Bake Bigger Cake, Not Bigger Debt, Atiku Tells Buhari Govt

Former Vice President Atiku Abubakar on Tuesday said the President Muhammadu Buhari-led federal government has no reason to celebrate the reported Gross Domestic Product growth of 3.4 per cent in the second quarter (April- June) of 2022 but should address the country’s embarrassing debt profile.

‘‘We need to bake a bigger cake and not bigger debt,’’ he said in a statement made available through electronic mail.

‘‘The plain truth is that the economy is in deeper trouble than the APC-led government is willing to admit,’’ said Atiku,  who is also the Presidential candidate of Nigeria’s main opposition, the People’s Democratic Party (PDP).

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The National Bureau of Statistics (NBS) had, last week, released the GDP figures for Q2 2022 wherein it announced a 3.4 [per cent growth for which Atiku said the President Buhari government has been unreasonably upbeat.

‘T‘he citizens’ level of misery hasn’t changed, and the reasons are obvious: first, the key sectors of the economy, notably agriculture, oil and gas (the country’s cash cow) and manufacturing  (that contributes to jobs), are either growing slowly or declining,’’  the former President said.

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‘‘Second, unabated are rising commodity prices occasioned by high energy and transportation costs (and aggravated by the disorderliness in the forex market).

Also, debt levels continue to rise while the fiscal capacity to service its debts is declining. All these are enough to erase the perceived gains from output growth.’’

According to Atiku Abubakar, ‘’having run out of ideas, it appears that our unprecedented level of indebtedness is whetting the government’s appetite for more debt. This is a recipe for macroeconomic instability.

‘’We challenge the National Bureau of Statistics to share with the public their recent statistics on poverty, unemployment and commodity prices — the reality of which will leave no hope for the common man,” Atiku said.

‘‘As I have said before, increasing debts will never be a solution to our indebtedness. My government, if elected, will halt the rate of debt accumulation and instead focus on private-public partnerships in financing development.

‘’Also is the consideration of a government of national unity that will douse the temperature, unite Nigerians and pave the way for improved security. Improved security allows for investments and, therefore, an improved economy. Also targeted tax rebates to attract foreign and local investments, amongst other proactive measures to attract investments to grow the economy.’’