Atiku Abubakar, presidential candidate of the Peoples
Democratic Party (PDP), says the President Muhammadu Buhari-led administration
“lacks the critical competencies” to initiate and implement innovative
solutions to Nigeria’s problems.
Over the weekend, Moody’s had downgraded Nigeria’s credit
rating from B3 to Caa1, saying the government’s fiscal and debt position was
expected to continue to deteriorate.
Abubakar, reacting to Moody’s rating in a statement on
Monday, said the downgrade was “very significant”.
He said the Buhari-led administration is to be blamed for
the downgrade.
“Moody’s notes the
FGN’s deteriorating fiscal and debt position and its lack of capacity to
respond to same; it notes the ‘exacerbating policy trading-off’ between debt
servicing and the financing of critical sectors, including education, health,
and other social programmes; it also notes the government’s inability to
curtail its addiction to deficit financing and its appetite for more funds from
the central bank’s ways and means,” he said.
“All three observations are a direct indictment of the
country’s political leadership for its failures in the management of our fiscal
resources. The APC-led government lacks the critical competencies to initiate
and implement innovative solutions to our problems and deliver on their mandate
with the desired impact.”
Abubakar said if elected, he would act differently and
change the economic direction of the country for the better.
He pledged to “undertake far-reaching fiscal restructuring
to improve liquidity and the management of our fiscal resources”.
“Among others, I will undertake an immediate review of
government spending with a view to eliminating all leakages arising from
subsidy payments.
“Second, I will stop all fiscal support to ailing and
under-performing state-owned enterprises.
“Third, I will take steps to improve spending efficiency by
gradual reduction of government recurrent expenditures.
“Fourth, I will
undertake a review of government procurement processes to ensure
value-for-money and eliminate all leakages.
“Finally, I will focus on non-debt financing by promoting a
private sector-led infrastructure development fund for the financing and
delivery of key infrastructure projects.”
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