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Why Tinubu’s One Year Rule Hasn’t Produced Fruits — Atiku

Published

2 years ago

May 28, 2024

The presidential candidate of the Peoples Democratic Party (PDP), in the 2023 general elections, Atiku Abubakar, has said President Ahmed Tinubu’s one year rule hasn’t produced tangible results because he unleashed reforms without an implementation plan.

Atiku said this in an article he made public on Tuesday.

He recalled that “On May 29, 2023, President Bola Tinubu raised the hopes of Nigerians with his pledge to ‘remodel our economy to bring about growth and development through job creation, food security and an end of extreme poverty.”

He explained that since making this pronouncement, Tinubu has also spoken about growing the economy at double-digit rates to US$1 trillion in six years, ending misery, and bringing immediate relief to Nigeria’s cost-of-living crisis.

According to the former Vice President noted that on listening to this, Nigerians must have breathed a sigh of relief after their experience with ex-President Buhari’s 8 years of economic misadventure.

He, however, said, “Tinubu laid out no plans for the ‘remodeling’ of the economy but soon embarked on a cocktail of policies to achieve it.

“In May 2023, he eliminated PMS subsidies, and a month later, the CBN implemented a new foreign exchange policy that unified the multiple official FX windows into a single official market.

“More policies followed in rapid succession: the tightening of monetary policy to reduce Naira liquidity, a hike in monetary policy rates, the introduction of cost-reflective electricity tariff, and a cybersecurity tax.

“Predictably, 12 months on, Tinubu’s pledge of growing the economy and ending misery remains unfulfilled.

“His actions or inactions have significantly worsened Nigeria’s macroeconomic stability. Nigeria remains a struggling economy and is more fragile today than it was a year ago.

“Indeed, all the economic ills – joblessness, poverty, and misery – which defined the Buhari-led administration have only exacerbated.

“Africa’s leading economy has slipped to the 4th position lagging behind Algeria, Egypt, and South Africa. Citizens’ hopes have been dashed (and not renewed contrary to the propaganda of the administration) as Nigeria’s economic woes have multiplied.”

Giving an analysis of how he thinks Nigeria got to this sorry state, Atiku said, “In my press statement on the state of our economy, earlier this year, I expressed my concerns about the downside risks of unleashing reforms without sequencing;

“…without any ideas on how to implement them; and without any regards to their potential and real devastating consequences. Implementing policies without proper planning and a clear destination is nothing other than trial-and-error economics.

“My concerns have not diminished. I will focus on just four areas to underscore those downside risks associated with Tinubu’s reform measures and their dire consequences on Nigeria’s medium to long-term growth and development.

“First, President Tinubu’s policies do not create prosperity. Instead, they pauperize the poor and bankrupt the rich.

“They spare no one. Nigerian citizens, the majority of whom are poor, are going through the worst cost-of-living crisis since the infamous structural adjustment programme of the 1980s.

“The annual inflation rate at 33.69% is the highest in nearly 3 decades. Food prices are unbearably higher than what ordinary citizens can afford as food inflation soared to 40.53% in April, the highest in more than 15 years.”

He further said, “Nigerian citizens have to pay 114% more for a bag of rice, 107% more for a bag of flour, and 150% more in transport fares relative to May 2023. Today, in some locations, motorists are paying 305% more for a litre of fuel.

“Yet, on a minimum wage of the equivalent of US$23 per month, Nigerian workers are among the lowest wage earners in the world. Tinubu had the ‘courage’ to remove subsidy on PMS;

“…and impose additional taxes on his people but lacks the compassion to raise the minimum wage or implement a social investment programme that would reduce the levels of vulnerability, and deprivation of workers and their families.

“Second, President Tinubu’s policies create a hostile environment for businesses, big or small. The private sector is overwhelmed by Tinubu’s dismal policies and overburdened by his failure to address the policy fallouts.

“The manufacturing sector, which holds the key to higher incomes, jobs, and economic growth, has been bogged down by rising input prices, higher energy and borrowing costs, and exchange rate complexities.

“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.

“As reported by the Guardian (13 May 2024), in Q1 of 2024, energy prices were up by 70%, costing manufacturers N290 billion.

“Since May 2023, corporate Nigeria has lost more than a dozen enterprises to other countries. Unilever, GlaxoSmithKline (GSK), Procter & Gamble (P&G), Sanofi-Aventi Nigeria, Bolt Food, Equinor, among others had exited Nigeria citing reasons including foreign exchange complexities, security concerns, and high operational costs.

“According to the Nigeria Employers’ Consultative Association (NECA), nearly 20,000 jobs may have been lost due to the departure of 15 multinational companies from Nigeria.

“Those enterprises that remain are struggling to survive. Vanguard Newspaper (20 May, 2024) reported a significant rise – to nearly 30% – in unsold goods in the warehouses of manufacturers of fast-moving consumer goods, occasioned by the rising cost of living and declining purchasing power of the citizens.

“According to the Guardian, manufacturers reported in Q1 a 10% drop in capacity utilization, a 10% drop in production, a 5% drop in investment, and more than 7% drop in sales.

“The Daily Trust (1 May, 2024) quoted Dangote lamenting that nearly 97% of manufacturing concerns in Nigeria will be unable to pay dividends this year.

“In an economy with high rates of unemployment, a declining manufacturing sector cannot be an option.

“Third, President Tinubu’s foreign exchange policies have not had any positive impact on Nigeria’s foreign trade balance, contrary to policy expectations.

“In particular, the free-float and the resulting devaluation of the Naira has not resulted in an appreciable improvement in Nigeria’s trade balance.

“Devaluation has not enhanced the competitiveness of local producers and has had no positive impact on exports of goods, primary or manufactured. In Q4 of 2023, for example, while imports surged 163.1%, exports rose at a slower 99.6%, indicating a huge foreign trade deficit.

“Similarly, in Q1 of 2024, Nigeria recorded a trade deficit of $7.5 billion, with exports value of $12.7 billion and import value of US$14 billion. Overall, the trade deficit as a percentage of GDP increased by 0.83% from 0.05% in May 2023 to 0.88% in May 2024.

“Fourth, President Tinubu’s policies have failed to attract foreign investments into the country despite all the posturing and media hype by the President’s men.

“Exchange rate unification and free float of the Naira have not led to higher capital inflows (whether Foreign Direct Investment or Foreign Portfolio Investments), again contrary to policy expectations.

“ Indeed, FDI inflows declined by 26.8%, from US5.33 billion in May 2023 to US$3.9 billion in May 2024. It is not difficult to understand why: FDI is about TRUST.

“It is about the investing world trusting the leadership of a country to act and deliver on promises made. Investors come when the right policies are designed and delivered timely and efficiently by public institutions.”

News

Insecurity: What Sheikh Gumi Told Me After Visiting Bandits Hideouts — Obasanjo

Published

2 hours ago

November 30, 2025

Editor

Former President Olusegun Obasanjo has revealed details of a private discussion he held with controversial Islamic cleric, Sheikh Ahmad Gumi, regarding the state of insecurity in Nigeria’s forests and the fortification of bandit hideouts.

Speaking in an interview, Obasanjo disclosed that he invited Sheikh Gumi for a meeting following the cleric’s well-publicised visits to meet with bandits in their forest encampments.

Gumi’s firsthand account, according to Obasanjo’s revelation, challenged official narratives regarding military operations in those areas.

According to Obasanjo, Gumi informed him that the bandits had so heavily fortified their positions that any security personnel claiming to have penetrated those specific enclaves were lying.

Obasanjo recounted that the cleric was visibly emotional while describing the demographics of the insurgents, noting that Gumi admitted to weeping after seeing young boys, aged between 13 and 15, who were soaked in hard drugs and carrying dangerous weapons.

He narrated, “When Sheikh Gumi went to meet those boys in the forest, I invited him to come and see me. The first thing he said is that where those boys are they’ve fortified themself, and even if any security personnel claimed they had gone into the area, they were lying to you. He said what made him weep was [seeing] boys of 13, 14, 15 years, soaked in drugs and carrying gun.”

The former President described the condition of these children as wrecked, stating that the situation remains a significant source of worry for the nation.

“They are wrecked and that worried us. 20 million children that should be in school but are not in school. Those that have no employment, no job and they see in you in abstain affluence, what do you expect them to do?”, he said.

News

FULL LIST: Wike revokes land belonging to Ilorin Emir, Lamido, Fayose, Iyabo Obasanjo, Others In Abuja

Published

2 hours ago

November 30, 2025

Editor

Duke, David Mark, Anenih, Ganduje, CBN, Navy, NNPC, Oyo, Kaduna, Borno, others also affected

The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has approved the revocation of 1,095 properties in the FCT belonging to prominent Nigerians after they failed to pay ground rent, land use conversion or Certificate of Occupancy bills. This decision was contained in a statement signed by the management of the Federal Capital Territory Administration (FCTA) Department of Land Administration at the weekend.

The FCTA stated that the enforcement action to be taken against the defaulters commenced after a 14 day grace period, which expired on Tuesday, November 25, 2025. Out of the 1,095 defaulters, 835 were listed as ground rent defaulters, while 260 were listed as land use contravention payment defaulters. The list also contained the file numbers, plot numbers, CADZONE, districts, rent owed, and revocation dates of the listed properties.

The properties listed in the statement included those belonging to federal and state governments, businesses and prominent individuals.

Notable individuals on the list are former Chief of Army Staff, Theophilus Yakubu Danjuma; former First Lady, Patience Jonathan; former Senate President, David Mark; former Jigawa State governor, Sule Lamido; Senator Ali Ndume; former PDP national chairman, Abubakar Kawu Baraje; former Osun State deputy governor, Senator Iyiola Omisore; Emir of Ilorin, Ibrahim Sulu Gambari; elderstateman, Professor Bolaji Akinyemi; elderstateman, Tony Anenih; former Minister of Petroleum, Alison Madueke.

Former governors on the list include Abdullahi Ganduje (Kano); Adeniyi Adebayo (Ekiti); Donald Duke (Cross River); Aliyu Wamakko (Sokoto); Ibrahim Dankwambo (Gombe); Ayodele Fayose (Ekiti); Olagunsoye Oyinlola (Osun).

Others are Minister of State for Industry, John Owan Enoh; Aminu Alhassan Dantata; Bashir Tofa; Audu Abubakar; Bello Mohamed Sani; Mohammed Rabiu; Senator from Ondo State, Senator Jimoh Ibrahim; Ado Abdullahi Bayero; Tanko Abdullahi; Adetunji Olurin; Ghali Umar Na’abba; Dorcas Kuforiji Olubi; Olu Agunloye; Kamorudeen Adekunle Adedibu; Hakeem Baba Ahmed; Iyabo Olusola Obasanjo; Shehu Musa Labaran; Onaolapo Olusegun Soleye; Babatunde Idiagbon.

Notable institutions on the list are the Central Bank of Nigeria (CBN), the Nigeria Navy, the Office of the National Security Adviser, Federal Ministry of Finance, Nigerian Navy, the Nigeria Police, Nigerian National Petroleum Corporation (NNPC), Nigeria Security and Civil Defence Corps (NSCDC), Borno State, Kaduna, Oyo State governments.

Others are BUA International Limited, First Bank of Nigeria, Standard Trust Bank, Guaranty Trust Bank, Ecobank, Union Bank, United Bank for Africa (UBA), Zenith Bank, Niger Delta Development Commission (NDDC), Committee of Vice Chancellors of federal universities and National Union of Road Transport Workers (NURTW).

The FCTA added that the publication of the defaulting properties came after several notices in national dailies, online platforms and television stations requesting the defaulters to settle their financial obligations and liabilities. The FCTA further stated that by defaulting on the payments, the defaulters have “Contravenes the provisions of Section 28, Subsection 5(a) and (b) of the Land Use Act and also the terms and conditions of the grants of the respective Rights of Occupancy.”

News

Resident Doctors Suspend Strike, Issue Fresh Four-week Ultimatum

Published

2 hours ago

November 30, 2025

Editor

The Nigerian Association of Resident Doctors (NARD) has suspended its indefinite strike, which began on November 1 and lasted 29 days.

NARD’s National President, Dr. Mohammad Suleiman, announced the suspension on Saturday through his X account @mohagirei, following an extraordinary meeting of the National Executive Council (NEC) of the association.

Suleiman stated that the decision came after “a series of conciliatory meetings” with the Federal Government.

These discussions led to the signing of a Memorandum of Understanding (MoU) that addressed the association’s 19-point demands.

Among the unresolved issues was the payment of promotion arrears. Suleiman noted that the compilation of these arrears by Chief Medical Directors and Managing Directors had not yet been completed, although a four-week deadline was set for payment.

Additionally, he mentioned that salary arrears are expected to be cleared within the same four-week period, in accordance with the agreement reached.

Regarding the specialist allowance, Suleiman indicated that the Office of the Head of the Civil Service of the Federation (OHCSF) has already issued a clear directive.

Furthermore, he mentioned that the National Salaries, Incomes, and Wages Commission is expected to take the necessary steps to implement it.

The NARD leader also noted that the committee report on the “Lokoja Five”—resident doctors disengaged from the Federal Teaching Hospital, Lokoja—recommended their reabsorption.

Suleiman said this was expected to be fully implemented within two weeks.

He said the MoU further stated that NARD and the Federal Government were finalising processes for addressing failed or omitted payments relating to the 25/35 per cent review and accoutrement allowance.

He said lists of residents due for upgrade were still being awaited from centre leaders to allow completion of the upgrade process, adding that the Post-Assessment Tool (PAT) had been released.

Suleiman stated that the issue of skipping and entry level placement had been resolved following a directive from the OHCSF, while all outstanding matters relating to house officers had also been settled.

He added that an interim directive had been issued to CMDs and MDs to stop what the association described as “obnoxious clauses” in locum engagements.

According to him, an advisory had been sent to health facility heads to limit excessive call duties and ensure adequate breaks for doctors.

He said committees set up to review the locum policy and regulate work hours were expected to produce comprehensive policy documents within two months.

Suleiman added that the Collective Bargaining Agreement (CBA) process would continue as soon as possible, while the discussion on consultant cadre for other health professionals would form part of that engagement.

He added the special pensions committee was also expected to resume its sittings.

Suleiman said the NEC resolved to suspend the strike for four weeks “to allow room and show this uncommon gesture while we follow up implementation.

“Progress has been made, significantly, and this is simply because of the efforts and convictions of NARDites across the country.

“Mistakes have also been made. Kindly rest those mistakes solely on my shoulders as president.”

He added that the next phase would involve sustained engagement with Nigerians and the Federal Government during the four-week window.

“Failure to ensure the full implementation of the above A, B, C, D, will mean the lifting of the suspension on the strike action by NEC and the resumption of the strike.

“The countdown for the four weeks shall start on Monday and shall be a daily reminder to Nigerians and the Federal Government to adequately use this ‘four weeks window’ justly and fully,” he said.

The News Agency of Nigeria (NAN) reports that the Nov. 1 strike—NARD’s latest in a series of industrial actions—was embarked on over unpaid arrears, stalled promotions, allowances, staffing gaps and other welfare-related grievances.