Connect with us

News

2027: Stop wasting your time, you’ve expired, presidency bombs Atiku

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

Since his defeat in the last election, former Vice President Atiku Abubakar has shown more interest in undermining President Bola Ahmed Tinubu than in addressing his party’s implosion. We suspect he is envious of Tinubu’s position—an office he has unsuccessfully sought six times.

It is perplexing that he would elevate his untested, hypothetical proposal, which Nigerians soundly rejected during the 2023 Presidential Election, and seek to present it as a superior alternative to the multi-faceted reform programmes implemented by the Tinubu administration. If his plan lacked popular appeal, he must acknowledge that merely repackaging it will not resolve the social and economic challenges his People’s Democratic Party (PDP) bequeathed after 16 years in power.

Atiku’s economic analysis demonstrates a significant misunderstanding of Nigeria’s realities. His narrative, “What We Would Have Done Differently,” indicates an inability to engage with the pressing economic realities being revitalised multidimensionally under President Tinubu’s leadership.
.
What reforms would Atiku propose at the onset of his hypothetical and fabled presidency? While he suggests a consultation period upon assuming office, the reality is that the Nigerian economy requires immediate and decisive action. A leader must be prepared to tackle challenges from Day One, as President Tinubu has done.

Atiku, going further to accuse President Tinubu of “stealing his presidency,” exposed his sense of entitlement and his disconnect from the electorate. The truth is that Tinubu rightfully won the presidency, a position Atiku was simply unqualified for due to his arrogance, insensitivity to Nigeria’s diversity, and the decision to disregard his party’s power rotation arrangement between the North and the South after eight years of President Muhammadu Buhari.

Advertisement

Atiku’s idea of a consultation period upon entering office shows a troubling lack of awareness regarding the state of the economy, which was in dire need of urgent action. The Tinubu administration came prepared with a firm action plan to address the shortcomings that persisted during President Olusegun Obasanjo’s time when Atiku was vice president.

We can only speculate what detrimental impact Atiku’s proposed lengthy town hall and Village Square meetings would have had on Nigeria’s economy if he had been elected president and taken such an approach. The country needed a proactive leader such as Tinubu, who immediately set to work on addressing economic challenges rather than one who would have squandered precious time on consultations and a questionable privatisation agenda.

Atiku’s critiques of Tinubu’s presidency are mere harebrained propositions devoid of realistic alternatives. He must reckon with the decades of mismanaged economy inherited by the current administration, including exorbitant subsidy expenditures far exceeding government earnings from crude oil. As of mid-2023, the landing cost of fuel was between N500 and N600, while it was sold nationwide at an average of N200. The 2023 budget allocated N3.36 trillion for fuel subsidies until June 2023 against a projected N2.23 trillion in oil revenue for the year. The Nigerian state was on life support.

Instead of conjuring imaginary scenarios, we expect the former vice president to engage with these urgent realities.

Advertisement

The estimated N5.4 trillion savings from subsidy removal in 2024 are being actively directed toward infrastructure development and social intervention programmes, initiatives that will benefit all tiers of government and enhance Nigerians’ quality of life.

We expect Atiku to commend what the Tinubu administration has done concerning revenue generation for the Federation. Without factoring in oil sales, revenue proceeds generated by the Federal Inland Revenue Service almost doubled in the first half of 2024, compared with the level Tinubu met in 2023. The states and councils are more prosperous because of it, as many states have increased the minimum wage for their workers to between N70,000 and N85,000.

Atiku’s proposal to privatise the four government-owned refineries, which collectively can only meet a fraction of the nation’s daily fuel consumption when activated, lacks originality.

In 2007, investors were only willing to offer $160 million for 51% equity in the Port Harcourt Refinery, while the Kaduna Refinery had an offer of $102 million. According to industry experts and the late President Umar Musa Yar’Adua, Nigeria’s Head of State at the time, who cancelled the sale of the refineries by the Obasanjo-Atiku government, the offered bids were considered scrap value.

Advertisement

As vice president, Atiku oversaw the sale of the nation’s assets to private individuals and cronies at low prices. Today, most public enterprises Atiku sold have been stripped and become dead assets.

The model of farming the completely rehabilitated refineries to private sector managers at an agreed-upon rate of return to the government, as adopted by Tinubu’s government, is more practical and value-laden than selling our national patrimony to some private interests that are not technically capable of operating the refineries. The Tinubu administration focuses on revitalising these refineries while supporting modular refineries and the Dangote Refinery, which has greater capacity.

This approach will guarantee domestic production and stabilise retail prices by reducing foreign exchange challenges. It includes selling crude oil to the refineries in Naira, enabling potential cost reductions that could reflect in retail prices.

Regarding Atiku’s allegations of corruption within the NNPC, the fuel subsidy has historically been the leading corruption enabler in the state-owned oil company. President Tinubu’s removal of this subsidy eliminated the most significant incentive for corruption within the NNPC. During his eight-year tenure as Vice President, Atiku and his boss had an opportunity to address this issue but failed to make any significant reforms in the oil sector.

Advertisement

In any case, is it not ironic that an Atiku, who was entangled in corruption allegations, including one in which his wife was indicted and his business associate, former US Congressman William Jefferson, was jailed for 13 years, is now talking about corruption matters?

The suggestion of phased-out subsidy removal is an outdated approach that has historically led to fiscal challenges for countries like Indonesia, which Atiku references. Nigeria has gradually phased out subsidies since 1978, with numerous adjustments made. Fuel prices were adjusted 22 times between 1978 and 2020. Rather than pushing for unrealistic timelines, Atiku should recognise the necessity of President Tinubu’s bold reforms.

Notably, while Atiku peddles his economic fantasies, he has yet to denounce President Tinubu’s removal of the fuel subsidy because he knows that the reform was necessary and correct. We can only urge him to purge himself of the petty, derisive politics of a sore loser.

To alleviate the effect of the fuel subsidy removal on the very poor and vulnerable, the Tinubu administration has embarked on an active social intervention campaign involving cash transfers and the distribution of palliatives. So far, 20 million Nigerians are being targeted for direct cash transfers, an established social protection mechanism described as economically transformative by the World Bank and many development partners. The Tinubu administration has designed well-targeted social inclusion programmes, including student loans, consumer credits, and the Presidential CNG Initiative, all initiated within the first 12 months.

Advertisement

In his foreign exchange management proposal, Atiku declared that a fixed exchange rate system was out of the question. Yet his managed float proposal, another gradualist approach, is still the same as the old fixed exchange rate system, which stagnated the national economy by subsidising forex up to $1.5 billion monthly to a privileged few.

Atiku should remember that a managed float is also known as a dirty float because of its inherent flaws. The system combines elements of fixed and floating exchange rates. The CBN will still have to set the exchange rate and make it available to people and businesses. Access is not guaranteed to all, as it is now.

In conclusion, Atiku’s economic proposals fail to present a viable alternative to Tinubu’s decisive reforms. We encourage him to reassess his approach and repair his reputation as a statesman. The rejection of his proposals in the 2023 election indicates that Nigerians will be reluctant to entertain his future political ambitions.

President Tinubu remains focused on leading Nigeria toward a prosperous future and addressing our nation’s real challenges. Atiku Abubakar should abandon his politics of distraction and fantasies and focus on constructive discourse.

Advertisement

Bayo Onanuga
Special Adviser to the President
(Information & Strategy)
November 10, 2024

Continue Reading
Advertisement
Click to comment

Warning: Undefined variable $user_ID in /home/naijuinz/public_html/wp-content/themes/zox-news/comments.php on line 49

You must be logged in to post a comment Login

Leave a Reply

News

Reps Unveil Final Constitution Amendment Bills, Set for Crucial Vote on State Police

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

…security, electoral reforms, devolution of powers among key proposals

By Gloria Ikibah

The House of Representatives has released the final version of the Constitution Alteration Bills ahead of a decisive vote scheduled for Thursday, signalling a major step in the ongoing effort to reshape key aspects of Nigeria’s constitutional framework.

The proposed amendments, which are expected to come before lawmakers during plenary, are the product of months of consultations, public hearings and stakeholder engagements conducted across the country by the House Committee on Constitution Review.

Advertisement

According to the House, the bills emerged after extensive consideration of proposals submitted by lawmakers, government agencies, professional bodies, traditional institutions, civil society organisations and ordinary Nigerians.

The review process included zonal and national public hearings, expert sessions, consultative meetings and town hall engagements held across the six geopolitical zones to gather public input on critical constitutional issues.

The bills cover a wide range of national concerns, including electoral reforms, judicial reforms, security and policing, local government administration, devolution of powers, fiscal reforms, human rights, citizenship, traditional institutions, legislative matters and the creation of states and local governments.

At the centre of public attention is the proposal seeking constitutional backing for the establishment of state police, a reform that has generated intense debate and attracted widespread support and opposition across the federation.

Advertisement

The proposed legislation seeks to create an additional layer of policing within Nigeria’s security structure while providing constitutional safeguards, operational guidelines and oversight mechanisms to define the relationship between federal and state policing authorities.

The House said the proposal reflects growing national calls for more localised and responsive approaches to tackling insecurity.

Speaking on the release of the final draft, the Deputy Speaker of the House of Representatives and Chairman of the House Committee on Constitution Review, Rt. Hon. Benjamin Kalu, described the development as a significant milestone in the constitutional review process.

According to him: “The release of the final print of these Constitution Alteration Bills reflects the extensive consultations, careful scrutiny, and bipartisan collaboration that have characterised this reform process. These proposals embody the aspirations, concerns, and recommendations expressed by Nigerians from all walks of life.

Advertisement

“Of particular significance is the proposal on State Police, which responds to longstanding calls for a more effective and decentralised policing framework capable of addressing emerging security challenges across the federation. As the House prepares to vote, we remain guided by our constitutional responsibility to strengthen democratic governance, deepen federalism, promote inclusion, enhance security, and build institutions capable of meeting the demands of a modern and prosperous nation.”

The House is expected to vote on the bills during plenary on Thursday, provided the constitutionally required quorum is achieved. If the required number of lawmakers is not present, consideration of the amendments will be postponed to the next legislative sitting in line with constitutional provisions and House rules.
The House leadership reiterated its commitment to an open and transparent constitutional review process, expressing confidence that the proposed reforms would strengthen democratic institutions, improve governance, promote national unity and respond to the evolving aspirations of Nigerians.

Continue Reading

News

SEDC Clears Air on Spending as Senate Review Continues

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

…says no fund paid for Enugu headquarters rehabilitation, pledges full disclosure of records by June 23

By Gloria Ikibah

The South East Development Commission (SEDC) has reaffirmed its commitment to transparency, accountability and full cooperation with the National Assembly, following its appearance before the Senate Committee on the South East Development Commission.

In a statement issued on Tuesday, the Commission said it used the oversight session to provide detailed briefings on its finances, operational activities, procurement procedures, institutional growth, strategic partnerships and ongoing programmes across the South-East.

Advertisement

According to the Commission, the Senate Committee requested additional documentation relating to certain aspects of its operations and expenditure. It said it welcomed the request and sought a short period to compile and submit the required records.

“Following discussions, proceedings were adjourned to a later date pending submission of the requested documents, which the Commission will provide on or before 23 June 2026,” the statement said.

The Commission also addressed issues that have generated public discussion in recent days, particularly expenditure linked to its Abuja Liaison Office and references to what has been described as “implied expenditure”.

Abuja Liaison Office Explained
SEDC said the expenditure associated with its Abuja Liaison Office covered the establishment and operation of a fully furnished office at the Congress Building in Maitama, Abuja.

Advertisement

The Commission explained that the facility serves as its operational base for engagements with the National Assembly, federal ministries and agencies, development finance institutions and strategic partners.

“The expenditure cited reflects the cumulative cost of establishing and running the office since its inauguration on 11 February 2025 to date, covering rent, operational costs, utilities, and basic fit-out works across that entire period”, the statement read.

The Commission added that its board and management remain committed to relocating to its designated headquarters in Enugu as soon as possible.

According to the statement, rather than incur the cost of acquiring a new property, the Commission secured the transfer of an existing building from the Enugu State Government and entered into an agreement with the state to accelerate rehabilitation works and facilitate its relocation.

Advertisement

Clarification on ‘Implied Expenditure’
Responding to reports about so-called “implied expenditure”, SEDC said the references relate to a contract awarded for the rehabilitation of its future headquarters in Enugu.

The building, it noted, was transferred by the Enugu State Government but requires extensive work before it can serve as the Commission’s permanent headquarters.

It further clarified that the expenditure being discussed represents approved financial commitments rather than actual payments.

“The contract was awarded in accordance with the Public Procurement Act 2007, following approval by the Bureau of Public Procurement and the concurrence of the supervising ministry.

Advertisement

“These commitments represent budgeted obligations that have been lawfully committed but not yet disbursed, consistent with established public sector financial management practice. To be precise: this money has not left the Commission’s accounts,” the Commission stated.

Capital Funds Yet to Be Released
SEDC disclosed that it has not received any funding from its capital budget allocation.

Despite this, it said efforts have continued to advance strategic development initiatives across the region while laying the institutional groundwork required for future project implementation.

The Commission noted that spending so far has focused on two key areas: building its operational structure and advancing project development activities that would ordinarily be financed through capital releases.

Advertisement

“It is worth recalling that the Commission received its first disbursement of funds after more than ten months of being in existence,” the statement further said.

The Commission explained that institutional expenditure has included payment of staff salaries and arrears, training for seconded personnel, establishment of operational offices in Abuja and Enugu, and procurement of essential information and communications technology infrastructure.

Project Development and Regional Initiatives
On programme implementation, SEDC said it has financed feasibility studies and due diligence exercises for priority regional projects, including a proposed gas infrastructure partnership with significant economic and industrial implications for the South-East.

The Commission also highlighted its participation in the Intra-African Trade Fair in Algeria, which it said has opened discussions with Afreximbank on establishing a Project Preparation Fund aimed at reviving dormant industries across the region.

Advertisement

Other initiatives cited include the South East Vision 2050 Stakeholder Forum and the South East Venture Capital Programme.

According to the statement, the venture capital initiative has already provided investment support to 25 start-ups drawn from across the South-East.

Records to Be Submitted
SEDC assured the Senate Committee that comprehensive records would be submitted before the next hearing.

Reiterating its commitment to openness and accountability, the Commission said it remains focused on its mandate of driving economic transformation, infrastructure development, investment mobilisation and regional prosperity across the South-East.

Advertisement

“The Commission will submit comprehensive documentation, including procurement records, contract details, payment schedules, and supporting financial records, to the Senate Committee on or before 23 June 2026.

“The Commission remains focused on that mandate and is confident that a full review of the facts and supporting documentation will provide a complete picture of its activities and stewardship of public resources,” the statement added.

Continue Reading

News

Sparks Over ‘Cognate Legislative Experience’

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

By Gloria Ikibah

Proceedings grew animated during debate on a motion by Rep. Jimi Benson seeking a precise definition of “cognate legislative experience” in the House Standing Orders.

Presenting the motion, Benson said the aim was to strengthen institutional memory and ensure experienced leadership within the chamber.

“The House notes that Order 7, Rule 15… states that only members with cognate legislative experience as members of the House of Representatives shall be eligible for appointment as principal officers of the House,” he said.

Advertisement

He added that global parliamentary best practice supported reserving principal offices for seasoned lawmakers to promote continuity and competence.

“The House resolves to define cognate legislative experience as meaning members who have completed at least one full four-year term.

“Resolves to state unequivocally that there is no other definition to the term cognate legislative experience other than as stated”, he stated.

While the motion was seconded and adopted by voice vote, some members raised concerns about its necessity.

Advertisement

Rising on a point of order, Rep. Bob Solomon argued: “Order 7, Rule 1, Sub-Rule 10 has already conferred on you the power to interpret the rules. You are there as an arbiter. This motion is totally redundant.

“What it means is that we are amending our rules for you to be able to exercise that power… You are in the position of a judge, an arbiter. What you say about the rules is final.”

In response, the Speaker maintained that once a question had been put and decided, it could not be revisited.

“After hitting the gavel, we cannot revisit any issue that has already been put to question,” he ruled, drawing the matter to a close.

Advertisement

With the day’s agenda concluded, the House adjourned after setting in motion legislative processes that could reshape price regulation, military pensions, and internal parliamentary governance.

Continue Reading

Trending

Copyright © 2024 Naija Blitz News