Atiku unfolds economic blueprint, proposes $10bn stimulus funds

Presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, says he will raise $10 billion as an Economic Stimulus Fund within the first 100 days in office should he win the 2023 presidential election.

He also canvassed the removal of the power generation and distribution from the exclusive to concurrent list to give state and willing investors the right to give energy to whoever they want after generating and not send to the national grid.

Atiku also said he would rather privatise Nigeria’s dilapidated refineries than spend $1.55 billion on their revitalisation .

He revealed this in a statement on Tuesday evening after his speech at the Lagos Chamber of Commerce and Industry (LCCI), Lagos State.

Atiku said, “Within the first 100 days in office, I will create an Economic Stimulus Fund with an initial investment capacity of approximately $10 billion to prioritize support to the MSMEs across all the economic sectors.”

The former Vice President said for Nigeria to improve the nation’s economy, “Larger volume of non-oil exports will earn more foreign exchange for Nigeria, improve our foreign reserves, and help in stabilizing the Naira. All of these will contribute to growth in GDP.”

He also said, “Poverty reduction shall be the centrepiece of our economic development agenda and economic performance shall henceforth be measured by the number of jobs created and the number of people lifted out of poverty.

“Finally, focus on non-debt financing by promoting a private sector-led infrastructure development fund for the financing and delivery of key infrastructure projects.”

He promised to undertake an immediate review of government spending in order to eliminate all leakages arising from subsidy payments.

He spoke on his plans in other sectors, saying, “With its current precarious fiscal position and daunting development challenges, can Nigeria really afford to forego critical investments in education, health, security, etc. and channel scarce resources to subsidising the lifestyles of its elite?”

He promised to “stop all fiscal support to ailing state-owned enterprises. As with subsidy payments, by holding unto these underperforming enterprises, Nigeria is sacrificing investments in critical areas, including water, sanitation, and rural infrastructure. For example, the first phase in the rehabilitation of Nigeria’s refineries is expected to gulp $1.55 billion! I will sell of them.”

He also said his government would “focus on non-debt financing by promoting a private-sector led infrastructure development fund for the financing and delivery of key infrastructure projects.”

He added that his administration would support “the private sector to drive growth. We will establish strong partnership in investing in infrastructure, in creating jobs and income and in the fight against poverty. We will listen to the private sector more.”