Atiku Abubakar, former vice-president, says the nation’s economic crisis has worsened under the administration of President Bola Tinubu.
In a statement appraising the president’s one year in office, Abubakar said despite high hopes when Tinubu assumed the reins last May, Nigeria is worse off.
“Africa’s leading economy has slipped to the 4th position lagging behind Algeria, Egypt, and South Africa. “First, President Tinubu’s policies do not create prosperity. Instead, they pauperize the poor and bankrupt the rich. They spare no one. “For example, since 2023, the average price of diesel has doubled to N1,600 per litre. Electricity tariff has recently been increased by 250% from N68/Kwh to N206/Kwh.”“In an economy with high rates of unemployment, a declining manufacturing sector cannot be an option,” he said.
Abubakar said Tinubu and his team are not “exactly sure of where the reform process is and what the next steps are”.“These trial-and-error policies raise questions about the readiness of the administration and their capacity to restore the economy to a path of sustainable growth,” he added.
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