• Monday, February 26, 2024
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BusinessDay

Tinubu’s economic policies dashing hopes, creating pain – Atiku

2023: Atiku speaks on economy, Obasanjo’s support, security others

Atiku Abubakar, a former vice president, has said President Bola Tinubu’s economic policies have created more pains and despair for Nigerians.

Atiku, the presidential candidate of the Peoples Democratic Party in the 2023 general election, said Tinubu’s “poor response” to the challenges was also deepening the economic crisis.

He said the economic performance of the Tinubu’s administration had in recent weeks and months been a subject of intense discourse among Nigerian citizens at home and abroad.

“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,” he said.

Atiku said the evidence so far proved that Tinubu came to office unprepared for the challenges ahead.

“His economic policies, drawn from a so-called renewed hope agenda, are ironically dashing hopes, creating pain and causing despair,” he said.

Atiku lamented that the private sector is shrinking by the day as small businesses are emasculated and multinational companies confused and weary of the economy, leaving Nigeria in droves.

He said: “The intense cost of living pressures has created more misery for the poor in towns and villages. There is hunger in the land as basic commodities, including bread are becoming out of reach for average Nigerians.

“His 2024 budget is a business-as-usual exercise, bereft of concrete ideas and actions that would support Nigeria’s journey toward economic transformation – consisting mainly of wasteful expenditures to cater to a bloated Federal Government.”

He said the 2024 budget will not facilitate growth and cannot empower the citizens to earn a living and live a decent life.

Atiku said: “BAT has shown no capacity 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.

“His initiatives are literally uninformed, arbitrary, and chaotic. BAT’s palliatives are too mean, pitiable, and contemptuous of the poor. He seems genuinely lost, bewildered, and overwhelmed.

“To mask their failures, BAT and his political appointees are busy blaming his predecessor in office for bequeathing a ‘dead’ economy. This is a familiar game popularised by former President Buhari while in office. It reinforces what we already know: that BAT came into office unprepared.

“Tinubu and his economic management team must swallow their pride, admit their missteps and failures, and follow those who know the terrain. They must act fast before the economy sinks deeper into the abyss. The question is, will they?”