Atiku recommends 6 strategies for economy
In his message, former Vice President Atiku Abubakar said Tinubu’s economic policies had created a hostile environment for businesses.
He recommended six economic rescue strategies for the economy.
He said, “First, pause and reflect. It is important that the government understands what reforms must be undertaken and in what sequence. A framework is needed with clearly stated reform objectives and strategies.
“Second, undertake a comprehensive review of the 2024 budget within the new reform framework. The 2024 FGN Budget, the exact size of which remains a mystery, is not designed to address the structural defects of the Nigerian economy or the cost-of-living crisis. It will neither create prosperity nor promote opportunities for our young people to lead a productive life.
“Third, undertake a comprehensive review of the Social Investment Programme (SIP) to mitigate some of the impacts of these policies on the most vulnerable households. The SIP must go beyond Conditional Cash Transfers to include programmes that prioritise support to MSEs across all economic sectors, as they offer the greatest opportunities for achieving inclusive growth.
“In addition, a holistic programme to support medium and large-scale enterprises to navigate the stormy seas in the aftermath of the withdrawal of subsidy on PMS is also needed.”
He added that Tinubu must be cautioned against any attempt to further pauperise the poor by introducing new taxes or increasing tax rates.
“Fifth, provide clarity on the fuel subsidy regime, including the fiscal commitments and benefits from the fuel subsidy reform and the impact of this on the Federation Accounts. It is curious that since April 2024, fuel queues have mounted at many filling stations across Nigeria, and the infamous ‘black market’ has sprouted in several states. How much PMS is being imported and distributed, and at what cost? What is the implicit subsidy?
“Tackle security headlong. President Tinubu, as a matter of priority, needs to rejig the nation’s security architecture as what is currently in place is not serving the needs of the people. The state of pervasive insecurity continues to adversely impact agricultural production and the value it brings to the economy, especially in the Northern parts of the country.”
Tinubu attracted $20bn to economy, APC replies Atiku
The ruling All Progressives Congress (APC) said contrary to Atiku’s claim, Tinubu’s administration had, in its first year in office, attracted over $20 billion to the economy while the stock exchange had ballooned from N18.12 billion in Q1 of 2023 to N93.37 billion in Q1 of 2024, representing an increase of over 400 percent with an annual economic growth rate leaping from 2.5 percent to 3.46 percent.
The APC, in a statement by its National Publicity Secretary, Felix Morka, said key sectors of manufacturing, telecommunications, oil and gas, solid minerals, e-commerce and fintech had continued to attract increased and ceaseless flow of foreign direct investments within the period under view.
“Yet, Atiku remains willfully blind to the pace of progress that is so self-evident. “President Tinubu set an audacious target of building a $1 trillion economy in the next few years and has put together a bevy of experts and professionals, and introduced far-reaching policies and programmes to drive the actualization of this desirable economic target.
“The president needs the support and encouragement of Nigerians, not the bile-filled pessimism of partisan Atikus.
“Atiku’s false alarm of an imminent food scarcity boldface ignores the widely acknowledged proactive measures already introduced by President Tinubu to guarantee food security in the country.
“The former Vice President’s swipe on the administration’s national security management again betrays his lack of touch with the reality of the our current situation,” the statement read in part.
PDP, LP reps say nothing to celebrate
The Peoples Democratic Party, through his National Publicity Secretary, Debo Ologunagba, alleged that the All Progressives Congress-led federal government was deceiving Nigerians with its low-key celebration because “there is actually nothing to celebrate.”
Ologunagba said the present administration is taxing Nigerians arbitrarily.
He asked: “Should we talk about the insecurity and the fact that people cannot eat, people are dying every day and by reason of the comatose economy?”
Similarly, the Labour Party caucus in the House of Representatives described Tinubu’s one year in office as a “reign of economic hardship, insecurity and hopelessness.”
The caucus leader, Afam Victor Ogene, in a statement, said: “The current staggering negative economic indices should alarm every Nigerian, as it has left many previous optimists, including ourselves, in glaring shock.”
Quality leadership about taking tough decisions – FG
The Secretary to the Government of the Federation, George Akume, says quality leadership is about taking tough decisions and facing the brutal fact.
He spoke yesterday during the public presentation of a book titled, ‘365 days of Bola Ahmed Tinubu Presidency: Resetting the Strategic Foundation for a New Nigeria’, authored by Taiwo Ajibolu Balofin and John Folayan.
Akume said, “President Tinubu’s willingness to address issues such as the high cost of governance shows his commitment to reform Nigeria for development and stability.
“Quality leadership is about taking tough decisions and facing the brutal facts. Nigerians should support this administration. We are committed to overcoming the challenges we face in building a prosperous future.”
He assured that the current administration would make strategic reforms and strengthen all sectors of the nation for a better future.
APC National Chairman, Abdullahi Ganduje, said there were better days ahead, asking Nigerians to be patient with Tinubu’s administration.
[DailyTrust]