Learn from Argentina’s economic reforms, Atiku tells Tinubu
The 2023 presidential candidate of the Peoples Democratic Party, Atiku Abubakar, has advised President Bola Tinubu to take a lesson from how the President of Argentina, Javier Milei, turned around the economy of his country.
Tinubu’s economic policies, including the removal of fuel subsidy, have resulted in economic hardship, making it difficult for many Nigerians to afford basic necessities.
Atiku, in a statement on Sunday, titled “Argentina’s Javier Milei approach to reforms should serve as a lesson for Tinubu,” drew a comparison between the state of the economy inherited by both Tinubu and Milei.
The ex-VP said, “Both leaders inherited a disoriented economy, but both applied different measures for recovery. President Javier Milei of Argentina was sworn into office on 10 December 2023. He inherited a worse condition than Nigeria’s. But what he did to return his country to a place where investors are ‘starting to believe’ should serve as a lesson to Nigeria’s Bola Tinubu.”
Atiku, who attributed the hardship in Nigeria to Tinubu’s economic policies, argued that, unlike his Argentine counterpart, Tinubu had refused to roll up his sleeves to do the work he signed up for and continued to lead a profligate regime notwithstanding that Nigeria was broke.
“Nigeria is where we are today simply because of what Tinubu has done or did not do. His shifting the blame on the opposition and, even ridiculously, his predecessor is needless and myopic. Market forces don’t play politics. They respond to your actions and inaction.
“President Milei’s major campaign promise was to reposition the Argentine economy after years of slow growth, high debt levels, triple-digit inflation (160 per cent when he took over the Presidency in December 2023), and a 40 per cent poverty rate). His first task was to begin implementing measures to achieve greater macroeconomic stability and promote higher global competitiveness.
“He started off cutting government expenditure by cutting the size of government and wastage; blocked the stealing of government funds, and attracted Foreign Direct Investment through concessions, tax holidays, and improved ease of doing business.