…Former VP Criticized for Promoting ‘Illusions and Fantasies’
The Presidency responded sharply yesterday to former Vice President Atiku Abubakar’s harsh critique of President Bola Ahmed Tinubu’s economic policies and administration, asserting that Atiku is disconnected from the current realities in Nigeria and is indulging in “grand illusions and fantasies.”
In a lengthy statement last week titled “What We Would Have Done Differently,” Atiku scrutinized President Tinubu’s strategies aimed at reviving the economy, suggesting they lacked careful planning.
However, in a statement issued in Abuja by Mr. Bayo Onanuga, Special Adviser to the President on Information and Strategy, the Presidency accused Atiku of being more interested in undermining President Tinubu than addressing his party’s internal issues, insinuating that he is envious of the President.
The Presidency defended Tinubu’s reform agenda, especially the controversial removal of fuel subsidies, which they argue has prevented a looming fiscal crisis. They highlighted that in 2024 alone, this removal is expected to save Nigeria N5.4 trillion, funds that will be redirected towards essential infrastructure and social programs benefiting all levels of government and improving citizens’ lives.
Atiku, who was defeated in the 2023 presidential election by Tinubu, suggested that a more consultative strategy would have been his approach to Nigeria’s economic challenges. The Presidency dismissed his suggestions as unrealistic and out of touch, asserting that Atiku “fails to account for the decades of mismanagement” inherited by the Tinubu administration from prior governments.
“It is perplexing that he would elevate his untested, hypothetical proposals, which Nigerians rejected during the last election, and present them as superior to the multi-faceted reform initiatives undertaken by the Tinubu administration,” the statement read.
The Presidency elaborated on the necessity of removing the subsidy, framing it as a politically risky but crucial step towards a sustainable fiscal environment. They noted that by mid-2023, the cost of fuel landed between N500 and N600, while citizens were paying an average of N200 at the pump, leading to a dire financial situation for the Nigerian state.
Criticizing Atiku’s proposed “consultation period,” the Presidency stated that such a delay lacked the urgency demanded by Nigeria’s economic circumstances. They maintained that effective leadership requires immediate and decisive action, exemplified by President Tinubu’s approach.
The statement detailed significant advancements made under Tinubu’s administration, including improved revenue generation and enhancements in social welfare programs, which nearly doubled the revenue collected by the Federal Inland Revenue Service (FIRS) in the first half of this year as compared to 2023. It mentioned that many states have raised the minimum wage for workers, reflecting the positive economic impact of the current administration’s policies.
The Presidency also dismissed Atiku’s call for the privatization of Nigeria’s four government-owned refineries as unoriginal and insufficient to meet the nation’s fuel demands. They contrasted this with Tinubu’s plan to revitalize refining capacity through private sector management while retaining government ownership, emphasizing it as a more practical and beneficial approach.
Furthermore, the statement scrutinized Atiku’s record as Vice President, specifically his role in the privatization of public assets, claiming that many of the assets sold during his tenure have been left to deteriorate. In contrast, the Tinubu administration aims to retain and develop assets for sustainable growth.
Regarding foreign exchange management proposals, the Presidency criticized Atiku’s “managed float” exchange rate system as outdated and problematic, suggesting it replicates the flaws of the previous fixed exchange rate system.
Atiku’s claims of corruption within the Nigerian National Petroleum Corporation (NNPC) were dismissed by the Presidency, which stated that the subsidy had historically been a major driver of corruption. They pointed out that during Atiku’s eight-year vice presidency, he and his colleagues had opportunities to address these issues but failed to do so meaningfully.
The Presidency challenged Atiku’s credibility on matters of corruption, recalling past allegations involving him and his associates, and urged him to cease engaging in “petty, derisive politics” as a “sore loser.” They called on him to adopt a more constructive approach in addressing Nigeria’s challenges, affirming President Tinubu’s commitment to leading the nation toward a prosperous future.
