Former Vice President Atiku Abubakar has suggested solutions to some of the economic challenges in the country as a result of the implementation of the policies of President Bola Tinubu’s led government.
The presidential candidate of the Peoples Democratic Party (PDP) in the 2023 general elections also charged the president to lead by example.
Atiku, who had in a release he titled: “What We Would Have Done Differently” urged the president to borrow from one or two things from their ideas he had put out in the interest of the people, so as to save Nigerians from the excruciating pains arising from his trial-and-error economic policies.
Atiku said, “We would have sequenced my reforms to achieve fiscal and monetary congruence. Unleashing reforms to determine an appropriate exchange rate, cost-reflective electricity tariff, and PMS price at one and the same time is certainly an overkill. Add CBN’s bullish money tightening spree. As importer of PMS and other petroleum products, removing subsidy on these products without a stable exchange rate would be counterproductive.
“We would have been more strategic in our response to reform fallout. We would not over-estimate the efficacy of the reform measures or underestimate the potential costs of reforms. I would recognise that reforms could sometimes fail. I would not underestimate the numerous delivery challenges, including the weaknesses of our institutions, and would work assiduously to correct the same. I would, as a responsible leader, pause, reflect, and where necessary, review implementation.
“I would have led by example. Any fiscal reform to improve liquidity and the management of our fiscal resources must first eliminate revenue leakages arising from governance, including the cost of running the government and the government procurement process. I (and members of my team) would not have lived in luxury while the citizens wallow in misery.
“We would have communicated more effectively with the people, with civility, tact, and diplomacy.
“Transparent communication with the public is essential to build public trust, which in turn is important to ensure that the public understands what the government is doing.
We would have consulted more with all stakeholders to learn, negotiate, adapt, and modify, among other policy goals.
“We would have demonstrated more empathy. My Reforms would wear a human face.
“We would have been more strategic in the design and implementation of reform fallout mitigating measures. I would not run a ‘palliative economy’ yet, we would have a robust social protection programme that will offer genuine support to the poor and vulnerable and provide immediate comfort and security to enable them to navigate the stormy seas.
On specific measures, Atiku said, “We would have undertaken extensive reforms of the public sector institutions to maximize reform impact. We would have placed special focus on security.
“Commenced on day one, the reform of security institutions with improved funding, and enhanced welfare. My Policy Document had spelt out a Special Presidential Welfare Initiative for security personnel that we would implement
“Adopted alternative approaches to conflict resolution such as diplomacy, intelligence, improved border control, deploying traditional institutions, and good neighbourliness.
“We would have launched an Economic Stimulus Fund (ESF), with an initial investment capacity of approximately US$10 billion to support MSMEs across all economic sectors.
“How would this have been funded? Details are in my Policy Document.
“Alongside the ESF, we would have launched a uniquely designed skills-to-job programme that targets all categories of youth, including graduates, early school leavers as well as the massive numbers of uneducated youth who are currently not in education, employment, or training.
“To underscore our commitment to the development of infrastructure, an Infrastructure Development Unit (IDU) directly under the President’s watch would have come into operation. The IDU will have a coordinating function and a specific mandate of working with the MDAs to fast track the implementation of the infrastructure reform agenda within the framework provided herein. The IDU will hit the ground running in putting the building blocks for our private sector driven Infrastructure Development Fund (IDF) of approximately US$25 billion.
“To engender fiscal efficiency and promote accountability and transparency in public financial management, we would have committed to a review of the current fiscal support to ailing State-Owned enterprises. We would’ve also begun a process review of government procurement processes to ensure value-for-money and eliminate all leakages.
“We would have initiated a review of the current utilization of all borrowed funds and ensured that they were deployed more judiciously.”
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