HomeNewsTinubu Admits Lack of Solutions for Nigeria’s Economic Woes

Tinubu Admits Lack of Solutions for Nigeria’s Economic Woes

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Nigeria’s former Lagos state governor and ruling party leader, Bola Tinubu, has admitted that he and his party do not have all the answers for the country’s economic challenges.
Tinubu, who is widely speculated to be eyeing the presidency in 2025, made the remark at a colloquium to mark his 72nd birthday in Abuja on Monday.
He said that the country was facing a “historic moment” of multiple crises, such as insecurity, unemployment, poverty, and inflation, and that the government needed to be more proactive and innovative in addressing them.
He also called for more dialogue and collaboration among the various stakeholders, including the private sector, civil society, and the opposition, to find lasting solutions for the nation’s development.
“We are still learning, we are still growing, we are still building, we are still searching for the right answers,” Tinubu said. “We don’t have all the answers, but we have the courage to admit that.”
He added that the government should not be afraid to borrow money to invest in infrastructure, education, health, and other sectors that would boost the economy and create jobs.
He also urged the government to diversify the economy away from oil dependence and embrace the opportunities of the digital age.
Tinubu’s admission of lack of solutions comes at a time when Nigeria is facing its worst economic recession in four decades, triggered by the COVID-19 pandemic and the slump in oil prices.
According to the National Bureau of Statistics, the country’s gross domestic product (GDP) contracted by 1.92% in 2020, while the unemployment rate rose to 33.3% in the fourth quarter of 2020, the highest on record.
The International Monetary Fund (IMF) has projected that Nigeria’s economy will grow by 2.5% in 2021, but warned that the recovery is subject to downside risks, such as insecurity, low oil prices, and policy uncertainty.
Tinubu’s statement also comes amid criticism from the opposition and some analysts, who have accused him and his party, the All Progressives Congress (APC), of failing to deliver on their promises of change and reform since they came to power in 2015.
One of the critics is former Vice President Atiku Abubakar, who contested against President Muhammadu Buhari in the 2019 election and lost.
Atiku, who belongs to the main opposition party, the People’s Democratic Party (PDP), has recently challenged Tinubu to adopt his economic plans to stabilize the economy and lift millions of Nigerians out of poverty.
Atiku, who is also rumored to be interested in running for president again in 2025, said that he had published his economic blueprint before the 2019 election, and that it was still relevant and viable for the current situation.
He said that his plan focused on creating a conducive environment for business, attracting foreign and domestic investment, boosting revenue generation, reducing wasteful spending, and empowering the youth and women.
He also said that his plan included restructuring the country to give more autonomy and resources to the states and regions, and to address the root causes of insecurity and violence.
Atiku said that he was willing to share his plan with Tinubu and the APC, if they were sincere and committed to solving the economic problems of the country.
“I have the solutions, and I am ready to offer them for free, because Nigeria is more important than any personal ambition,” Atiku said.
However, Tinubu has not responded to Atiku’s challenge, and has instead focused on defending the achievements and policies of the APC-led government.
He said that the government had done well in fighting corruption, improving security, and implementing social welfare programs, such as the conditional cash transfer and the school feeding program.
He also said that the government had initiated several reforms and projects, such as the national identification number, the railway modernization, and the petroleum industry bill, to improve the governance and development of the country.
He said that the APC was the best party for Nigeria, and that he would continue to support and work with President Buhari to deliver on the mandate of the people.
He also appealed to Nigerians to be patient and supportive of the government, and to have faith in the future of the country.
“We have a great country, we have a great people, we have a great destiny,” Tinubu said. “We will overcome our challenges, we will achieve our dreams, we will make Nigeria great again.”

Source: Tribune

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