By Gbolahan Balogun - 

In a sharply-worded statement issued on Sunday, the Presidency responded to former Vice President Atiku Abubakar's recent critique of the state of Nigeria's economy under President Bola Ahmed Tinubu.

The statement, signed by Special Adviser to the President on Information and Strategy, Bayo Onanuga, accuses Atiku of promoting “untested, hypothetical proposals” that were decisively rejected in the 2023 election and urges him to abandon what it calls “illusions and fantasies.”

Since losing the 2023 presidential race, Atiku, the Peoples Democratic Party (PDP) candidate, has been vocal about his dissatisfaction with President Tinubu’s economic policies, recently suggesting that Tinubu adopt some of the proposals from his own campaign manifesto to revitalize Nigeria’s economy.

However, the Presidency’s statement dismisses these recommendations, alleging that Atiku’s policies would have left the country in worse shape had he won the election.

Presidency Claims Atiku’s Ideas Lack Substance

The press statement criticises Atiku’s proposed “consultation period” as a waste of time given Nigeria's pressing economic challenges, which, according to Onanuga, require “immediate and decisive action.”

He points to President Tinubu’s approach of acting swiftly on key reforms, asserting that the country is benefiting from Tinubu’s proactive measures rather than Atiku’s approach of holding “lengthy town hall and Village Square meetings.” The statement argues that Atiku’s strategy would have delayed urgent reforms at a time when the economy needed prompt intervention.

Onanuga contends that Atiku’s proposed plans reveal a “significant misunderstanding” of Nigeria’s economic realities. He suggests that the former vice president lacks an actionable solution and criticizes his administration’s track record, citing the economic difficulties left behind by the PDP’s 16-year rule.

Presidency Defends Tinubu’s Reforms

In response to Atiku’s suggestion that the government-owned refineries should be privatized, the Presidency defends its current model, which involves rehabilitation and management of refineries by private operators rather than outright privatization.

It recalls past controversies over the privatization of the Port Harcourt and Kaduna refineries during Atiku’s tenure as vice president, describing the bids from that time as “scrap value.”

The statement points to President Tinubu’s approach, which includes supporting modular refineries and leveraging the Dangote Refinery’s production capabilities. This approach, Onanuga argues, will reduce Nigeria’s dependency on imported fuel and stabilize retail prices.

Regarding Tinubu’s contentious removal of fuel subsidies, the Presidency states that the policy has saved an estimated N5.4 trillion in 2024, which is being redirected into infrastructure projects and social welfare programs aimed at improving Nigerians’ quality of life. The statement asserts that fuel subsidies historically contributed to corruption in the Nigerian National Petroleum Corporation (NNPC) and claims Tinubu’s subsidy removal has effectively addressed this issue.

Social Interventions and Exchange Rate Management

The statement also highlights the administration’s social interventions to mitigate the impact of subsidy removal, including direct cash transfers targeting 20 million vulnerable Nigerians.

According to Onanuga, the administration is also working on additional initiatives, such as student loans and consumer credits, all designed to support lower-income citizens during the economic transition.

On foreign exchange, the Presidency criticizes Atiku’s proposal for a “managed float” system, calling it outdated and ineffective. The statement suggests that such a system would risk reintroducing a form of exchange rate subsidization, which has previously benefited only a few privileged sectors of the economy.

Atiku Urged to Embrace Constructive Criticism

Onanuga concludes the statement by urging Atiku to adopt a more constructive approach in his public discourse. “The rejection of his proposals in the 2023 election,” he writes, “indicates that Nigerians will be reluctant to entertain his future political ambitions.”

The Presidency contends that President Tinubu is focused on leading Nigeria toward “a prosperous future” and that Atiku should shift away from what it calls the “politics of distraction and fantasies.”