Distributive policy

2023 Poll: Atiku’s Economic Plan Is No Different From SAP Policy, Says Okechukwu | The Guardian Nigeria News

The chief executive of Voice of Nigeria (VON) says the economic plan crafted by former vice president and opposition People’s Democratic Party (PDP) candidate Atiku Abubakar is akin to imposing the controversial agenda of structural adjustment (SAP) to Nigerians.

The Economic Plan issued at the time more or less resembles the nebulous economic policy of the Pocketbook of the Structural Adjustment Program (SAP) of 1986.

The former vice president at a forum with the Lagos Chamber of Commerce and Industry (LCCI) last Monday insisted on the privatization of state-owned enterprises as the backbone of his economic revitalization agenda, as supporters of the PAS of yesteryear.

Okechukwu, a founding member of APC, noted that as plausible as the idea of ​​partnering with the private sector is; Atiku’s proposal more or less prepared the ground for rent seekers and small industrialists.

He noted, “I am bold to say that what Atiku is proposing is in no way different from the policy orientation of SAP and his proposal on NNPC Ltd is no better than the giant leaps that President Muhammadu Buhari has crossed over to the commercialism of NNPC.

“If you ask me, His Excellency Atiku Abubakar should first unite his party and drop Senator Iyorchia Ayu who incidentally crowned him Odinga of Nigeria.

“Only after that can he go back to the drawing board and recalibrate his economic plan to whatever new frontiers Nigerians aspire to.”

Continuing, he pointed out, “Therefore, I am not surprised that a man who violated the PDP constitution and, by extension, failed to unite his party, did not bother to do the necessary assessment which postulates that 80% of the state enterprises privatized under his chairmanship of the National Privatization Council and indeed the 16 years of leadership of the PDP went into a coma.

“Recall that when they came to power in 1999, the Peoples Democratic Party (PDP), with Atiku as Chairman of the National Council on Privatization (NCP), dusted off the SAP Pocketbook and stripped our national assets, including profitable companies like NICON Insurance, NICON Hilton Hotel, Niger Dock and unprofitable companies like electricity distribution companies.

“For example, Niger Dock, a profitable company before privatization, has 6,000 employees under Nnamdi Ozobia. Today it went bankrupt with less than 600 employees and the proceeds of N1.72 billion would be gone.

“Second, NICON, one of Africa’s leading insurers originally owned by the Federal Government of Nigeria, was privatized in December 2005. With an asset base of N46.9 billion gathered over a period of operating 52 years, 30 branches and six regional offices, so it is modest to rank NICON as a colossus in the insurance industry, but it has unfortunately come under the management of AMCON life support.

“I challenge His Excellency to take a look at the unintended consequences of the privatization program before leading us back to SAP Pocketbook. Especially when the Federal Government has squandered over 2 trillion naira on lifesaving assistance to privatized electricity distribution companies to improve our power supply. Today, the result is the crisis that has frustrated the central objective of privatization.