Atiku advises Tinubu on economy, offers 6 plans

The Peoples Democratic Party (PDP) presidential candidate in the 2023 election, Atiku Abubakar, has offered President Bola Tinubu some plans for the nation’s development.

Atiku, who deputised former President Olusegun Obasanjo from 1999 to 2007, urged Tinubu to “pause and reflect”, noting that it is important that the government understands what reforms must be undertaken and in what sequence.

“A framework is needed with clearly stated reform objectives and strategies,” the former Vice President said in a statement issued on Tinubu’s one year in office on Tuesday, May 28, 2024.

Tinubu, who took office on May 29, 2023, will reach his one-year mark in office on Wednesday.

Atiku also enjoined Tinubu to undertake a comprehensive review of the 2024 budget within the new reform framework, saying the 2024 budget, “the exact size of which remains a mystery, is not designed to address the structural defects of the Nigerian economy or the cost-of-living crisis.”

“It will neither create prosperity nor promote opportunities for our young people to lead a productive life,” he said.

Atiku: Tinubu’s policies pauperise poor, hostile to businesses

Atiku added that the review must prioritise fiscal measures to deal with an unprecedented rise in commodity prices, stressing that the higher commodity prices have created more misery for Nigerians and have pushed millions of people to poverty.

He said: “One of such measures for immediate implementation will be to ease the existing restrictions on selected food imports.

“Third, undertake a comprehensive review of the Social Investment Programme (SIP) to mitigate some of the impact of these policies on the most vulnerable households. The SIP must go beyond Conditional Cash Transfers to include programmes that prioritize support to MSEs across all the economic sectors, as they offer the greatest opportunities for achieving inclusive growth.

“In addition, a holistic programme to support medium and large-scale enterprises to navigate the stormy seas in the aftermath of the withdrawal of subsidy on PMS is also needed.

“Fourth, Tinubu must be cautioned against any attempt to further pauperize the poor by introducing new taxes or increasing tax rates. We are aware of the behind-the-scenes attempts to increase VAT rate from 7.5% to 10%, re-introduce excise on telecommunication, and increase excise rates on a range of goods. It needs to be restated that we cannot tax our way out of this situation.

“Instead, Tinubu must see the need for expenditure rationalization and restraint – by having the budget more in sync with Nigeria’s fiscal reality, by improving efficiency in revenue utilization, improving procurement processes and trimming the size of government – and therefore reducing the cost of governance.

“Fifth, provide clarity on the fuel subsidy regime, including the fiscal commitments and benefits from the fuel subsidy reform and the impact of this on the Federation Accounts.

Atiku: I’ll support Obi for presidency in 2027 if…

“It is curious that since April 2024, fuel queues had mounted at many filling stations across Nigeria, and the infamous ‘black market’ has sprouted in several states. How much PMS is being imported and distributed, and at what cost? What is the implicit subsidy?”

On insecurity bewildering the country, Atiku said President Tinubu, as a matter of priority, needs to rejig the nation’s security architecture, adding: “What is currently in place is not serving the needs of the people.”

Atiku, who said he has always been a reform advocate, stressed that the Nigerian economy certainly requires reform measures to accelerate its transformation after many years of lacklustre growth.

“I was prepared for reform fallouts. Tinubu wasn’t. However, it is not too late for him to change course and do what is right for the good of our people and our nation,” the former Vice President added.

The Star