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NEWS

Atiku outlines the policies he would have implemented differently if he had been president: $10 billion for MSMEs and the progressive elimination of subsidies.

The Peoples Democratic Party (PDP) presidential candidate for 2023, Atiku Abubakar, claims that if he had won the presidency of Nigeria, his reforms would have “benefited from more adequate preparations” and “more sufficient diagnostic assessment of the country’s conditions.” Abubakar claimed that his policy changes would have “protected our fragile economy against a much deeper crisis by preventing business collapse” in a post on his X account on Sunday. He called President Bola Tinubu’s administration “overkill” for raising the energy cost, floating the currency rate, and eliminating the gasoline subsidy. In order to “first eliminate revenue leakages arising from governance, including the cost of running the government and the government procurement process,” the former vice president stated that he would have set an example. He also said that “alternative approaches to conflict resolution such as diplomacy, intelligence, improved border control, deploying traditional institutions, and good neighborliness” would have been used by his administration. According to Abubakar, he would have established an economic stimulus fund (ESF) “to support MSMEs across all economic sectors with an initial investment capacity of approximately US$10 billion.” The former vice president claimed that even though he supported eliminating the gasoline subsidy, his government would have implemented the measures using “a gradualist approach.” “The abrupt and total elimination of subsidies would not have occurred. We used a gradualist approach while I was vice president, and we finished phases 1 and 2 of the reform before the end of our term, which is instructive,” he added. According to Abubakar, his government would have a “managed-floating system” of foreign exchange. “We would not be able to run an open, private sector-friendly economy under a fixed exchange rate system, so it was out of the question,” he stated. READ ALSO: Police Arrest 17 Nigerians, 113 Foreigners For Cybercrimes, Hacking But, considering Nigeria’s fundamental economic circumstances, implementing a floating exchange rate regime would be overkill. “We would have urged our central bank to handle foreign exchange in a gradualist manner. It would have been better to have a managed-floating system. We love to have you back, Kindly Subscribe to our Newsletter.

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Atiku: I Can’t Be Envious Of Tinubu, He Inflicts Pains On Nigerians
Atiku: I can’t be envious of Tinubu, He inflicts pains on Nigerians
NEWS

Hardship: What I would have done differently – Atiku

Former Vice-President Atiku Abubakar has criticized the current administration for its “trial-and-error economic policies,” asserting that he would have taken a different approach if he had been elected President. In a statement he personally authored, the Peoples Democratic Party (PDP) candidate from the last election accused President Tinubu’s government of implementing a “palliative” economy, something he believes should not have been done. Atiku attributed the country’s current economic difficulties to the reforms introduced by the present administration. He noted, “Unleashing reforms to establish a suitable exchange rate, cost-reflective electricity tariffs, and the price of PMS all at once is excessive.” While he supports the removal of subsidies, Atiku emphasized that his administration would have opted for a gradual approach, similar to what countries like Malaysia and Indonesia have done in recent years. He stated, “I’ve received numerous questions about what I would have done differently as President. The focus should be on President Tinubu and the critical actions he needs to take to alleviate the suffering caused by his experimental economic strategies.” Atiku expressed that his administration would have been more strategically planned, emphasizing thorough preparations, better diagnostic assessments of the country’s situation, and more extensive consultations with stakeholders. He pointed out that his reform agenda, outlined in his policy document “My Covenant With Nigerians,” was designed to protect the fragile economy from deeper crises and to support businesses effectively. He further argued, “Implementing reforms for exchange rates, tariffs, and fuel prices simultaneously is clearly overkill. Additionally, the Central Bank’s aggressive monetary tightening is problematic. As importers of petroleum products, removing subsidies without a stable exchange rate will lead to adverse effects.” Atiku insisted that a more strategic response to the fallout from reforms was necessary, highlighting the importance of not overestimating the benefits of reforms or underestimating their costs. He acknowledged that reforms can fail and that he would address institutional weaknesses proactively. He added, “I would have led by example. Any fiscal reforms aimed at improving liquidity must first address governance-related revenue leakages, including unnecessary government expenses. I and my team would not have indulged in luxury while citizens suffered.” The former Vice President emphasized that his reforms would be designed with empathy, advocating for a strong social protection program to genuinely support the poor and vulnerable instead of relying on a “palliative economy.” He outlined specific measures he would implement, including launching an Economic Stimulus Fund (ESF) with an initial capacity of around $10 billion to support micro, small, and medium enterprises (MSMEs) across all sectors. Additionally, he proposed a targeted skills-to-job program for youth, addressing both graduates and those currently not engaged in education or employment. Atiku reiterated his long-standing call for subsidy removal on PMS, criticizing the opacity and potential for corruption in its administration. He highlighted the significant profits derived from oil subsidies that benefit certain elites within public and private sectors. He prioritized three main areas: READ ALSO: A Man Jailed For Attempting To Sit 2019 UTME Exam For Daughter In Abuja In summary, Atiku Abubakar presented a comprehensive vision for addressing Nigeria’s economic challenges, contrasting it sharply with the current administration’s approach. We love having you back, Kindly Subscribe to our Newsletter.

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NEWS

People who claim to receive credit alerts from prayer should be arrested — Peter Obi

Peter Obi, the Labour Party’s presidential candidate for the 2023 election, recently made a provocative statement regarding those who claim to receive financial gains through prayer. During an interview on the Honest, Obi asserted that individuals who suggest they have received credit alerts as a result of praying should be scrutinized for possible theft. In the interview, Obi underscored the value of hard work and productivity, arguing that divine blessings are reserved for those who actively strive and contribute rather than for those who are passive. He remarked, “God can bless hard work; God can bless productivity; God can bless an industry, but God cannot bless someone who is sleeping.” This emphasis on diligence reflects a broader belief in the necessity of effort and commitment in achieving success. He went further to assert that anyone claiming to have received a financial alert through prayer should be considered suspicious. “Anyone who tells you that he got an alert from praying should be arrested. He has stolen someone’s money. Simple!” he declared, highlighting the potential consequences of such claims. The conversation then shifted to the topic of tithing, a practice often discussed within religious and financial contexts. Obi suggested that acts of charity can be seen as forms of tithing, arguing that helping those in need is a vital part of contributing to society. He stated, “If you go to the hospital, it’s tithing. If you help poor people, it’s tithing.” This perspective encourages a more inclusive view of giving that goes beyond traditional monetary donations. Additionally, Obi urged political leaders who are primarily motivated by financial gain to reconsider their roles in governance. He emphasized that true leadership should center on serving the populace rather than seeking personal enrichment. “Being a leader is not a money-making venture. You’re not competing with Dangote. Dangote is a businessman. You should focus on what you were elected for,” he advised, advocating for a return to the core responsibilities of public service. Obi also highlighted the importance of clarity in career choices, stating, “You must choose your lane; if you want to be in government, be in government and serve the people. If you want to be a businessman, go and trade.” This statement underscores the necessity for leaders to remain dedicated to their roles and the communities they serve. READ ALSO: Rights group calls for release of minors charged over Nigeria protests His comments have generated a range of reactions from the Nigerian public, particularly his suggestion to transform church vigils into night shifts to boost productivity. This idea has sparked debates about the intersection of faith, work, and community involvement, challenging traditional views on worship and productivity in Nigerian society. As Obi continues to engage with these critical issues, he remains a figure of considerable interest in the ongoing political discourse. We love to have you back again. Kindly Subscribe to our Newsletter.

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