Former Vice President Atiku Abubakar has criticized President Bola Tinubu’s first year in office, describing his administration’s economic policies as a “cocktail of trial-and-error.”
Abubakar, who was the Peoples Democratic Party (PDP) candidate in the 2023 presidential election, highlighted the stark contrast between Tinubu’s campaign promises and the current economic reality.
He pointed out that despite Tinubu’s promises to remodel the economy, promote growth, create jobs, ensure food security, and eradicate extreme poverty, the situation in Nigeria has deteriorated. In a statement titled, “Nigeria is not working: One year of Tinubu is a cocktail of trial-and-error economic policies,” Abubakar criticized the lack of a clear economic plan from Tinubu and his reliance on a series of hasty policy decisions.
Abubakar noted that since taking office on May 29, 2023, Tinubu had ambitious goals, including growing the economy at double-digit rates to reach a US$1 trillion economy in six years, alleviating misery, and addressing the cost-of-living crisis. He remarked that these promises initially offered
hope to Nigerians, especially after the economic challenges faced during ex-President Buhari’s eight-year tenure.
In his critique, Abubakar highlighted specific policies implemented by Tinubu’s administration. These included the elimination of PMS subsidies in May 2023 and the Central Bank of Nigeria’s new foreign exchange policy a month later, which unified multiple official FX windows into a single market.
Additional measures followed rapidly, such as tightening monetary policy to reduce Naira liquidity, increasing monetary policy rates, introducing cost-reflective electricity tariffs, and imposing a cybersecurity tax.
According to Abubakar, these policies have failed to deliver the promised economic growth and relief. Instead, they have exacerbated Nigeria’s macroeconomic instability.
He argued that the economic issues that plagued the Buhari administration, such as unemployment, poverty, and widespread misery, have only worsened under Tinubu. Nigeria’s economic position has declined, with the country falling to fourth place behind Algeria, Egypt, and South Africa.
Abubakar expressed disappointment that the high hopes citizens had at the beginning of Tinubu’s term have been dashed. He questioned how Nigeria reached this point and reiterated concerns he had previously raised about the risks of implementing reforms without proper sequencing, planning, or consideration of their potential negative impacts.
He concluded by emphasizing that policies enacted without a clear plan and foresight amount to trial-and-error economics, which he believes have serious implications for Nigeria’s medium to long-term growth and development.
Abubakar stated that his concerns remain valid and he intends to focus on four key areas to highlight the negative consequences of Tinubu’s reform measures on the country’s economic future.
