Abubakar Yusuf, former senator for Taraba Central, has declared that President Bola Tinubu’s economics policies are failing to deliver results.
Speaking on Politics Today on Channels Television, Yusuf said bluntly: “For me, it’s not working. I’m a member of the APC. I would be the last person to hide the facts.”
Although Yusuf acknowledged that the administration may be operating within its chosen policy framework, he argued that the framework itself is flawed.
“Within the policy framework, yes, they are doing their best, but it is not the framework that is suitable for Nigeria at the point in time that President Asiwaju came into power,” he said.
His criticism centres on what many now call “Tinubunomics” — a reform-driven approach that has included subsidy removal, exchange rate reforms and fiscal tightening.
Yusuf faulted the immediate removal of fuel subsidy on inauguration day, saying the decision lacked planning and consultation.
“I am one of those who say President Asiwaju ought to have waited… not on the day he was sworn in to say ‘subsidy is gone’. On what basis?” he asked.
He insisted that major fiscal reforms should follow detailed consultations with cabinet members and economic advisers.
Envelope Budgeting ‘Bound to Fail’
Beyond subsidy removal, Yusuf targeted Nigeria’s envelope budgeting system, describing it as structurally defective.
“One of the basic problems is that before you budget, you should have a plan,” he said.
According to him, budgeting without aligning allocations to development plans undermines implementation and guarantees failure.
“If you give me an envelope which is contrary to my plan… there’s no way I’m going to implement my plan, and therefore it is bound to fail,” he added.
Yusuf said he has consistently called for the system to be scrapped, even during his time in the Senate.
Capital Budgets Falling Short
The former lawmaker also pointed to persistent underperformance in capital budget implementation.
“We could not meet 60 percent of our capital budget in all these years, no releases,” he said.
He blamed weak fund releases and chronic deficit financing, arguing that without adequate cash backing, budget execution becomes impossible.
“Our budget ought to have been a surplus budget, but all our budget has always been deficit financing budgets,” he said.
Yusuf concluded that until planning, funding and fiscal discipline improve, Nigeria’s economic template will continue to struggle.
