Presidential candidate of Peoples Democratic Party (PDP), Atiku Abubakar, has said he would revive Nigeria’s dying economy by launching a $10 billion Economic Stimulus Fund within his first 100 days in office, if he wins the 2023 presidential election. Atiku said the fund would prioritize support to micro, small and medium scale enterprises (MSMEs) that offer greatest opportunity for inclusive economic growth.
He made this known in Lagos yesterday while speaking at the “Lagos Chamber of Commerce and Industry (LCCI) Presidential Economic Agenda Forum for the PDP.” He laid out his economic plan to salvage the country’s economic situation before members of Nigeria’s organized private sector.
Atiku also mentioned that he’d privatize Nigeria’s dilapidated refineries rather than spend $1.5b to bring them into a suitable working condition.
He added that “over the medium term, I will propose legislation for the removal of the entire electricity value chain from the exclusive list and give states the power to generate, transmit and distribute electricity for themselves.”
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Atiku said, “Today, I will speak on the strategic steps that I will take to build the economy of our dreams and foster bondless prosperity for all Nigerians. Poverty reduction shall be the centerpiece 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.
“Within the first 100 days of in office, I will create an Economic Stimulus Fund with an initial investment capacity of $10 billion to prioritize support to MSMEs across all the economic sectors, as they offer the greatest opportunities for achieving inclusive growth.
Nigeria as a country loses $700million monthly to crude oil theft. The external reserve fell by 3.6% in August to $39billion. The national debt index increased to N41.6trillion at the end of the first quarter of 2022.
Nigeria is currently in a financial quagmire and the PDP presidential candidate amidst his beautiful words and lofty promises failed to outline where the funding for the proposed stimulus and investments would spring from.