Former Vice-President Atiku Abubakar has accused the present administration of indulging in “trial-and-error economic policies”, saying he would have acted differently if elected President.
In a statement he personally signed, the Peoples Democratic Party (PDP) Presidential Candidate in the last election alleged that the President Tinubu administration is undertaking a “palliative” economy, something his administration would not have done.
Atiku, who blamed the reforms of the present administration for the present malaise, said, “Unleashing reforms to determine an appropriate exchange rate, cost-reflective electricity tariff, and PMS price at one and the same time is certainly an overkill.”
The opposition leader noted that while he had advocated for subsidy removal, his administration would have gone for a gradual removal as is being done in countries like Malaysia in 2022 and Indonesia, 2022 -2023.
He said: “I’ve been inundated with inquiries of what I would have done differently if I were at the helm of affairs of our country. I am not the president, Tinubu is. The focus should be on him and not on me or any other. I believe that such inquiries distract from the critical questions of what President Bola Tinubu needs to do to save Nigerians from the excruciating pains arising from his trial-and-error economic policies.
“We would have planned better and more robustly: My journey of reforms would have benefited from more adequate preparations; more sufficient diagnostic assessment of the country’s conditions; more consultations with key stakeholders; and better ideas for the final destination.
“We would have been guided by my robust reform agenda as encapsulated in ‘My Covenant With Nigerians’, my policy document that sought to, among others, protect our fragile economy against much deeper crisis by preventing business collapse; our document had spelt out policies that were consistent and coherent.”
Atiku further said, “Unleashing reforms to determine an appropriate exchange rate, cost-reflective electricity tariff, and PMS price at one and the same time is certainly an overkill. Add CBN’s bullish money tightening spree. As importers of PMS and other petroleum products, removing subsidy on these products without a stable exchange rate would be counterproductive.
“We would have been more strategic in our response to reform fallout. We would not over-estimate the efficacy of the reform measures or underestimate the potential costs of reforms. I would recognise that reforms could sometimes fail. I would not underestimate the numerous delivery challenges, including the weaknesses of our institutions, and would work assiduously to correct the same. I would, as a responsible leader, pause, reflect, and where necessary, review implementation.
“I would have led by example. Any fiscal reform to improve liquidity and the management of our fiscal resources must first eliminate revenue leakages arising from governance, including the cost of running the government and the government procurement process. I (and members of my team) would not have lived in luxury while the citizens wallow in misery.”
The former Vice President who said his reforms would wear a human face, added, “We would have been more strategic in the design and implementation of reform fallout mitigating measures. I would not run a ‘palliative economy’ yet, we would have robust social protection programme that will offer genuine support to the poor and vulnerable and provide immediate comfort and security to enable them to navigate the stormy seas.”
