Former Nigerian Vice President and 2023 presidential candidate of the Peoples Democratic Party, Atiku Abubakar, has voiced criticism against President Bola Tinubu’s economic policies, particularly regarding the unification of the exchange rate. Atiku argued that these policies were hastily implemented without proper planning and consultations with stakeholders, leading to economic challenges faced by Nigerians. He expressed concern over the current state of the economy and emphasized the need for effective measures to address the ongoing crisis.
In a statement issued on Sunday, Atiku lamented the failure of Tinubu’s administration to present concrete policy steps to tackle the foreign exchange crisis and economic downturn. He accused the government of causing hardship for Nigerians due to its flawed policies. Atiku urged for a reassessment of the current approach, emphasizing the importance of adopting effective measures to alleviate the economic challenges faced by the nation.
Highlighting his own proposed solutions, Atiku referenced his 2023 presidential election policy document, “My Covenant With Nigerians,” where he pledged to reform the foreign exchange market by eliminating multiple exchange rate windows. He advocated for a managed-floating exchange rate system as a preferred option, emphasizing the need for judicious control and stabilization of the currency’s value by the Central Bank of Nigeria. Atiku stressed the importance of proper planning and consultation in implementing such policies to avoid adverse consequences.
Atiku criticized the hurried implementation of Tinubu’s forex management policy, alleging a lack of proper planning and consultation with stakeholders. He pointed out the failure to anticipate and address the negative consequences of the policy, including insufficient liquidity and the inability to attract foreign investment. Atiku called for a more independent and strategic approach to forex management, emphasizing the importance of government transparency and accountability in addressing economic challenges.