In a lengthy post on Sunday, former Nigerian Vice President and People’s Democratic Party presidential candidate Atiku Abubakar outlined a series of alternative reforms he believes would have yielded better economic outcomes for Nigeria under his leadership.
Atiku’s remarks, published on his official X handle, offered a glimpse into his vision, comparing his approach with the policies of President Bola Tinubu’s administration, which he criticized as hasty and poorly sequenced.
The former vice president’s statements come amid a wave of economic hardship in Nigeria, with citizens grappling with high inflation, unstable currency exchange rates, and a sharp rise in fuel costs following Tinubu’s subsidy removal policy. Atiku emphasized that he intended his suggestions to serve as a constructive roadmap that Tinubu’s administration could adapt to “save Nigerians from the excruciating pains arising from his trial-and-error economic policies.”
A Different Approach to Reform Implementation
Atiku noted that his approach would have been grounded in careful planning and a more gradual implementation of reforms. His vision, he explained, would have begun with a more thorough diagnostic assessment of Nigeria’s economic conditions, coupled with consultations with key stakeholders. Such steps, he argued, would have allowed for the identification of “better ideas for the final destination,” ensuring that reform measures were not only coherent but also compatible with Nigeria’s complex economic landscape.
“We would have sequenced my reforms to achieve fiscal and monetary congruence,” Atiku stated. He pointed out that Tinubu’s rapid succession of policies, including the removal of fuel subsidies, the implementation of an open exchange rate system, and monetary tightening by the Central Bank, was “an overkill.” This rapid pace of change, he argued, has resulted in significant economic disruptions, particularly for ordinary Nigerians and small businesses.
### **Focus on Empathy and Public Engagement**
One of Atiku’s central criticisms was Tinubu’s approach to communication and public engagement. According to Atiku, his administration would have prioritized transparent and empathetic communication, aiming to build trust and public support for reform measures.
“We would have communicated more effectively with the people, with civility, tact, and diplomacy,” Atiku asserted. “Transparent communication with the public is essential to build public trust,” he added, noting that understanding and support from the public are crucial to ensuring the successful implementation of government policies.
Alternative Strategy for Subsidy Removal
On the issue of fuel subsidy removal, Atiku’s stance offered a clear departure from Tinubu’s immediate and total withdrawal. Though Atiku has long been an advocate for subsidy removal, he proposed a gradual phase-out, similar to the phased reforms initiated during his vice presidency, which began but were discontinued by subsequent administrations.
“Subsidies would not have been removed suddenly and completely,” Atiku stated, drawing parallels with approaches taken by other countries, including Malaysia and Indonesia, where subsidy reforms are spread over several years to minimize economic shock. This approach, he argued, would allow for adjustments and minimize disruptions to vulnerable populations.
Atiku also outlined that his subsidy removal policy would have been tied to a robust social protection program. Such a program, he explained, would use savings from subsidy withdrawal to strengthen Nigeria’s infrastructure, enhance educational outcomes, support healthcare, and boost rural development. He emphasized that the funds saved from subsidy cuts would be reinvested to create long-term benefits and improve the nation’s productive capacity.
Plans for Economic and Security Reforms
In addition to economic reforms, Atiku’s vision included a security overhaul that would place a high priority on welfare for security personnel and alternative approaches to conflict resolution. He proposed a “Special Presidential Welfare Initiative for security personnel,” promising that, under his leadership, security reforms would begin on “day one,” with a focus on improved funding and welfare for personnel.
Atiku also underscored the importance of conflict resolution through diplomacy, intelligence, and traditional institutions. His plan highlighted the need for effective border control and fostering good neighborly relations with other countries, which he argued could help mitigate the nation’s internal and external security challenges.
### **Foreign Exchange and Fiscal Policy Reforms**
Addressing Nigeria’s volatile foreign exchange market, Atiku argued against adopting a fixed or purely floating exchange rate system. Instead, he supported a managed-floating approach, which he described as a balanced system that would have mitigated some of the economic volatility Nigeria faces today. Atiku expressed his disapproval of Nigeria’s multiple exchange rate windows, which he argued primarily benefitted rent-seekers and middlemen.
In addition to monetary policy, Atiku proposed fiscal reforms that he believes could strengthen public financial management. He advocated for a comprehensive review of fiscal support to state-owned enterprises, a measure he claimed would improve fiscal efficiency and accountability. He also emphasized that his administration would have eliminated revenue leakages caused by governance expenses and procurement inefficiencies.
“I (and members of my team) would not have lived in luxury while the citizens wallow in misery,” Atiku said, asserting that any fiscal reform must begin with the government itself, setting an example by reducing its own expenses.
Revitalizing Nigeria’s Infrastructure and MSMEs
Atiku’s vision also included an ambitious infrastructure agenda. He proposed the creation of an Infrastructure Development Unit directly overseen by the president, with a mandate to streamline and fast-track infrastructure projects. To fund these initiatives, Atiku suggested an Infrastructure Development Fund with a target capacity of approximately $25 billion. The IDF, he explained, would leverage private sector investments, aiming to boost Nigeria’s infrastructure without relying exclusively on public funds.
Further, Atiku unveiled plans for an Economic Stimulus Fund of about $10 billion to support Micro, Small, and Medium Enterprises. This initiative, he said, would be supplemented by a skills-to-job program aimed at engaging Nigeria’s youth and reducing the high rate of unemployment among graduates, school leavers, and uneducated youth.
A Call for Reflection and Responsiveness
In his concluding remarks, Atiku emphasized the need for humility, calling on the current administration to consider adapting some of his ideas in the interest of Nigeria’s welfare. He expressed hope that Tinubu and his team would demonstrate flexibility, acknowledging that reforms sometimes fail and require adaptation.
“At the very least, I hope Tinubu and members of his administration are humble enough to borrow one or two things from our ideas in the interest of the Nigerian people,” Atiku stated.
Atiku’s blueprint presents a comprehensive vision for Nigeria’s future, one built on gradualism, empathy, and strategic planning. His critique of Tinubu’s policies is not merely political; it’s a call for what he describes as a more sustainable and inclusive approach to governance. As Nigerians await potential adjustments from the Tinubu administration, Atiku’s policy propositions offer a contrasting perspective on how to steer the nation toward stability and growth.
