Atiku Abubakar Unveils Alternative Economic Plan, Slams Tinubu's Policies
Former Vice President Atiku Abubakar outlined his alternative approach to removing fuel subsidies and reforming Nigeria’s foreign exchange market, suggesting more gradual and targeted strategies.
President Bola Tinubu had eliminated fuel subsidies and floated the naira shortly after taking office, decisions that critics say have led to increased hardship in Nigeria. Atiku, who ran against Tinubu in the 2023 election, shared his proposed policies in a detailed statement on X on Sunday.
Atiku stated he would have prioritized fighting corruption in the fuel subsidy sector, beginning with a reform of the Nigerian National Petroleum Corporation Limited (NNPCL). He criticized the organization’s role, calling its commitment to reform "suspect" and suggesting that the subsidy regime had become a gateway for corruption.
In handling the foreign exchange market, Atiku disagreed with a fully floating naira, describing it as "overkill" for the current economic climate. Instead, he advocated a managed-floating exchange rate, which he argued would provide more stability.
Atiku also shared other components of his economic plan, including:
- Economic Stimulus Fund: A $10 billion fund to support MSMEs across various sectors.
- Skills-to-Job Programme: Targeting youth, including graduates and early school leavers.
- Infrastructure Development Unit: Directly overseen by the presidency, aiming to accelerate infrastructure projects with a $25 billion fund.
- Social Protection Programmes: Using savings from subsidy removal to support education, healthcare, rural infrastructure, and youth development.
In sum, Atiku emphasized a gradual, managed approach to policy reforms, alongside strong anti-corruption measures and enhanced social support, to lessen the economic impact on Nigerians.
Comments