The Allied Peoples Movement (APM) has seized on remarks by the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, on the economic turbulence surrounding the Federal Government’s reforms, saying the comments vindicated its earlier criticisms of the Tinubu administration.
Bagudu had said the government did not anticipate the scale of the global economic turbulence that followed the removal of the petrol subsidy and foreign exchange reforms. He also acknowledged that the reforms and external pressures had contributed to cost-of-living challenges, while maintaining that the measures were aimed at strengthening public finances and putting the economy on a sustainable growth path.
Reacting in a statement issued in Abuja, APM National Publicity Secretary, Abubakar Yusuf, said the minister’s remarks confirmed the party’s concerns about the implementation of the reforms.
The party argued that the removal of the petrol subsidy, naira floatation and tax measures should have been accompanied by stronger safeguards to cushion their effects on households and businesses.
“Bagudu’s admission is a gross admission of incompetence which also validates our position that the Tinubu government lacked the coherent economic blueprint, policy foresight and adequate safeguards required to manage a nation,” the party said.
The APM said it had warned about the possible consequences of the reforms, particularly their impact on household incomes, businesses and the productive sector.
It alleged that rising energy, transportation and food costs had placed significant pressure on Nigerians, while businesses had also faced increased operating expenses.
The opposition party further alleged that some multinational companies had scaled down operations or exited the country, while many small and medium-sized enterprises had struggled with the prevailing economic conditions.
The APM said the Federal Government should take responsibility for the consequences of its economic decisions and engage Nigerians on measures to reduce pressure on households and businesses.
The party also called on President Bola Tinubu to take responsibility and reconsider his 2027 presidential bid, a demand that represents the APM’s political position.
The APM said Nigeria needed what it described as a “hard reset” in economic management, with greater emphasis on production, employment, policy consistency and citizens’ welfare.
It also called for economic reforms to be accompanied by safeguards aimed at protecting vulnerable Nigerians from disproportionate effects.
The party used the development to promote the presidential candidacy of Oyo State Governor Seyi Makinde, whom it described as having a blueprint for addressing the country’s economic and security challenges.
The APM urged Nigerians to support Makinde ahead of the 2027 presidential election and said it would intensify mobilisation across the country.
The party said its campaign would focus on presenting an alternative to the economic policies of the ruling All Progressives Congress.
