Reforms: Again, Atiku proved wrong on the Argentina model for Nigeria, says TMSG

The Tinubu Media Support Group (TMSG) has said that time has eventually proved that former Vice President Atiku Abubakar’s suggestion of Argentina economic model as panacea to the nation’s ailing economy would not only have been disastrous but would have wrecked the economy completely.

This fact emerged in the heels of disturbing reports that Argentina’s poverty rate has spiked to its highest in 20 years on the back of policies the former Vice President had recommended to President Bola Tinubu as best option to adopt instead of what he then described as ‘raft of policies’ being taken by the President.

In a statement signed by its Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, TMSG argued that Atiku Abubakar’s claim of expertise in global economics has once again been proved to hold no water, hollow and failed to stand the test of time.

It said: “When former Vice President Atiku Abubakar recommended measures introduced by Argentina’s President Javier Milei for Nigeria in February this year, we were quick to reject it as coming from ignorant and confused mindset.

“The former Vice – President had claimed at the time that Milei had placed Argentina on the path of growth and suggested that he would have made a similar move if he had been elected President. The reality is that he would have drowned the nation’s economy.

“In our reaction, we saw Atiku’s recommendation as a poisoned chalice that Nigeria should immediately reject. We argued that the economic reforms of President Bola Tinubu were better than the Argentine model. Today, what Argentina is going through has proved Tinubu right as a leader at home with the issues.

“We also recall drawing the attention of the perennial presidential candidate to the fact that since Javier Milei assumed office in December last year, the poverty rate in Argentina had risen towards its highest in year on year, leading to increasing daily protests on the streets of the capital, Buenos Aires.

“Our conclusion was that the former PDP presidential candidate and his handlers lacked a proper understanding of the Argentina situation before and after Milei assumed office in December 2023.

“Today, we have been proved right especially as the South American country has plunged into a new low economically on the back of the same measures the former presidential candidate had recommended as appropriate for Nigeria. No wonder Nigerians rejected him at the polls.

“Argentina’s official poverty rate has been confirmed to have moved from almost 42% to 53% during the first six months of Javier Milei’ s presidency by the statistics agency which also added that it was the highest level since at least 2003.

“We hope Atiku and his handlers are closely watching the situation in the same Argentina that they claimed was doing better than Nigeria on President Tinubu’s watch. We wonder what they have to say now.

“We were surprised that Atiku did not consider President Tinubu, who he once described as a friend, for commendation knowing that his reforms were recording more favourable results than his Argentinian counterpart, Milei.

“This is because at the time he suggested that the Milei model was a better option, the inflation rate in the South American country was 160% and although it has slowed down from 25.5% last December to 4.2% month-on-month, the inflation rate remains among the worst in the world at more than 230%.

“But in Nigeria’s case, there has been two consecutive declines in inflation with the latest figure standing at 32.2%.

“And while we are not outrightly dismissive of Millei’s ‘shock therapy’ in the context of the situation in that country, we do not think there is a basis for comparing the two countries, like Atiku did in February, because the Argentina President inherited a worse economic problem than President Tinubu.

“But asking Nigeria to adopt the Argentina model which included large scale job cuts in the public sector after stopping subsidies and enforcing a reduction in government spending all in the name of cutting cost of governance, was suicidal. We remember that even the International Monetary Fund (IMF) had to urge the government to slow down on its austerity measures.

“By contrast, the Tinubu administration did not even contemplate laying off workers after removing fuel subsidy but put in place a new national minimum wage as well as initiating student loans and a consumer credit scheme amongst others apart from embarking on tax reforms which have reduced tax burdens of small business owners.

“So again, the former Vice President who prides himself as an economic expert goofed miserably and we believe it is high time he stopped playing to the gallery by jumping on issues without properly interrogating them. He should now eat his humble pie. “

TMSG urged Nigerians to continue to ignore the former Vice President and his penchant for hollow politics by always condemning President Tinubu’s economic policies.