Atiku Abubakar, former Vice President, has criticized President Bola Tinubu’s approach to addressing key issues such as food security, security challenges, and monetary policy.
According to The Guardian, Tinubu, in a recent meeting with governors, outlined plans to eliminate “rent seekers” associated with imported food by promoting local food production. He also mentioned the approval of a committee, comprising state governors and federal government representatives, to explore the possibility of establishing state police.
However, Atiku, in a statement on Sunday, expressed dissatisfaction with Tinubu’s strategy, describing it as “cooking a cocktail that has brought untold hardship to the people of Nigeria.” He accused the administration of failing to offer meaningful solutions and criticized its controversial foreign exchange (FX) policy.
He said that the meeting was another instance of the government’s failure to present concrete policy steps.
He claimed that Tinubu dismissed concerns and defended the administration’s FX policy, showing a lack of engagement with alternative solutions. He accused Tinubu’s administration of hubris and a “poverty of ideas,” stating that it was unwilling to consider other options.
In contrast, Atiku, who contested against Tinubu in the 2023 presidential election, proposed his own set of policy prescriptions outlined in his document “My Covenant With Nigerians” as an alternative path out of the crisis.
He emphasized the need to reform the foreign exchange market, eliminate multiple exchange rate windows, and address the challenges posed by opportunists and middlemen.
He argued against a fixed exchange rate system, stating that it would not align with the philosophy of running an open, private sector-friendly economy.
Instead, he advocated for a managed-floating system, allowing the naira to fluctuate daily while the Central Bank of Nigeria intervenes to control and stabilize its value, curbing speculative activities.
He criticized Tinubu’s FX management policy, describing it as hastily put together without proper plans and stakeholder consultation. He highlighted the government’s failure to foresee the adverse results of its actions.