Tinubu’s Economic policies not working – APC Chieftain

A Senator who represented Taraba Central, Abubakar Yusuf, has declared that the economic policies of President Bola Ahmed Tinubu are not yielding the expected results.

His comment is one of the strongest internal critiques yet from within the ruling All Progressives Congress.

The comment underscores the growing dissatisfaction within sections of the ruling party over the direction and impact of the administration’s economic reforms amid rising living costs and fiscal pressures across the country.

Yusuf, who served in the Senate between 2015 and 2023 under the platform of APC, made the remarks during an appearance on Channels Television.

Responding to a question on whether the administration’s economic direction, often referred to as Tinubunomics, is working, Yusuf answered in the contrary.

“For me, it is not working. I am a member of the APC. I would be the last person to hide the facts”, he disclosed.

He said while the government might be operating diligently within its policy structure, the framework itself is ill-suited to Nigeria’s current realities.

“Within the policy framework, yes, they are doing their best, but it is not the framework that is suitable for Nigeria at the point in time that President Asiwaju came into power,” he said.

Yusuf criticised the immediate removal of fuel subsidy on the day the president was sworn in, arguing that the decision lacked sufficient consultation and planning.

“I am one of those who say President Asiwaju ought to have waited. Not on the day he was sworn in to say subsidy is gone. On what basis?” he asked.

He urged broader engagement before major fiscal decisions are taken.

“Sit down with your cabinet, sit down with your ministers, sit down with your advisers,” he said, dismissing the argument that subsidy removal was justified solely on grounds of corruption.

The former lawmaker identified “structural flaws” in the country’s budgeting system, particularly the envelope budgeting model.

“One of the basic problems is that before you budget, you should have a plan. The envelope system we have been operating has been you budget before you plan. That has been a major issue”, he said.

He argued that allocating spending ceilings without aligning them to concrete development strategies inevitably weakens implementation and delivery.

“If you give me an envelope which is contrary to my plan, whether it is plus or minus, there is no way I am going to implement my plan. It is bound to fail,” he said.

Yusuf called for the scrapping of the envelope budgeting system, noting that he had consistently opposed it even during his years in the National Assembly.

“It is not good for us. It is not going to work well for us,” he said.

He further blamed poor capital releases and persistent deficit financing for undermining budget performance over the years.

“We could not meet 60 percent of our capital budget in all these years. No releases. If you make a budget and the release is very poor, there is no way the budget will be executed”, he stated.

According to him, weak fund disbursement mechanisms and reliance on deficit financing have entrenched a cycle of underperformance.

“Our budget ought to have been a surplus budget, but all our budgets have always been deficit financing budgets,” Yusuf added.

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