The Presidency yesterday fired back at former Vice President Atiku Abubakar over his unsavoury critique of President Bola Ahmed Tinubu’s economic policies and administration. It said the former Vice President was out of touch with current realities in the country and was only engaging in “grand illusions and fantasies”. Last week in a lengthy statement he titled: “What we would have done differently,” Atiku did a scathing critique of President Tinubu’s programmes and policies targeted at revamping the economy, claiming that they were not well thought out. But in a statement yesterday in Abuja by the Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, the Presidency noted that the former Vice President had “shown more interest in undermining President Bola Ahmed Tinubu than in addressing his party’s implosion”. It accused him of envying President Tinubu The Presidency underscored the Tinubu administration’s defence of its reform agenda, particularly the removal of fuel subsidies, which it said has helped avert a looming fiscal crisis. The Presidency underscored the Tinubu administration’s defence of its reform agenda, particularly the removal of fuel subsidies, which it said has helped avert a looming fiscal crisis. “It is perplexing that he would elevate his untested, hypothetical proposals, which Nigerians soundly rejected during the 2023 presidential election, and seek to present them as superior to the multi-faceted reform programmes implemented by the Tinubu administration. “If his plan lacked popular appeal then, he must acknowledge that repackaging it now will not resolve the social and economic challenges his Peoples Democratic Party (PDP) bequeathed after 16 years in power,” the statement said. The Presidency explained that the subsidy removal, widely regarded as a politically risky move, had laid the groundwork for a more sustainable fiscal environment. It said: “As of mid-2023, the landing cost of fuel was between N500 and N600, while it was sold nationwide at an average of N200. The 2023 budget allocated N3.36 trillion for fuel subsidies until June, against a projected N2.23 trillion in oil revenue for the year. The Nigerian state was on life support.” The Presidency faulted Atiku for his “hypothetical and fabled presidency” and criticised his proposed “consultation period” for lacking a sense of urgency the situation required. “What reforms would Atiku propose at the onset of his hypothetical presidency? While he suggests a consultation period upon assuming office, the reality is that the Nigerian economy requires immediate and decisive action. A leader must be prepared to tackle challenges from Day One, as President Tinubu has done, the statement said.” The Presidency listed several areas where the Tinubu administration has made significant progress, including improvements in revenue generation and social welfare programmes. It credited the current administration’s reform policies with nearly doubling revenue from the Federal Inland Revenue Service (FIRS) in the first half of this year, compared to what obtained in 2023, and highlighted wage increases in several states as evidence of the administration’s impact on the economy. “We expect Atiku to commend what the Tinubu administration has done concerning revenue generation for the federation. Without factoring in oil sales, revenue proceeds generated by the Federal Inland Revenue Service almost doubled in the first half of 2024, compared with the level Tinubu met in 2023. The states and councils are more prosperous because of it, as many states have increased the minimum wage for their workers to between N70,000 and N85,000,” the statement said. Besides, the Presidency dismissed Atiku’s suggestion that the nation’s four government-owned refineries be privatised, calling it “unoriginal” and inadequate to meet the country’s fuel needs. The statement contrasted Atiku’s approach to President Tinubu’s plan, which focuses on revitalising the nation’s refining capacity through private sector management while retaining government ownership. The model of farming the completely rehabilitated refineries to private sector managers at an agreed-upon rate of return to the government is more practical and value-laden than selling our national patrimony to private interests that are not technically capable of operating the refineries,” the statement stressed. The Presidency dissected Atiku’s record as Vice President, particularly his role in the privatisation of public assets, alleging that assets sold under his supervision have been stripped and turned into “dead assets”. In contrast, it said, the Tinubu administration remained focused on retaining and developing assets for long-term growth. Today, most public enterprises Atiku sold have been stripped and become dead assets,” the statement said, adding that President Tinubu’s model was intended to stabilise domestic production and retail prices while reducing foreign exchange challenges. This approach, the statement argued, “will guarantee domestic production and stabilise retail prices by reducing foreign exchange challenges. It includes selling crude oil to the refineries in naira, enabling potential cost reductions that could reflect in retail prices”. The Presidency also criticised Atiku’s proposals around foreign exchange management, labeling his preference for a “managed float” exchange rate as outdated and problematic. “Atiku’s managed float proposal, another gradualist approach, is still the same as the old fixed exchange rate system, which stagnated the national economy by subsidising forex up to $1.5 billion monthly to a privileged few. “Atiku should remember that a managed float is also known as a dirty float because of its inherent flaws. The system combines elements of fixed and floating exchange rates with access not guaranteed to all,” it said. According to the Presidency, Atiku’s allegations of corruption within the Nigerian National Petroleum Corporation (NNPC) were unfounded. It argued that the subsidy had historically been a significant enabler of corruption. The President also faulted Atiku’s allegations of corruption against the Tinubu administration. It said: “During his eight-year tenure as Vice President, Atiku and his boss had an opportunity to address this issue but failed to make any significant reforms in the oil sector,” it said, adding: “Is it not ironic that an Atiku, who was entangled in corruption allegations, including one in which his wife was indicted and his business associate, former U.S Congressman William Jefferson, was jailed for 13 years, is now talking about corruption matters?” The Presidency urged Atiku to abandon what it called “the petty, derisive politics of a sore loser” and focus on a constructive approach to tackling Nigeria’s challenges. “President Tinubu remains focused on leading Nigeria toward a prosperous future and addressing our nation’s real challenges. Atiku Abubakar should abandon his politics of distraction and fantasies and focus on constructive discourse,” the statement added Post navigation Wike Vows to Continue Abuja Demolitions Despite Protests, Says ‘No Amount of Blackmail Will Stop Us’ President Bola Ahmed Tinubu has given Kano a sense of belonging.