{"id":311777,"date":"2024-02-26T00:31:52","date_gmt":"2024-02-25T23:31:52","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=311777"},"modified":"2024-02-26T00:31:52","modified_gmt":"2024-02-25T23:31:52","slug":"emulate-argentinas-style-of-economic-reforms-atiku-tells-tinubu","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2024\/02\/26\/emulate-argentinas-style-of-economic-reforms-atiku-tells-tinubu\/","title":{"rendered":"Emulate Argentina\u2019s style of economic reforms \u2014 Atiku tells Tinubu"},"content":{"rendered":"<ul>\n<li><strong>Says Milei inherited a worse condition than Nigeria\u2019s, but what he did to return his country to a place where investors are \u2018starting to believe\u2019 should serve as a lesson to Bola Tinubu<\/strong><\/li>\n<\/ul>\n<p>The Presidential Candidate of the Peoples Democratic Party (PDP), in the 2023 general elections, Atiku Abubakar, has advised President Bola Tinubu to take lessons about reforms from his Argentine counterpart, Javier Milei.<\/p>\n<p>Atiku gave the advice on his X handle, as contained in a statement issued by his Media Office, Abuja, on Sunday.<\/p>\n<p>The <a href=\"https:\/\/www.withinnigeria.com\/news\/2024\/02\/19\/tinubus-hurriedly-put-together-forex-policies-responsible-for-present-situation-atiku\/\" target=\"_blank\" rel=\"noopener\">former Vice President<\/a> was quoted as saying, \u201cI read a recent report in Reuters titled: Argentina\u2019s market double down on Milei as investors \u2018start to believe\u2019.<\/p>\n<p>\u201cI took a keen interest in reading the report because I know quite well that Argentina and Nigeria closed the last quarter of the year 2023 on a similar path of economic downturn.<\/p>\n<p>\u201cIn the case of Nigeria, a new government was installed at or about the middle of 2023, for Argentina, the new government came on board in December.<\/p>\n<p>\u201cBoth leaders inherited a disoriented economy, but both applied different measures to recovery.<\/p>\n<p>\u201cPresident Javier Milei of Argentina was sworn into office on 10 December 2023. He inherited a worse condition than Nigeria\u2019s.<\/p>\n<p>\u201cBut what he did to return his country to a place where investors are \u2018starting to believe\u2019 should serve as a lesson to Nigeria\u2019s Bola Tinubu.<\/p>\n<p>\u201cNigeria is where we are today simply because of what Tinubu has done or did not do.<\/p>\n<p>\u201cHis shifting the blame on the opposition and, even ridiculously, his predecessor is needless and myopic. Market forces don\u2019t play politics. They respond to your actions and inactions.\u201d<\/p>\n<p>Atiku further said, \u201cPresident Milei\u2019s major campaign promise was to reposition the Argentine economy after years of slow growth, high debt levels, triple-digit inflation (160% when he took over the Presidency in December 2023) and 40% poverty rate.<\/p>\n<p>\u201cHis first task was to begin implementing measures to achieve greater macroeconomic stability and promote higher global competitiveness.<\/p>\n<p>\u201cHe came into the office with a comprehensive stabilization plan, which seeks to implement far-reaching measures within the context of a market-oriented economy.\u201d<\/p>\n<p>Atiku noted that unlike Tinubu, the Argentinian President started off cutting government expenditure by cutting the size of government and wastages; blocked stealing of government funds, and attracted Foreign Direct Investment (FDI) through concessions, tax holidays, and improved ease of doing business.<\/p>\n<p>He also said it was worthy of note that President Milei flies regular business class for all his travels \u201cand does not offer the presidential fleet of Argentina for his son\u2019s birthday.\u201d<\/p>\n<p>Adding, \u201cLikewise, there is no settlement for his hangers-on and political allies through unwieldy and burdensome appointments to public offices.<\/p>\n<p>\u201cArgentina\u2019s Milei did not build the largest government like Tinubu did at a time when our economy was and still on its knees.<\/p>\n<p>\u201cThe examples set by President Milei are the requirement of leadership in a time when the economy has begun to fail the expectations of the people.\u201d<\/p>\n<p>Atiku also took a swipe at reforms so far taken by the Tinubu administration.<\/p>\n<p>He said, \u201cThe reforms so far implemented by the Tinubu administration are ad hoc and hurriedly put together without proper review. Ours is unlike Argentina\u2019s Milei, who is sequencing his reforms.<\/p>\n<p>\u201cPresident Milei anticipates the after-reform shocks and admits that things will be tough for the people. But he is fully prepared for the aftershocks and has in place mitigating pills.<\/p>\n<p>\u201cHe walks the talk. He makes sacrifices himself by giving up perks of office.<\/p>\n<p>\u201cIt is not business-as-usual for the presidency while the people are called upon to make sacrifices.<\/p>\n<p>\u201cArgentina runs a lean government by reducing the number of ministries, privatizing nearly 40 state-owned enterprises, and reducing wasteful spending.<\/p>\n<p>\u201cConversely, Tinubu in Nigeria increased the number of ministers and ministries and is spending enormous resources renovating houses for himself, his deputy, and the first lady.<\/p>\n<p>\u201cThat is nothing short of Nero playing fiddle while Rome is on fire!<\/p>\n<p>\u201cWorse still, Tinubu has refused to roll up his sleeves and do the work that he signed up for. Instead, he and his team are preoccupied with behaving like Napoleon and Squealer, characters in the satire book Animal Farm, who made it a state policy scapegoating Snowball (the opposition) for their own failures arising from their ill-advised policies.<\/p>\n<p>\u201cI am attracted to the reforms in Argentina because Javier Milei\u2019s stabilization plan bears a similar emblem with my Recover Nigeria Plan.<\/p>\n<p>\u201cIt is a plan that I am more than willing to disclose details of its workings with the current government in order to take Nigeria out of the depth of hunger and anger that we find ourselves in.<\/p>\n<p>\u201cThe plan includes strategic steps we must take to recover the economy and make it stronger, dynamic, resilient, and competitive.<\/p>\n<p>\u201cWe had outlined plans to relax the fiscal constraints facing us to include:<\/p>\n<p>\u2022 Improving Spending Efficiency and Blocking Leakages<\/p>\n<p>\u2022 Saving money through:<\/p>\n<p>a. A review of fiscal support for non-performing government enterprises and the privatization of those that can not sustain themselves.<\/p>\n<p>b. Steps to improve spending efficiency through a gradual reduction in government recurrent expenditures, ensuring that those expenditures reflect higher levels of service delivery. Over the medium term, recurrent expenditures should not exceed 45% of the budget.<\/p>\n<p>\u201c c. A review of government procurement processes to ensure high levels of transparency, competitiveness, and value-for-money and eliminate all leakages.\u201d<\/p>\n<p>He declared that unless, and until there are clear-cut policies and pathway to economic rejuvenation predicated on a leadership led sacrifice, there will be discontentment, especially among the youths, which may find expression in protests and for which it will be silly to continue to blame the opposition for.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Says Milei inherited a worse condition than Nigeria\u2019s, but what he did to return his country to a place where investors are \u2018starting to believe\u2019 should serve as a lesson to Bola Tinubu The Presidential Candidate of the Peoples Democratic Party (PDP), in the 2023 general elections, Atiku Abubakar, has advised President Bola Tinubu to [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":297893,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_override_bookmark_settings":{"override_bookmark_button":"0","override_show_bookmark_button":"0"},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[2],"tags":[4635,1029,704,28],"class_list":["post-311777","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-argentina","tag-atiku","tag-economy","tag-tinubu"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Emulate Argentina\u2019s 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