yesterday fired a salvo at former Vice President Atiku Abubakar for his latest criticism on President Bola Ahmed Tinubu’s economic policies.
In a statement by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, the Presidency describes Atiku as an hypocrite who has resolved to attacking government’s economic strategies without providing any alternatives.
Onanuga was reacting to Atiku’s tweet, in which he criticized the Tinubu administration’s handling of the economy.
In the tweet posted on his verified X handle, @atiku, the ex-VP described the administration’s Renewed Hope Agenda as “dashing hopes, creating pains and causing despair.”
But Onanuga lashed out at the former vice president, saying he has been offering pedestrian and uninformed interventions on national economy
The statement reads: “The Tinubu administration has so far taken the steps it has taken to revive an economy that had been thoroughly beaten down by several decades of abuse and mismanagement, introducing economic strategies focused on bringing mid and long term solutions.
“President Tinubu himself had from the onset told Nigerians that the policies will bring initial tough times, which will in the long run bring about desired prosperity and ease.
“Alhaji Atiku Abubakar has certainly found a new hobby to keep himself busy, having failed to achieve his lifelong ambition of becoming the President of the Federal Republic of Nigeria. He is increasingly carving for himself the role of opposition-in-chief to President Bola Ahmed Tinubu and his government.
“However, we notice that the former Vice-President, just like in his political contests, is also doing a poor job of it, offering pedestrian and uninformed interventions on our economy and other matters of public concerns.
“Atiku’s latest diatribe was another uncharitable commentary on the state of the economy and the efforts of the President Bola Tinubu administration in remoulding it for sustained prosperity.
“Nigerians can easily see through the hypocrisy of Alhaji Atiku, who in accusing President Tinubu of poor response to the nation’s challenges and causing pains and despair, didn’t offer any better policy options in his run for the Presidency different from the economic reform agenda being pursued by President Tinubu.
“All the major candidates agreed that the fuel subsidy regime, which had become an albatross on the economy, must end. They all agreed that the multiple exchange rates must be fixed. Where President Tinubu and Atiku differed was in selling NNPC Limited and other national assets. Atiku went for this so he could sell these important national assets to his friends and cronies.
“President Tinubu removed the subsidy from Day One and announced moves to harmonise the exchange rates. Since then, he and his economic team have been working vigorously to harmonise the rates and also end the rampant and criminal arbitrage that the multiple windows allowed.
“President Tinubu acknowledged, on different occasions, that the reforms his government is implementing will cause immediate pains, but will usher in an era of prosperity in the medium and long terms.”
According to the statement, unlike the former Vice President, reputable individuals and organisations, within and from far parts of the world, who had taken accurate studies of the Tinubu administration’s economic policies have rated them as realistic and sustainable.
“Minus Atiku, reputable local and international agencies who understand the situation the Tinubu administration found itself have commended the administration, having seen a policy trajectory that is clearly positive, realistic and sustainable.
“Atiku’s claims that the private sector is shrinking and that multinational companies are leaving our country in ‘droves’ are not grounded on facts.
“His claim that the government’s policies have created intense cost of living pressures are also not grounded on facts as recent comparative cost of living indices show that Nigerians still enjoy the lowest cost of living in Africa.
“Instead of mouthing platitudes every time in a bid to earn cheap political mileage, Alhaji Atiku who presumes himself as the leader of opposition should tell Nigerians what he would have done better if he had been elected President.
The Presidency also pointed out that the economy inherited by the Tinubu administration was one that had been ill for decades and desperately in need of sincere intervention and restructuring.
“Atiku should be honest enough to admit that President Tinubu inherited a weak economy, which to all intents and purposes and to ensure the survival of our country needs a complete overhaul.
“The economy was plagued by decades of significant fiscal deficits, a low revenue base, high external and domestic debts, and huge debt service burden.”
“The national budget Tinubu met in 2023 showed that 97 percent of revenue was to be spent on debt servicing, with little reserved for capital, thereby foreclosing growth and jobs.
“Confronted with this grim economic reality, President Tinubu faced a difficult choice of balancing the political and economic costs of reforms against the risks of economic recession. His government chose the former, to keep the economy afloat and set it back on the path of growth and prosperity”, the statement said.
It went on to point out the Tinubu administration so far taken steps to reposition the economy, steps that have been hailed globally as right for reviving and ailing economy.
“President Tinubu is focused on solving our economic and security challenges. The fiscal and monetary policies his administration is pursuing are delivering unprecedented value to investors on the Nigerian Stock Exchange. Nigerian Stock Exchange is outperforming others in the world and is now the best, not based on bubble, but record profits by many listed companies.
Read Also: Magu: Appeal Court orders bank to pay N540m damages
“The administration has also embarked on comprehensive fiscal and tax policy reform that will drive speedy recovery and spur economic growth.
“Nigerians and the global investment communities trust the ability and competence of President Tinubu to deliver progress and shared prosperity.
“While President Tinubu and his able team are working very hard to make our country better, ensure our economy is stronger and more competitive, Atiku Abubakar and his cohorts may continue to belly ache.
“However, they cannot stop the serious work of nation-building already set in motion by President Tinubu.”
Atiku faults Tinubu’s economic policies
AFTER his appraisal of the President Bola Ahmed Tinubu handling of the economy, former Vice President Atiku Abubakar yesterday rated the administration below average.
According to him, the performance of the economy has become an intense discourse among Nigerian, describing the challenges as worrisome.
He spoke in statement posted yesterday on his verified X handle, @atiku.
It reads: “Nigerians are gravely concerned, and rightly so, that Tinubu’s poor response to Nigeria’s economic challenges is setting the stage for a prolonged and deeper domestic economic crisis.”
The one-time vice president condemned the economic policies and ineffective pills, alleging that the environment was fast becoming inclement for businesses to thrive.
He said: “The private sector is shrinking by the day as small businesses are emasculated and as Multi-National Companies, confused and weary of the economy, leave Nigeria in droves. The intense cost of living pressures has created more misery for the poor in towns and villages.”
The former vice president also hinted on the soaring prices of basic commodities, faulting the fundamentals in the federal government Appropriation Act for this year.
He noted: “Budget 2024 will not facilitate growth and cannot empower our citizens to earn a living and live a decent life.”
Atiku said the government has not done enough to deal with the adverse and disastrous impact of the new subsidy regime on the people and businesses and the new foreign exchange policy, which provides for a free-floating exchange rate.
The former vice president asked the economic team to quit to save the situation.