• Former VP lays out economic alternatives
• Presidency defends policies as necessary for growth
'Seun Ibukun-Oni, Abuja
DAILY COURIER - In a spirited exchange over Nigeria’s economic future, former Vice President Atiku Abubakar has offered a detailed critique of President Bola Tinubu's economic reforms, suggesting that they could have been implemented in a more calculated, humane manner. Atiku, who was the Peoples Democratic Party (PDP) presidential candidate in the 2023 elections, outlined in a Sunday statement on his X handle (formerly Twitter) what he called “an alternative roadmap” to alleviate the economic strain currently felt by Nigerians.
Atiku commended Tinubu's moves to unify the naira exchange rate and remove fuel subsidies, both seen as critical steps to economic recovery. However, he criticized the abruptness of the rollout, which he said has left ordinary Nigerians bearing the brunt of soaring prices and economic instability. His post, titled “What We Would Have Done Differently,” stressed the importance of a gradualist approach to avoid “excruciating pain” inflicted on citizens.
“Reforms should come with careful planning and stakeholder consultation,” Atiku asserted, pointing to his “Covenant with Nigerians” policy document as a blueprint. He argued that a phased approach to subsidy removal and foreign exchange management, along with prudent fiscal practices, could have softened the blow on Nigeria’s fragile economy. Citing examples from Malaysia and Indonesia, Atiku advocated for a staged implementation to ensure minimal disruption.
Atiku also expressed concern about transparency and fiscal discipline, suggesting that Tinubu’s administration should have taken more measures to cut costs at the government level before passing on the economic burden to citizens. “A responsible government must first eliminate leakages due to governance costs,” he remarked, noting that these measures are essential to fostering public trust.
Presidency rebukes Atiku's critique
Responding sharply, the Presidency, through Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, dismissed Atiku’s recommendations as politically motivated, questioning his track record. Onanuga pointed to the “questionable” privatisation program under the Obasanjo administration, in which Atiku served, and alleged that Atiku’s approach failed to align with the realities of the Nigerian economy.
“Nigerians remember Atiku’s promises to sell national assets, including NNPC,” Onanuga stated, insisting that Tinubu’s reforms are essential and long overdue. According to him, a gradual approach, as Atiku proposed, would not suffice to tackle the inherited “economic disorders” such as unsustainable subsidies and foreign exchange arbitrage.
While conceding that the reforms have caused temporary hardship, the Presidency affirmed that the administration is prioritising long-term stability over immediate comfort, with plans for social safety nets to protect the most vulnerable. “We are focusing on permanent gains over temporary comfort,” Onanuga reiterated.
The administration maintained that Atiku’s critiques are reflective of election-year rhetoric, dismissing his arguments as political posturing rather than practical solutions. “It is expected of an election loser to pontificate,” the statement concluded.
National conversation on economic strategy
This exchange between Atiku and the Presidency underscores a broader national debate on Nigeria’s path to economic stability. As the administration moves forward with its reforms, Nigerians continue to watch closely, bearing the weight of transformative policies aimed at recalibrating the nation's economy.
With both leaders standing firm on their economic philosophies, the unfolding discourse will likely shape Nigeria’s approach to economic recovery and its relationship with citizens in the years to come.
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