Presidential candidate of the African Democratic Congress, ADC, Atiku Abubakar, has criticised President Bola Tinubu’s economic policies, arguing that the country’s worsening hardship is the result of policies centred on borrowing, importation and taxation instead of production.
Atiku disclosed this in a statement by his spokesperson,
Phrank Shaibu on Monday, where he argued that the country’s worsening economic
hardship reflects years of policies that encouraged importation at the expense
of local production.
Atiku maintained that Nigeria’s economic recovery depends on
producing more food locally, expanding manufacturing and increasing exports
rather than relying heavily on imported goods.
He said the current economic model has weakened local
industries, reduced job opportunities and contributed to rising inflation
across the country.
“Nigeria cannot borrow, import and tax its way to
prosperity. The country’s economic salvation lies in producing what it eats,
manufacturing what it uses and exporting what it makes,” Atiku said.
The presidential candidate argued that successive policies
had rewarded consumption instead of production, leaving Nigeria dependent on
foreign goods while local industries struggled to survive.
“For too long, we have celebrated importation while
neglecting production. We import food that should be grown in our fields, goods
that should be manufactured in our factories and even raw materials that ought
to be processed by Nigerian hands. No nation has ever become prosperous by
exporting jobs and importing poverty,” he stated.
Atiku cited rising food prices and declining industrial
output as evidence of what he described as the failure of the current economic
approach.
According to him, food inflation currently stands at 17.52
per cent nationally, while states such as Kogi and Niger recorded food
inflation rates of 53.02 per cent and 43.83 per cent respectively.
Atiku argued that the rising cost of food and weakening
industrial output have made it increasingly difficult for many Nigerian
families to afford basic necessities, describing the situation as evidence that
the current economic model is failing ordinary citizens.
He also claimed that Nigerian manufacturers spent about
N3.53 trillion importing raw materials within six months, warning that the
continued decline in local manufacturing was weakening the economy.
“We are exporting jobs, importing inflation, weakening the
naira and mortgaging our future,” he added.
The former Vice President said an ADC administration would
prioritise agriculture, manufacturing, solid minerals, technology and value
addition to reduce Nigeria’s dependence on imports.
He pledged that his government would restore security in
farming communities, improve electricity supply, stabilise the naira, reduce
import duties on industrial machinery not produced locally, provide affordable
credit for farmers and manufacturers, invest in infrastructure and reform the
tax system to encourage production.
Atiku also referenced the economic reforms implemented
during the administration of former President Olusegun Obasanjo, where he
served as Vice President, saying they attracted private investment and boosted
economic growth.
“Factories cannot thrive where borrowing is prohibitive,
energy is unaffordable, the currency is unstable and consumers are too poor to
buy locally made goods. Our mission is simple: Produce in Nigeria. Employ
Nigerians. Consume Nigerian products. Export Nigerian excellence,” he said.
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