Forner Vice President Atiku Abubakar has come under fire
over his recent criticism of the President Bola Tinubu administration’s
management of the country’s external reserves.
In a recent statement, Atiku accused the Federal Government
of poor economic management, citing the drop in external reserves despite
rising oil earnings.
However, an economic think-tank, Advocates for Economic and
Political Advancement, on Tuesday described Atiku’s comments as “cheap politics
dressed up as concern” and pure propaganda.
In a statement signed by Dr Opialu Fabian, the economic
think-tank said Atiku’s comments were not rooted in genuine economic analysis
but driven by bitterness after multiple unsuccessful attempts to lead the
country.
The Advocates for Economic and Political Advancement
dismissed Atiku’s reference to Nigeria’s external reserves of about $48.45
billion as evidence of failure.
Opialu noted that the same economic framework projects the
reserves to rise above $51 billion within the year, describing the situation as
a managed adjustment within an ongoing reform cycle rather than a decline.
He argued that reserves are influenced by several factors,
including exchange rate management, capital flows, and liquidity interventions
by the Central Bank, and should not be viewed in isolation or used for
political effect.
“Select a number. Strip it of context. Amplify it for
political effect. That is not economic analysis. That is political theatre,”
the think-tank said while highlighting what they described as significant
macroeconomic improvements under President Tinubu’s Renewed Hope Agenda.
They pointed to projected economic growth of 4.49 percent, a
sharp drop in inflation from over 34 percent to about 14.5 percent — with
expectations of further decline to around 12.94 percent — as well as a balance
of payments surplus and gradual return of investor confidence.
Advocates for Economic and Political Advancement backed the
appointment of Taiwo Oyedele as Minister of Finance and Coordinating Minister
of the Economy, saying it signals a new era of policy coherence, structured tax
reforms, improved revenue generation, and better utilisation of idle funds and
public assets.
It noted that over $20 billion currently sits idle in the
banking system under reserve requirements, while many public assets worth tens
of trillions of naira remain underutilised, adding that addressing these
inefficiencies forms a core part of the ongoing reforms.
While acknowledging that Nigeria is still in a transition
phase with attendant challenges, the group maintained that the bold decisions
taken by the Tinubu administration, particularly the removal of fuel subsidies
and unification of the foreign exchange market, were necessary and are
beginning to produce positive results, including increased disbursements to
states for development projects.
The Advocates urged Nigerians to focus on the broader
picture of structural reforms rather than short-term fluctuations, calling on
political actors, especially Atiku Abubakar, to engage honestly with facts
instead of recycling talking points that ignore visible progress.
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