Atiku: Buhari failed to heed my warning, lists ways out of recession

Atiku asks Buhari to mobilise military veterans in battle against terror
Buhari and Atiku

By Kazeem Ugbodaga 

Former Vice President, Atiku Abubakar on Sunday lamented that President Muhammadu Buhari failed to heed his warning which eventually led the nation into another recession, even as he suggested ways out.

Nigeria slipped into a second recession in five years on Saturday, according to the Nigerian Bureau of Statistics.

However, Atiku said it is with a very heavy heart that he received the confirmation that for the second time in five years, Nigeria has entered into another recession.

“Heaviness of heart, because this could have been avoided had this administration taken heed to patriotic counsel given by myself and other well meaning Nigerians on cutting the cost of governance, saving for a rainy day, and avoiding profligate borrowing.

”Yes, the COVID19 pandemic has exacerbated an already bad situation, however, we could have avoided this fate by a disciplined and prudent management of our economy,” he decried.

He said the administration of Buhari must act now, by taking necessary, and perhaps painful actions.

Atiku stated that for a start, the proposed 2021 budget presented to the National Assembly on Tuesday, October 8, 2020, is no longer tenable, as Nigeria neither has the resources, or the need to implement such a luxury heavy budget.

“The nation is broke, but not broken. However, if we continue to spend lavishly, even when we do not earn commensurately, we would go from being a broke nation, to being a broken nation.

”As a matter of importance and urgency, every non-essential line item in the proposed 2021 budget must be expunged. For the avoidance of doubt, this ought to include estacodes, non emergency travel, feeding, welfare packages, overseas training, new vehicle purchases, office upgrades, non salary allowances, etc.

“Until our economic prospects improve, Nigeria ought to exclusively focus on making budgetary proposals for essential items, which include reasonable wages and salaries, infrastructural projects, and social services (citizenry’s health, and other human development investments).

”Additionally, we have to stimulate the economy, by investing in human development, and increasing the purchasing power of the most vulnerable of our population. Only a well developed populace can generate enough economic activity for the nation to exit this recession,” he said.

According to Atiku, the nation must invest in those most likely to be impacted by the effects of the recession, the poorest of the poor, as well as stimulating the economy, saying this also ensured that they did not slip further into extreme poverty.

“For example, a stimulus package, in the form of monthly cash transfers of ₦5000 to be made to every bank account holder, verified by a Bank Verification Number, whose combined total deposit in the year 2019 was lower than the annual minimum wage.

”Now, how will this be funded? By more profligate borrowing? No. I propose a luxury tax on goods and services that are exclusively accessible only to the super-wealthy. A tax on the ultra wealthy to protect the extremely poor.

”A practical approach to this is to place a 15% tax on all Business and First Class tickets sold to and from Nigeria, on all luxury car imports and sales, on all private jets imports and service charges, on all jewellery imports and sales, on all designer products imported, produced or sold in Nigeria, and on all other luxury goods either manufactured, or imported into Nigeria, with the exception of goods made for export.

”The proceeds of this tax should be exclusively dedicated to a Poverty Eradication Fund, which must be managed in the same manner as the Tertiary Education Trust Fund, or the Ecological Fund.

”I further propose that a 1% poverty alleviation tax should be legislated by the National Assembly on the profits of every International Oil Company operating in Nigeria, and international airlines doing business in Nigeria, which should also go towards the proposed Poverty Eradication Fund.

”It is inhumane for us as a nation to increase the cost of goods and services that affect the poor, while keeping the cost of luxuries fairly stable. We must flip this, and flip it immediately,” he stated.

Atiku added that above all, Nigeria must stop borrowing for anything other than essential needs, saying for the avoidance of doubt, borrowing to pay salaries, or to engage in White Elephant projects, is not an essential need.

”This is particularly important as we need cash at hand, because the world and our economic and development partners are also focused on helping their home economies overcome effects of COVID19. We must be our own saviours.

”The more we borrow, the more we will need cash to make interest and principal payments, and the less cash we will have to make necessary investments in our economy and our people. If we keep borrowing, we stand the risk of defaulting, and that will make recession a child’s play, because we will lose some of our sovereignty.

”I urge the administration of President Muhammadu Buhari to swallow its pride, and accept its limitations, so that they can open their minds to ideas, without caring who the messenger is,” he stated.

5 COMMENTS

  1. Hahahahahahahahahaa Atiku that cannot pay his workers salaries is the one to give advise in a covid 19 economy, unless he can pull rabbits out of his ass, otherwise nothing.

    Economies that manufacture are in recession, the EU is in recession not to talk of economies that depend on selling of an unstable commodity to economies that are on semi lockdown.

    The PDP should be ashamed because under them, there was money from sell of crude oil yet they left no infrastructures, President Jonathan said he built 200 Almajiri schools hahahaha

  2. He think he can do better than President Buhari, that was why he paid 250,000,000.00 million naira for fake election results from fake man made server, Atiku, Babangida and Obasanjo gave birth to looting and corruption in Nigeria, Atiku drinks corruption like pap, he has nothing in his head than corruption, I think you’re getting ready for 2023, we waiting on you, 2023 will be worse than 2019, you are and IPOB runaway are from the same place, you and Kanu migrated to Nigeria, we going back to history, you are both from CAMEROUN
    Jasper knows nothing, he’s here in the USA, he was also corrupt those days, he contested as student union president, University of Nigeria Nsuka ask him what dropped from the race,
    I will say it a million times PMB, he’s one of the best President/Leaders in the WORLD!
    He has only one wife, he can’t afford to pay { 1 million dollars } dowry for Igbo lady, he has no home in Dubai, he has no Jet, he did not go to TRUMP to ask him how did he hack America election, we have all this facts, everything is on record. Atiku is a disgrace to Nigeria Nation, desperation led him to pay {250 million naira } for fake election results, Atiku shame on you, He speaks as if he know it all, you were there for eight years, you busy stealing preparing 2019 race, Obasanjo is now your friend after you blocked his third term ambition and you think he has forgiven you, No you miss it.OBJ don’t forgive, Have you heard TRUMP your friend will be living the WHITE HOUSE within days bro !

  3. He even thinks he is the alternative president. Idiot . An illiterate like you parading yourself as the bet should go and rest. You can never rule Nigeria. Be sure of this.
    Almost every country in the world is experiencing economic hardship and even recession. Britain is in it too. What was your advice to Britain which they did not take? What was your advice to USA which they did not take. Atiku,Nigerians are smarter than you. You are finished politically.

  4. Who needs your advice? This is the same corrupt person that wants to sell the NNPC to his friends. You have lost all credibility a long time ago. Nigeria doesn’t need a President with four wives and twenty children. Just go away.

    • Nigeria’s economy is destroyed because they have a poorly educated man as a president.

      You can’t vote in a half baked, poorly educated and unqualified man as. President and expect to reap economy upturns and boom.

      The situation is made worst because of the president’s prejudices, bigotry and CLUELESSNESS.

      Ordinarily, this President would have succeeded despite his shortcomings, if he had made his appointment to various parastatal based on meritocracy instead of cronyism, affiliations and ethnicity.

      His former inspector general of police was a disaster. Technical chief judge making some stupid declaration. Imo state people and the world are still in shock. EFCC chairman, MAGU is worst than the politicians he was supposed to prosecute and checkmate.

      Ask me the metaphor of tribalism, prejudices, CLUELESSNESS, clannishness, nepotism protectionism sadism, cronyism, sectionalism and failure and I will show you the pictures of this President.

      The first time Nigeria entered economy recession was under this President’s military regime, just 5 years of his misadventure and foray into governance again, Nigeria is on the third recession.

      Historically, the 3 times Nigeria was on recession was under this President’s watch, yet he hasn’t seen the need for HIS long over due resignation.

      What a failed President. What a political baggage. History Must judge him harshly. Providence will never be fair with him.

      What a situation. I take a stroll. Nonsense.

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