Atiku to Tinubu: Follow Argentina president’s model for economic recovery, stop blaming others

Former Nigerian Vice President Atiku Abubakar has launched a scathing critique of President Bola Tinubu’s economic approach, urging him to adopt a more decisive and reform-oriented strategy similar to that employed by Argentina’s new leader, Javier Milei.

In a statement titled “Argentina’s Javier Milei approach to reforms should serve as a lesson for Tinubu,” which was also shared on X (formerly Twitter), Abubakar, the 2023 presidential candidate of the Peoples Democratic Party (PDP), contends that both leaders inherited struggling economies in 2023, but their responses have been vastly different.

He commended Milei’s “comprehensive stabilization plan” focused on reducing government spending, attracting foreign investment, and streamlining processes. He contrasted this with Tinubu’s “ad hoc” reforms and tendency to “shift blame” on the opposition and his predecessor.

“Nigeria is where we are today simply because of what Tinubu has done or did not do,” Abubakar asserted, rejecting the president’s attempts to deflect responsibility. “Market forces don’t play politics. They respond to your actions and inactions.”

Abubakar highlights specific examples, criticizing Tinubu’s expansion of government ministries, lavish spending on renovations, and scapegoating tactics. He points to Milei’s personal sacrifices, such as flying economy class and refusing perks, as a stark contrast to Tinubu’s perceived extravagance.

“It is not business-as-usual for the presidency while the people are called upon to make sacrifices,” Abubakar declares. “Argentina runs a lean government… Conversely, Tinubu… is spending enormous resources renovating houses.”

He further criticized Tinubu’s reforms as “ill-advised” and lacking proper review, contrasting them with Milei’s “sequenced” approach that anticipates potential challenges and implements mitigating measures.

Abubakar concluded by promoting his own “Recover Nigeria Plan,” which he claims shares similarities with Milei’s approach. He expressed willingness to share the plan’s details with the current government, emphasizing its focus on fiscal responsibility and improved spending efficiency.

I read a recent report in the Reuters titled: Argentina’s market double down on Milei as investors ‘start to believe’.

I took a keen interest in reading the report because I know quite well that Argentina and Nigeria closed the last quarter of the year 2023 on a similar path of…

— Atiku Abubakar (@atiku) February 25, 2024

“We had outlined plans to relax the fiscal constraints facing us… including improving spending efficiency and blocking leakages,” he stated, offering his proposed solutions to Nigeria’s economic woes, which include: “a. A review of fiscal support for non-performing government enterprises and the privatization of those that cannot sustain themselves.

” b. Steps to improve spending efficiency through a gradual reduction in government recurrent expenditures, ensuring that those expenditures reflect higher levels of service delivery. Over the medium term, recurrent expenditures should not exceed 45 percent of the budget.

“c. A review of government procurement processes to ensure high levels of transparency, competitiveness, and value-for-money and eliminate all leakages.”