“Comparative cost of living indices show that Nigerians still enjoy the lowest cost of living in Africa,” claimed the presidency.
The presidency has urged Atiku Abubakar, the PDP candidate in the 2023 presidential election, to provide better alternatives to economic challenges President Bola Tinubu is battling.
“Nigerians can easily see through the hypocrisy of Alhaji Atiku, who in accusing President Tinubu of poor response to the nation’s challenges and causing pains and despair, didn’t offer any better policy options in his run for the Presidency different from the economic reform agenda being pursued by President Tinubu,” the presidency asserted.
It added, “All the major candidates agreed that the fuel subsidy regime, which had become an albatross on the economy, must end. They all agreed that the multiple exchange rates must be fixed. Where President Tinubu and Atiku differed was in selling NNPC Limited and other national assets. Atiku went for this so he could sell these important national assets to his friends and cronies.”
The presidency said this Sunday in a statement issued by Bayo Onanuga, Mr Tinubu’s media aide.
“Instead of mouthing platitudes every time in a bid to earn cheap political mileage, Alhaji Atiku who presumes himself as the leader of opposition should tell Nigerians what he would have done better if he had been elected President.
“Atiku should be honest enough to admit that President Tinubu inherited a weak economy, which to all intents and purposes and to ensure the survival of our country needs a complete overhaul.
“The economy was plagued by decades of significant fiscal deficits, a low revenue base, high external and domestic debts, and huge debt service burden,” said the statement.
It added, “The national budget Tinubu met in 2023 showed that 97 per cent of revenue was to be spent on debt servicing, with little reserved for capital, thereby foreclosing growth and jobs.”
The presidency said Mr Tinubu had been facing squarely the myriad economic challenges of the country since assumption of office in May 2023.
It said the issue of oil subsidy removal by Mr Tinubu was a strategy all the major political parties candidates outlined during the 2023 elections as a way to resolve the challenges of Nigeria.
The presidency explained that Mr Tinubu, rather than take the easy option of maintaining the status quo of economic profligacy, chose to keep the economy afloat and set it back on the path of growth and prosperity.
“Tinubu is focused on solving our economic and security challenges. The fiscal and monetary policies his administration is pursuing are delivering unprecedented value to investors on the Nigerian Stock Exchange.
“Nigerian Stock Exchange is outperforming others in the world and is now the best, not based on bubble, but record profits by many listed companies.
“President Tinubu acknowledged, on different occasions, that the reforms his government is implementing will cause immediate pains, but will usher in an era of prosperity in the medium and long terms,” the statement noted.
It pointed out that “minus Atiku, reputable local and international agencies who understand the situation the Tinubu administration found itself have commended the administration, having seen a policy trajectory that is clearly positive, realistic and sustainable.”
The presidency said former vice-president’s alarm that the private sector “is shrinking and that multinational companies are leaving our companies in ‘droves’ are not grounded on facts.”
It stressed that Mr Abubakar’s claim that the government’s policies “have created intense cost of living pressures are also not grounded on facts as recent comparative cost of living indices show that Nigerians still enjoy the lowest cost of living in Africa.”
The presidency also claimed that Mr Tinubu had embarked on comprehensive fiscal and tax policy reform that would drive speedy recovery and spur economic growth.
It said Nigerians and the global investment communities trust the ability and competence of Mr Tinubu to deliver progress and shared prosperity to Nigerians.
