Abuja, Nigeria — Former Vice President Atiku Abubakar has criticized President Bola Tinubu’s economic policies, arguing that they are ineffective and lack a coherent strategy.
In a statement released on November 4, Abubakar highlighted what he described as the "striking disparity" between the current administration’s approach and the comprehensive Recovery Plan proposed by his own team.
Abubakar, who served as Vice President from 1999 to 2007 and was a presidential candidate in the 2023 election, suggested that Nigeria’s current economic challenges stem from what he sees as Tinubu’s hasty ascent to power without a clear plan.
"Like many fellow Nigerians, I firmly believe that we find ourselves in this current economic turmoil due to the Tinubu administration’s hasty ascent to power, devoid of a coherent plan," Abubakar stated.
The former Vice President contrasted his proposed policies with those of the current administration, pointing out that his Recovery Plan was developed with significant input from Nigerians, ensuring a more inclusive and considered approach.
In a pointed critique, Abubakar mocked the government’s response, which included a national prayer session led by the First Lady and the National Security Adviser, just 24 hours after he presented his alternative solutions.
"Isn’t it fascinating how the so-called 'tested' Tinubu administration’s only policy response seems to be a national prayer?" Abubakar quipped, adding that while prayer is valuable, the scriptures also encourage diligent work
He argued that the current administration’s economic policies appear erratic and lack strategic foresight, which he believes has contributed to Nigeria’s economic woes.
Abubakar highlighted Nigeria’s economic performance during his tenure, noting that under the Obasanjo administration (1999-2003), the country achieved a GDP growth rate averaging 6.59%, with a peak of 15% in 2002.
He contrasted this with the Tinubu administration’s performance, which he described as "dismal," citing an average GDP rate of just 2.8%.
"We cannot hope to tax our way out of the economic quagmire wrought by these misguided experimental policies," Abubakar argued, referencing countries like the UAE, Qatar, and Monaco, which have thrived with low or zero-income tax policies. He questioned why the Tinubu administration appears fixated on imposing higher taxes despite the financial struggles faced by the Nigerian populace.
In a final remark, Abubakar reiterated his belief that the 2023 presidential election was marred by irregularities.
"The citizens who cast their votes in the 2023 presidential election are well aware that I did not lose; rather, we find ourselves in this predicament because the election was criminally stolen from the Nigerian people," he asserted.
The statement comes amid growing public debate over the Tinubu administration’s handling of the economy, with critics pointing to rising inflation and a sluggish growth rate. Abubakar’s comments are likely to intensify the discourse, as he continues to position himself as a vocal opponent of the current government’s policies.
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