Former Vice President, Atiku Abubakar, has listed six actions President Bola Tinubu must take if he is desirous of making a success of the responsibility of the office he currently occupies.
Atiku who was the Presidential candidate of the of the
Peoples Democratic Party (PDP), offered the advice in a statement he made
public in Abuja, on Tuesday.
He said, “First,
pause and reflect.
It is important that the government understands what reforms
must be undertaken and in what sequence. A framework is needed with clearly
stated reform objectives and strategies.
“Second, undertake a
comprehensive review of the 2024 budget within the new reform framework.
The 2024 FGN Budget, the exact size of which remains a
mystery, is not designed to address the structural defects of the Nigerian
economy or the cost-of-living crisis. It will neither create prosperity nor
promote opportunities for our young people to lead a productive life.
“The review must prioritise fiscal measures to deal with an
unprecedented rise in commodity prices. Higher commodity prices have created
more misery for the poor in our towns and villages and have pushed millions of
people below the poverty line. One of such measures for immediate
implementation will be to ease the existing restrictions on selected food
imports.
“Third, undertake a
comprehensive review of the Social Investment Programme (SIP) to mitigate some
of the impact of these policies on the most vulnerable households.
The SIP must go beyond Conditional Cash Transfers to include
programmes that prioritize support to MSEs across all the economic sectors, as
they offer the greatest opportunities for achieving inclusive growth. In
addition, a holistic programme to support medium and large-scale enterprises to
navigate the stormy seas in the aftermath of the withdrawal of subsidy on PMS
is also needed.
“Fourth, Tinubu must
be cautioned against any attempt to further pauperize the poor by introducing
new taxes or increasing tax rates.
We are aware of the behind-the-scenes attempts to increase
VAT rate from 7.5% to 10%, re-introduce excise on telecommunication, and
increase excise rates on a range of goods. It needs to be restated that we
cannot tax our way out of this situation. Instead, Tinubu must see the need for
expenditure rationalization and restraint – by having the budget more in sync
with Nigeria’s fiscal reality, by improving efficiency in revenue utilization,
improving procurement processes and trimming the size of government – and
therefore reducing the cost of governance.
“Fifth, provide clarity on the fuel subsidy regime,
including the fiscal commitments and benefits from the fuel subsidy reform and
the impact of this on the Federation Accounts.
“It is curious that since April 2024, fuel queues had
mounted at many filling stations across Nigeria, and the infamous ‘black
market’ has sprouted in several states. How much PMS is being imported and
distributed, and at what cost? What is the implicit subsidy?
“Sixth, tackle
security headlong.
President Tinubu, as a matter of priority, needs to rejig
the nation’s security architecture as what is currently in place is not serving
the needs of the people. The state of pervasive insecurity continues to
adversely impact agricultural production and the value it brings to the
economy, especially in the Northern parts of the country.
“Insecurity resulting from terrorism, banditry, kidnapping,
and cattle rustling has compelled many crop farmers and pastoralists to abandon
their lands and relocate to the neighbouring countries of Niger, Chad, and
Cameroun.
“This has drastically caused a reduction in the production
of food and skyrocketed prices of foodstuffs. Food scarcity in Nigeria is so
dire that a report by Cadre Harmonize warns that between June and August this
year, about 31.5 million Nigerians may face severe food shortages and scarcity.
I have always been a reform advocate. The Nigerian economy
certainly requires a large dose of reform measures to accelerate its
transformation after many years of lacklustre growth.
“The difference is that I understand the appropriate reforms
to undertake and what steps to take per time to mitigate their negative impact.
In my Policy Document, I had anticipated that the withdrawal of subsidy and
unification of exchange rates could, in the absence of fundamental
interventions, impact negatively on micro and small enterprises in the informal
sector and on the medium to large enterprises in the formal sector.
“I had also anticipated that such policies could elevate the
levels of vulnerability and deprivation of poor families, including the youth
and adults with no incomes. With this understanding, I had designed robust
mitigation interventions that will be implemented alongside our reforms.
“I was prepared for reform fallouts. Tinubu wasn’t. However,
it is not too late for him to change course and do what is right for the good
of our people and our nation.”
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