Former Vice President Atiku Abubakar recently voiced his concerns about President Bola Tinubu’s economic policies, describing them as “trial-and-error” strategies that have only added to Nigeria’s financial troubles. Speaking from Abuja, Atiku urged Tinubu to recognize that raising taxes won’t solve the country’s current economic issues. Instead, he suggests the administration take a more thoughtful and inclusive approach.
Atiku’s response came after a statement from the Presidency claimed that if he were in office, Nigeria’s economy could be in even worse shape. Countering this, Atiku highlighted the comprehensive Recovery Plan his team developed, which included input from various Nigerians to ensure it was well-rounded and realistic. He contrasted this with Tinubu’s policies, which he believes lack a solid strategy and have been a series of “untested” ideas.
Reflecting on his time as Vice President under the Obasanjo administration, Atiku pointed out that Nigeria’s economy grew rapidly then, achieving an average GDP growth rate of 6.59%, and even reaching 15% in 2002. By comparison, he noted that under Tinubu, Nigeria’s growth rate has dropped to around 2.8%, which Atiku feels is insufficient for true economic recovery.
Atiku also challenged the administration’s reliance on high taxes as a solution. Citing examples like the UAE and Monaco, which have encouraged economic growth through low or no taxes, he questioned why Nigeria should add to its citizens’ hardships. According to Atiku, taxing people more in tough economic times will only worsen their struggles.
In closing, Atiku expressed confidence that Nigeria’s economic situation would be different if his team were leading. He argued that many Nigerians know he didn’t lose the 2023 election fairly, implying that the current economic challenges are a result of missed opportunities.
Atiku’s statement is a call for President Tinubu to consider different approaches to economic policy that focus on easing the burden on Nigerians rather than intensifying it.
