By Mohammed Bello Doka
In a recent Facebook post, former Vice President Atiku Abubakar delivered a scathing critique of President Bola Tinubu's economic policies, stating that "Nigeria is not working." Abubakar, a prominent opposition figure and presidential candidate in the 2019 and 2023 elections, described the past year under Tinubu's administration as a "cocktail of trial-and-error economic policies."
Abubakar's post comes at a time when Nigeria faces significant economic challenges, including rising inflation, unemployment, and a depreciating currency. The former vice president emphasized the adverse effects these policies have had on the average Nigerian, arguing that the government's inconsistent and poorly executed strategies have exacerbated the country's economic woes.
"The current administration's approach to economic management has been anything but coherent," Abubakar wrote. "One year of Tinubu's leadership has seen a series of haphazard policies that have failed to address the fundamental issues plaguing our economy. Instead of providing solutions, these trial-and-error tactics have only deepened our economic crisis."
Abubakar pointed to several specific areas where he believes Tinubu's policies have fallen short. He criticized the government's handling of fuel subsidies, which have seen abrupt changes that have led to increased fuel prices and transportation costs. He also condemned the administration's monetary policy, particularly the Central Bank's decisions regarding interest rates and foreign exchange controls, which he claimed have created uncertainty and hindered business operations.
"The removal of fuel subsidies was supposed to be a well-thought-out strategy to redirect funds to critical sectors like education and healthcare. However, the lack of planning and abrupt implementation has led to increased hardship for Nigerians, particularly those in rural areas who rely on affordable fuel for their daily activities," Abubakar stated.
Regarding monetary policy, Abubakar argued that the Central Bank's actions have been inconsistent and poorly communicated, leading to a lack of confidence among investors and businesses. "The frequent changes in interest rates and the unclear foreign exchange policy have created a hostile environment for businesses. Investors need stability and predictability, which have been sorely lacking under the current administration," he noted.
Abubakar also addressed the issue of unemployment, which has reached alarming levels. He called for more comprehensive and sustainable job creation strategies, criticizing the government's reliance on short-term solutions that have failed to make a significant impact. "Job creation requires a long-term vision and commitment to developing key sectors such as agriculture, technology, and manufacturing. Unfortunately, what we have seen so far are piecemeal efforts that do not address the root causes of unemployment," he said.
The former vice president's remarks reflect a broader sentiment of frustration among Nigerians who are struggling to cope with the economic downturn. Many citizens have voiced their concerns about the rising cost of living and the government's perceived inability to provide effective solutions.
As the nation grapples with these challenges, Abubakar's critique adds to the growing calls for a reassessment of Tinubu's policy strategies. He urged the administration to adopt a more systematic and inclusive approach to economic management, one that prioritizes the welfare of the people and fosters sustainable growth.
"The time for experimentation is over. Nigeria needs a clear, consistent, and people-centered economic policy that addresses our pressing issues and sets us on a path to recovery and growth. I urge the Tinubu administration to listen to the voices of Nigerians and to act in their best interests," Abubakar concluded.
Abubakar's post has sparked widespread discussion on social media and in political circles, highlighting the deep divisions and urgent need for effective economic leadership in Nigeria.
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