Former Vice President and 2023 Presidential Candidate of the Peoples Democratic Party, Atiku Abubakar, has voiced strong concerns over President Bola Ahmed Tinubu’s handling of Nigeria’s economic challenges, stating that it is paving the way for a prolonged and intensified domestic economic crisis.
In a recent statement, Atiku highlighted the growing unease among Nigerians, both at home and abroad, regarding the country’s economic performance. He asserted that President Tinubu’s inadequate response to these challenges is exacerbating the situation, with potential severe consequences.
Abubakar criticized Tinubu’s economic policies, which were presented under a so-called “renewed hope agenda,” as ironically detrimental, causing pain and despair rather than fostering optimism. He pointed out that the private sector is shrinking, small businesses are struggling, and multinational companies are leaving the country due to economic uncertainties.
The former vice president expressed deep concern about the escalating cost of living, noting that basic commodities, including bread, are becoming increasingly unaffordable for the average Nigerian. He emphasized that the prevailing economic conditions are contributing to widespread hunger in the country.
Abubakar dismissed President Tinubu’s 2024 budget as a mere continuation of business-as-usual, lacking concrete ideas and actions to support Nigeria’s economic transformation. He criticized the budget for its focus on wasteful expenditures catering to a bloated federal government, asserting that it will not facilitate growth or empower citizens to lead decent lives.
In particular, Abubakar highlighted Tinubu’s apparent lack of capacity to address the adverse effects of the new subsidy regime and the free-floating exchange rate policy. He characterized the initiatives as uninformed, arbitrary, and chaotic, emphasizing their detrimental impact on both people and businesses.
In a sharp rebuke, Abubakar accused Tinubu and his political appointees of attempting to shift blame for the economic challenges by pointing fingers at the previous administration. He likened this tactic to a familiar game popularized by former President Buhari, emphasizing that it reflects Tinubu’s unpreparedness for the challenges of office.
Concluding his statement, Atiku Abubakar urged President Tinubu and his economic management team to set aside pride, admit to missteps and failures, and seek guidance from those with a better understanding of the economic terrain. He cautioned that swift action is imperative to prevent the economy from descending further into crisis.
