Atiku challenges Tinubu’s policies, offers hope for Nigeria’s economic future
Former Vice President and 2023 presidential candidate of the Peoples Democratic Party, Atiku Abubakar, has shared his vision for Nigeria’s future, responding to widespread questions about what he would have done differently in the face of the current economic turmoil. While underscoring that the focus should be on President Bola Tinubu’s decisions, Abubakar highlighted several alternative strategies he believes could alleviate the suffering of Nigerians.
“Inquiries about what I would have done differently are a distraction from the critical issues facing our nation,” Abubakar said, urging Nigerians to centre attention on President Tinubu’s policies rather than speculating on alternatives. However, he acknowledged the frustration among citizens, driven to seek solutions beyond Tinubu’s “trial-and-error” approach. “I hope Tinubu and his team will be humble enough to adopt ideas that could benefit Nigerians,” he remarked.
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Abubakar emphasised that his approach would have prioritised strategic planning, transparency, and a humane economic policy. “Any reforms I would undertake would follow a carefully considered and sequenced plan, as laid out in my ‘Covenant With Nigerians’ policy document,” he noted, adding that his reforms would have aimed to prevent business failures and protect Nigeria’s fragile economy from deepening crises.
Guiding Economic Principles and Reforms
Among his proposed methods, Abubakar stressed the need for synchronised fiscal and monetary policies. Unlike the simultaneous implementation of exchange rate adjustments, fuel subsidy removal, and electricity tariff hikes under Tinubu, Abubakar would have staggered these reforms to avoid “economic overkill.” He noted, “A managed, phased approach would have allowed Nigerians to adapt and reduced shockwaves through the economy.”
Further addressing his plans for fiscal reform, Abubakar asserted that his administration would cut down on government expenditure and eliminate wasteful revenue leakages, adding, “I would not live in luxury while ordinary Nigerians suffer. Transparent, tactful communication and consultations with stakeholders are crucial to building public trust in government actions.”
The Human Side of Economic Reforms
In a pointed message, Abubakar argued that reforms should wear “a human face,” with policies aimed at supporting the vulnerable rather than relying on short-term palliatives. “Instead of a ‘palliative economy,’ I would have established a robust social protection programme, offering genuine support to those in need,” he explained, indicating that his administration would have devised a system to ensure basic security for citizens navigating economic challenges.
Security and Infrastructure Initiatives
Highlighting the importance of security reform, Abubakar laid out his vision for strengthening Nigeria’s security apparatus. “Reforms to improve funding, welfare, and operational capabilities of our security institutions would have commenced from day one,” he declared. He proposed a “Special Presidential Welfare Initiative” for security personnel, while also promoting alternative conflict resolution strategies involving diplomacy, traditional institutions, and good neighbourliness.
Abubakar also emphasised the need for economic stimulus and infrastructure investment. He mentioned that an Economic Stimulus Fund (ESF) of around $10 billion would have been launched to support micro, small, and medium enterprises (MSMEs), along with a skills-to-job programme targeting Nigerian youth across educational levels. Additionally, an Infrastructure Development Unit (IDU) under the President’s oversight would have been created to fast-track and coordinate infrastructure projects. “Our private sector-driven Infrastructure Development Fund (IDF) would be valued at around $25 billion,” he stated, underscoring the transformative potential of these initiatives.
Subsidy Removal with a Gradualist Approach
While affirming his support for subsidy removal, Abubakar expressed concerns about the abrupt implementation under Tinubu. He proposed a gradual approach, akin to reforms undertaken during his vice presidency, which would have allowed Nigerians to adjust. “The majority of countries adopting subsidy reforms phase out price increases over time or move towards targeted subsidies,” he pointed out, referencing global examples like Malaysia and Indonesia.
Abubakar also highlighted his plan to combat corruption in the subsidy system. “A commitment to tackling corruption within NNPCL would have been a priority, given the organisation’s vested interests in the subsidy regime,” he said. As part of the subsidy reform, he proposed the privatisation of state-owned refineries and set a target for Nigeria to refine at least 50% of its crude oil production.
Foreign Exchange Reform: A Managed-Floating Approach
In terms of foreign exchange, Abubakar advocated for a managed-floating system as a balanced solution between fixed and floating rates. “A fixed exchange rate system was never an option for me, but a gradual approach could avoid the pitfalls of sudden devaluation,” he explained, criticising the current administration’s approach that he believes has benefited opportunists and arbitrageurs.
Reforms That Work for Nigerians
Concluding his vision, Abubakar expressed hope that his ideas might resonate with the current administration. “I remain hopeful that Tinubu and his administration will listen, reflect, and adopt some of these measures to ease the burden on Nigerians,” he stated.
As debates around Nigeria’s economic future continue, Abubakar’s statement adds a contrasting perspective to the discourse, potentially influencing the policies of Tinubu’s government in its attempt to address Nigeria’s pressing challenges.
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