Politics

1st Anniversary: Atiku Advises Tinubu, Outlines 6 Strategies for Success

Published by admin on May 28th, 2024.

1st Anniversary: Atiku Advises Tinubu, Outlines 6 Strategies for Success

Former Vice President Atiku Abubakar has criticized President Bola Tinubu’s economic policies, claiming they have created a challenging environment for businesses of all sizes.

Atiku stated that the private sector is struggling due to the president’s economic measures and his failure to address the resulting issues.

“The manufacturing sector, essential for higher incomes, job creation, and economic growth, is suffering from increasing input prices, higher energy and borrowing costs, and complex exchange rates,” Atiku remarked on Tuesday in a statement provided to PUNCH Online.

The former presidential candidate of the Peoples Democratic Party proposed six strategies to rescue the economy under Tinubu’s administration.

He suggested, “First, pause and reflect. The government needs to understand which reforms are necessary and their proper sequence. A clear framework with stated reform objectives and strategies is essential.

“Second, conduct a thorough review of the 2024 budget within this new reform framework. The size of the 2024 FGN Budget remains unclear and it fails to address the structural issues of the Nigerian economy or the cost-of-living crisis. It will not create prosperity or opportunities for young people to lead productive lives.

“Third, reassess the Social Investment Programme (SIP) to mitigate the impacts of these policies on the most vulnerable households. The SIP should extend beyond Conditional Cash Transfers to include support for MSEs across all economic sectors, as they are crucial for inclusive growth.

“A comprehensive program to support medium and large-scale enterprises is also necessary to help them navigate the challenges following the removal of the PMS subsidy.”

Atiku warned Tinubu against imposing new taxes or increasing tax rates, stating, “We are aware of attempts to increase the VAT rate from 7.5% to 10%, reintroduce excise on telecommunications, and raise excise rates on various goods.

“Fifth, provide clarity on the fuel subsidy regime, detailing fiscal commitments and benefits from the reform, and its impact on the Federation Accounts. Since April 2024, fuel queues have grown at many stations, and black markets have emerged in several states. How much PMS is being imported and distributed, and at what cost? What is the implicit subsidy?

“Lastly, tackle security issues decisively. President Tinubu must prioritize restructuring the nation’s security system, as the current setup is inadequate. Pervasive insecurity continues to harm agricultural production and its economic value, particularly in Northern Nigeria.”