The presidential candidate of Peoples Democratic Party (PDP), Atiku Abubakar, has said he would sell all refineries in the country if elected as president in 2023.
This is just as the former Vice President promised to create $10 billion Economic Stimulus Fund to resuscitate the country’s economy within his first 100 days in office if elected in 2023.
Atiku said the fund would prioritise support to micro, small and medium scale enterprises (MSMEs) that offer greatest opportunity for inclusive economic growth.
He said this in Lagos on Tuesday at the Lagos Chamber of Commerce and Industry (LCCI) Presidential Economic Agenda Forum for the PDP.
He said: “Within the first 100 days of in office, I will create an Economic Stimulus Fund with an initial investment capacity of $10 billion to prioritise support to MSMEs across all the economic sectors, as they offer the greatest opportunities for achieving inclusive growth.
“I will undertake far-reaching fiscal restructuring to improve liquidity as well as the management of our fiscal resources in five bold steps.
“First, undertake an immediate review of government spending with a view to eliminating all leakages arising from subsidy payments. With its current precarious fiscal position and daunting development challenges, can Nigeria really afford to forego critical investments in education, health, security, etc. and channel scarce resources to subsidising the lifestyles of its elite?
“Second, stop all fiscal support to ailing state-owned enterprises. As with subsidy payments, by holding unto these underperforming enterprises, Nigeria is sacrificing investments in critical areas, including water, sanitation, and rural infrastructure. For example, the first phase in the rehabilitation of Nigeria’s refineries is expected to gulp $1.55 billion! I will sell all of them.
“Third, take steps to improve spending efficiency by gradual reduction of government recurrent expenditures. Over the medium term, recurrent expenditures should not exceed 45 per cent of the budget.
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“Finally, focus on non-debt financing by promoting a private-sector led infrastructure development fund for the financing and delivery of key infrastructure projects.”
Atiku said he has a good grasp of the challenges bedevilling the country, adding that he knows the root causes of the problems.
The PDP presidential candidate, who said he would not come unprepared, noted that it “is not in my character as a businessman or as a public officer to be caught off guard.”
He further promised to assemble the critical skills and competencies to implement innovative solutions to the challenges bedevilling the country with the desired impact.
“Finally, in economic reforms and economic management matters, I am not a novice. I have a history of economic reform and economic transformation. Remember the good old days of economic growth with macroeconomic stability, low rates of unemployment and low poverty headcount.
“As head of the economic management team, (1999-2007) I was instrumental in the design of a private sector revival strategy and advocated for the opening of the economy for private sector investments in the IT sector.
“Today it is undeniably the fastest growing services sector in the Nigerian economy. Experience counts and to avoid the mistakes of the past, never again should Nigerians hand over their future to a green horn,” Atiku stated.
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