Atiku: Presidency Failed to Provide Credible Defence for Tinubu’s Economic Failures

Chuks Okocha in Abuja

Former Vice-President Atiku Abubakar, has faulted the Presidential Spokesman, Bayo Onanuga, in his response to the alleged poor management of the economy by President Bola Tinubu, stating that he failed to provide a credible defence for the administration’s failures in tackling the economic challenges facing the country.

In a statement by his media adviser, Paul Ibeh, Atiku said, Onanuga, in his characteristic manner, resorted to insults and name-calling, adding that he demonstrated ignorance in the happenings around him, denying, for example, that Tinubu’s policies were creating excruciating pain and causing despair.

Referring to Onanuga, the presidential candidate of the Peoples Democratic Party (PDP) in the last general election, asked, whether he  offered any better policy options in his run for the presidency?

“Yes, he did. His living prescriptions contrast sharply with Bola Tinubu’s morbid policies. Atiku’s policy document, My Covenant With Nigerians, offers a clearly defined and robust roadmap for the socio-political and economic transformation of Nigeria.

“On the economy, the policy document outlines the challenges we face and our vision to get the economy on its feet and create prosperity. If Bayo desires, he can have a copy for free!” he said.

On the second point, Atiku said  all the major presidential candidates supported withdrawal of subsidy on PMS.

He, however asked: “But so, what? Even if all the major candidates agreed that the fuel subsidy regime must end and that the multiple exchange rates must be fixed, this would not translate into endorsing Bola Tinubu’s failures in implementation.

“The truth is that unlike Atiku, Bola Tinubu did not understand the reforms he embarked upon and had no idea what steps to take to mitigate their negative impact.

“As a leader with foresight, Atiku anticipated that the withdrawal of subsidy and the unification of exchange rates could, in the absence of fundamental interventions, impact negatively on micro and small enterprises in the informal sector. 

“He anticipated that such policies could elevate the levels of vulnerability and deprivation of poor families, including the youth and adults with no incomes.”

The former Vice President, therefore, pledged to support Nigeria’s businesses by creating an Economic Stimulus Fund with an initial investment capacity of approximately US$10 billion to prioritise support to MSMEs across all the economic sectors, as they offered the greatest opportunities for achieving inclusive growth.

‘The Fund was designed to make it easier for Nigeria’s 60 million micro and small enterprises to navigate the stormy seas in the aftermath of the withdrawal of subsidy on PMS.

“In contrast, Bola Tinubu offered a paltry N125 billion to help the MSMEs, which at today’s exchange rate is no more than US100 million. Of course, Bayo Onanuga is aware that the pledge is yet to be redeemed by the president.