In the midst of a surging inflation rate, the Presidency asserted on Sunday that Nigerians are currently experiencing the lowest living costs in Africa. The administration, led by President Bola Tinubu, emphasized its dedication to addressing economic and security challenges.

Acknowledging that the implemented reforms might bring immediate discomfort, the Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, stated that these measures are aimed at ushering in an era of prosperity in the medium and long terms.

This response came in the form of a statement titled ‘Atiku Abubakar and his new hobby,’ signed by Mr. Onanuga. The remarks were prompted by accusations from Atiku Abubakar, the 2023 presidential candidate for the Peoples Democratic Party. Atiku criticized Tinubu’s economic policies, alleging that they were shattering hopes, causing pain, and instilling despair among Nigerians.

In his Sunday statement, Atiku contended that President Tinubu’s inadequate response to the nation’s challenges was laying the groundwork for a prolonged and more profound economic crisis.

Atiku said, “The economy’s performance has, in recent weeks and months, been a subject of intense discourse among Nigerian citizens at home and abroad.  Nigerians are gravely concerned, and rightly so, that Tinubu’s poor response to Nigeria’s economic challenges is setting the stage for a prolonged and deeper domestic economic crisis.

“His economic policies, drawn from a so-called Renewed Hope Agenda, are ironically dashing hopes, creating pain and causing despair.  The private sector is shrinking by the day as small businesses are emasculated and as Multinational Companies, confused and weary of the economy, leave Nigeria in droves. The intense cost of living pressures has created more misery for the poor in towns and villages. There is hunger in the land as basic commodities, including BREAD, are becoming out of reach for average Nigerians.

“BAT has shown no capacity to deal with the adverse and disastrous impact of the new subsidy regime on the people and businesses and the new foreign exchange policy, which provides for a free-floating exchange rate. His initiatives are uninformed, arbitrary, and chaotic.  BAT’s palliatives are too mean, pitiable, and contemptuous of the poor. He seems genuinely lost, bewildered, and overwhelmed.”

But the Presidency faulted Atiku’s assertions about the rising cost of living saying, “His claim that the government’s policies have created intense cost of living pressures are also not grounded on facts as recent comparative cost of living indices show that Nigerians still enjoy the lowest cost of living in Africa.”

 “Atiku’s claims that the private sector is shrinking and that multinational companies are leaving our companies in ‘droves’ are not grounded on facts,” it added.

Onanuga said the former Vice President “should be honest enough to admit that President Tinubu inherited a weak economy,” which, to all intents and purposes…needs a complete overhaul.

 “Nigerians can easily see through the hypocrisy of Alhaji Atiku, who in accusing President Tinubu of poor response to the nation’s challenges and causing pains and despair, didn’t offer any better policy options in his run for the Presidency different from the economic reform agenda being pursued by President Tinubu,” the statement further read.

It added that reputable local and international agencies who understand the situation the Tinubu administration found itself have commended the administration, having seen a policy trajectory that is clearly positive, realistic and sustainable.

The Presidency emphasised that the administration has initiated extensive fiscal and tax policy reforms geared towards fostering a rapid recovery and stimulating economic growth. In response to detractors, it asserted that the serious work of nation-building, already underway under President Tinubu, cannot be thwarted.