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

Published

1 year 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

NDLEA Intercepts Drugs Concealed In Frozen Snails, Electrical Bulbs

Published

13 hours ago

October 19, 2025

Editor

Operatives of the National Drug Law Enforcement Agency have intercepted consignments of illicit drugs concealed in frozen snails, electrical bulbs, and female clothes bound for the United States, the United Kingdom, and the Democratic Republic of Congo.

According to a statement released on Sunday by the agency’s spokesperson, Femi Babafemi, the interceptions were made at the Murtala Muhammed International Airport and a courier company in Lagos.

Babafemi said two suspects have been arrested in connection with the seizures.

“One of them, a cargo agent Boladale Riliwan, was arrested on October 7, 2025, following the discovery of 15 parcels of skunk, a strain of cannabis, concealed in 10 pieces of giant rechargeable electrical bulbs he presented in a carton for airfreight to the Democratic Republic of Congo at the export shed of the Lagos airport,” Babafemi added.

Babafemi said another suspect, a 48-year-old UK-based public health assistant, Olawale Hakeemot, was arrested on October 12 at the departure hall of Terminal 2 of the MMIA, Ikeja.

He said she was found with 2,300 pills of tramadol 225mg concealed in frozen snails while attempting to board a Qatar Airways flight to Manchester, United Kingdom.

“Attempt by another syndicate to export 810 pills of bromazepam hidden in female clothes going to the United States was also thwarted by NDLEA officers at a courier company in Lagos on Thursday, 16th October,” he added.

In Adamawa State, Babafemi said operatives intercepted a suspect, Bello Buba, at an NDLEA checkpoint in Namtari, Yola South Local Government Area, with 38,270 pills of tramadol concealed in the spare tyre, boot, and door compartments of his Honda Civic.

News

PSC Reviews Disciplinary Cases, Reinstates Dismissed Police Officers

Published

15 hours ago

October 19, 2025

Editor

The Police Service Commission has reinstated some police officers who had been punished after reviewing a series of disciplinary cases.

The commission said no fewer than 24 appeals and one pending disciplinary matter were deliberated on during its plenary.

A statement on Sunday by the PSC spokesperson, Ikechukwu Ani, said the decisions were aimed at ensuring fairness and justice in police disciplinary administration.

Among the officers reinstated was ACP Ejiofor Grace Obiageli, who had been compulsorily retired following an incident on September 8, 2023, at Old Netim Division, Akamkpa, Cross River State.

“The Commission approved her reinstatement from the date of her compulsory retirement and to be properly placed so as to be at par with her mates,” Ani added.

Ani also said the commission freed ACP Muhammad Yunusa from a punishment of severe reprimand, restored the rank of CSP Ihekandu Okwuonu, and reinstated him, subject to his date of retirement.

“The Commission also freed ACP Muhammad Awwal Yunusa from a punishment of severe Reprimand, restored the rank of CSP Ihekandu Allwell Okwuonu and reinstated him, but subject to his date of retirement.

“SP Clement Awoyemi got the Commission’s approval for adjustment of his date of reinstatement while ASP Bamiselu Oluwaseun, ASP Ahmed Monday and ASP Imoohi Doora were all reinstated,” he said.

Ani equally said the commission dismissed petitions against DIG Bzigu Dali, describing allegations of falsified records as frivolous.

“The Commission also noted that, as the exclusive body on Police Discipline, the warning letter issued to the officer, and which did not emanate from the Commission, was null and void. It also quashed the reversal of his date of birth from 10th of April 1967 to 10th of April 1966 through a signal”, he said.

Ani said the PSC Chairman, DIG Hashimu Argungu (retd), promised that the commission would continue to ensure that justice is served promptly in all disciplinary cases.

He noted that officers who are cleared of wrongdoing should not have their careers hindered by administrative delays or errors.

“The Commission will henceforth ensure that pending disciplinary matters are treated with despatch so that those found culpable are made to face the consequences while those exonerated are freed to continue with their career progression.

“The Commission will not at any time impede the career progression of any Officer who is not found guilty of any misdemeanour,” Argungu was quoted as saying.

Ani also said at the commencement of its second plenary meeting on Thursday, the Commission approved the promotion of several deserving officers, including the appointment of a new Deputy Inspector-General of Police and the promotion of one Commissioner of Police to the rank of Assistant Inspector-General.

Among those promoted were SP Omenihu Obinna, Commander, Anti-Cult Unit, Abia State Command; DSP Bankole Olajide Joseph, Commander, Bank Guard, Lagos State Command; and several others confirmed as Assistant Superintendents of Police, including Ede Stella Ukamaka of the Police Hospital, Awka, Anambra State; Omeife Bethrand Emeka of 45 PMF, Force Headquarters, Abuja; and Nnamdi Nwoba, O/C Surveillance, Ubakala Division, Abia State Command.

ASP Adeyemi Adeola, Chief of Staff to the Chairman of a Lagos State Task Force, was also promoted to the rank of DSP.

The reinstatements come amid the Police Service Commission’s ongoing efforts to restore confidence in its disciplinary processes and correct administrative injustices within the Nigeria Police Force.

The PUNCH reports that over the years, several officers have petitioned the commission over what they described as wrongful sanctions, arbitrary punishments, or flawed disciplinary proceedings.

News

Police Warn Against Protest In Aso Rock, Environs

Published

23 hours ago

October 19, 2025

Editor

The Nigeria Police Force has warned intending protesters, agitating for the release of Mazi Nnamdi Kalu, against any form of protest around the Aso Rock and its environs.

A statement by the Force Public Relations Officer, CSP Benjamin Hundeyin, in Abuja, said the warning followed an order of a Federal High Court, Abuja.

He said the court, in a suit between the Federal Republic of Nigeria v. Omoyele Sowore & 4 others, on Oct. 17, restrained any form of protest around the Aso Rock and its environs.

“The order restrains the respondents and any other persons or groups acting under their instruction from staging protests within and around Aso Rock Villa and its environs.

“Other areas are the National Assembly Complex, Force Headquarters, the Court of Appeal, Eagle Square and Shehu Shagari Way.

“Accordingly, all intending protesters and counter-protest groups are strongly advised to avoid restricted areas and to refrain from any act capable of provoking confrontation or disturbing public order,” he said.

The police spokesman said the force would ensure the free flow of traffic, protection of lives and property, and security of all law-abiding citizens.

According to him, any person or group that uses protests as cover to incite violence, carry or use offensive weapons, vandalise public or private property, kidnap, or engage in acts likely to cause loss of life or serious injury will be dealt with decisively.

He said offenders would be arrested, subjected to full investigation, and prosecuted under relevant criminal laws, including laws relating to public order, violent conduct and terrorism where applicable.

Hundeyin said those who incite others via social media or other platforms would be investigated and prosecuted, using digital evidence.

He said the Inspector-General of Police (I-G), Mr Kayode Egbetokun, had directed the Commissioner of Police (CP) in charge of the Federal Capital Territory (FCT) and relevant operational commands to ensure strict enforcement of the court’s order.

Hundeyin said the I-G had directed the CP to maintain visible and strategic deployments across vulnerable locations, and ensure the safety of residents and lawful activities in the FCT.

He urged organisers of the protest and participants to avoid the restricted areas specified by the court and refrain from carrying weapons, engaging in provocative conduct, or encouraging others to breach the law.

Hundeyin also urged the protesters to channel their grievances through the courts and other lawful avenues rather than the streets.

The police spokesman said adequate security arrangements had been made to protect lives and property of law-abiding Nigerians.

He enjoined those, not engaging in the protest to go about their lawful businesses without fear as anyone found to be in breach of the court’s order or in contempt of the law and be arrested and prosecuted.