Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, has launched a sharp critique against former Vice-President Atiku Abubakar, accusing him of promoting “economic fantasies” and engaging in petty politics amid their growing rift.
Onanuga’s comments, made in a statement on Sunday, came in response to ongoing exchanges between the presidency and Abubakar, who recently suggested measures to address Nigeria’s economic challenges. The tension between the two leaders intensified last week when Abubakar claimed he could not envy President Tinubu, accusing the administration’s policies of causing hardship for Nigerians.
However, Onanuga rejected Abubakar’s remarks, asserting that his critiques lacked substance and practical alternatives. He emphasized that the former vice president had failed to acknowledge the scale of economic mismanagement inherited by the current administration.
“Atiku’s critiques of Tinubu’s presidency are mere harebrained propositions devoid of realistic alternatives,” Onanuga stated. He further pointed out the difficulties the current government faced due to a mismanaged economy, including exorbitant subsidy expenditures that far outstripped government earnings from crude oil.
Onanuga explained the dire state of Nigeria’s finances, citing the unsustainable fuel subsidy system. “As of mid-2023, the landing cost of fuel was between N500 and N600, while it was sold nationwide at an average of N200. The 2023 budget allocated N3.36 trillion for fuel subsidies until June 2023 against a projected N2.23 trillion in oil revenue for the year. The Nigerian state was on life support,” he said.
Onanuga also highlighted the success of the Tinubu administration in improving revenue generation, pointing out that the Federal Inland Revenue Service (FIRS) had nearly doubled its revenue in the first half of 2024 compared to the previous year. He noted that this increase in revenue has had positive effects on state finances, with many states now able to raise the minimum wage for workers to between N70,000 and N85,000.
“We expect Atiku to commend what the Tinubu administration has done concerning revenue generation for the Federation,” Onanuga added.
Turning to Abubakar’s economic proposal to privatize Nigeria’s four government-owned refineries, Onanuga dismissed it as lacking innovation and practicality. He pointed out that the refineries could only meet a small fraction of the nation’s daily fuel consumption even when fully operational.
“Atiku’s proposal to privatize the four government-owned refineries, which collectively can only meet a fraction of the nation’s daily fuel consumption when activated, lacks originality,” Onanuga stated.
Onanuga concluded by accusing Abubakar of failing to offer a viable alternative to the “decisive reforms” carried out by the Tinubu administration. He also urged the former vice president to focus on restoring his reputation as a statesman. “Atiku should repair his reputation as a statesman,” Onanuga said.
