If won in the presidential election on February 25, 2023, Peoples Democratic Party (PDP) nominee Alhaji Atiku Abubakar has outlined the steps he would take to put Nigeria on the path of economic progress.
In a statement that he personally signed on Monday in Sokoto, he made this claim.
The former vice president considers Moody’s decision to lower the country’s credit rating from B3 to Caa1 to be a worrying move.
Atiku claimed that Moody’s findings regarding Nigeria’s worsening fiscal and debt situation were a direct criticism of the country’s political establishment and a confirmation that the All Progressives Congress (APC) lacked the necessary skills to address Nigeria’s economic issues.
According to the PDP’s flagbearer, if elected in
If elected in 2023, the PDP presidential candidate promised to swiftly scrutinize government spending and close all loopholes.
In order to increase expenditure effectiveness, he said that he would reduce financial support for underperforming state-owned businesses and reform the government’s procurement procedures.
Atiku also pledged to lessen the reliance on debt to pay for government operating and capital expenses.
Atiku stated, “Late last week, Moody’s Investors Service (The Moody’s) lowered the Nigerian Government’s Credit Rating from B3 to Caa1. This was regrettably, but not unexpected. This downgrading is really serious.
“Moody’s notes the FGN’s deteriorating fiscal and debt position and its inability to address same; it notes the “exacerbating policy trading-off” between debt servicing and the financing of vital sectors, including education, health, and other social programs; it also notes the government’s inability to curb its addiction to deficit financing and its appetite for more money from the Central Bank’s Ways and Means.” All three views are clear criticisms of the political elite of the nation for mismanaging our financial resources. The APC-led administration lacks the essential skills needed to develop and put into action creative solutions to our issues and carry out its duties with the intended impact.
“If given the chance to govern the nation, I would behave differently and alter Nigeria’s economic course for the better. To increase liquidity and the management of our financial resources, I will carry out a comprehensive fiscal reorganization.
“Among other things, I will analyze government spending right away with the goal of stopping all leaks caused by subsidy payments.
“Secondly, I will discontinue providing any financial assistance to struggling and subpar State-Owned Enterprises.
“Third, I’ll take measures to increase spending effectiveness by gradually cutting back on government recurrent costs.
“Fourth, I’ll evaluate government procurement procedures to make sure they’re cost-effective and stop any leaks.
“If given the chance to govern the nation, I would behave differently and alter Nigeria’s economic course for the better. To increase liquidity and the management of our financial resources, I will carry out a comprehensive fiscal reorganization.
“Among other things, I will analyze government spending right away with the goal of stopping all leaks caused by subsidy payments.
“Secondly, I will discontinue providing any financial assistance to struggling and subpar State-Owned Enterprises.
“Third, I’ll take measures to increase spending effectiveness by gradually cutting back on government recurrent costs.
“Fourth, I’ll evaluate government procurement procedures to make sure they’re cost-effective and stop any leaks.
