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President Bola Tinubu’s government has shared data and figures to prove that the current socioeconomic situation in Argentina is not as good as speculated.
This was stated by a Senior Special Adviser to President Tinubu on Digital Media and New Media, O’tega Ogra via his verified X handle in response to the advice given by Alhaji Atiku Abubakar.
The 2023 presidential candidate of the Peoples Democratic Party (PDP) had urged President Tinubu to learn from the approach to economic reform taken by Argentina’s President, Javier Milei, for Nigeria’s economic reforms.
Atiku emphasised on Sunday that Tinubu and Milei inherited a disoriented economy, but each applied different measures for recovery.
The ex-vice president clarified that during the final quarter of 2023, both Argentina and Nigeria encountered economic declines.
Atiku noted that while Nigeria saw a new government take office around mid-2023, Argentina’s new government assumed power in December.
Responding to this advice, Ogra stated that Nigeria is not Argentina, and Tinubu is not Argentina’s president, adding that the two countries cannot be compared.
He accused Atiku of praising Argentina’s bad predicament and warned that if Tinubu followed his advice by copying the South American President’s policies, the citizens would face even greater hardship.
He said, “To those who may be enchanted, just like our former VP, by the ‘Argentina Miracle’ he quoted, see below the January data of the situation Alh. Atiku praised and says he would have put on Nigerians – had he been 7th time lucky at his shot at the presidency which wasn’t successful.
“I therefore advise a closer look at the data—lest we forget that even a broken clock is right twice a day: Argentine Inflation Rates: Jumped to 254% in January 2024 – the highest level since 1990.”
According to Ogra, industrial and construction output in Argentina dropped by 12.8% and 12.2% year-on-year in December respectively.
He also noted that economic activity in Argentina fell 2.5% year on year according to a Reuters survey.
He further said, “Car registrations in Argentina declined by 33% year-on-year in January. Retail sales in Argentina fell by 25.5% year-on-year in January. Construction activity in Argentina decreased by 28.2% in January.
Cement deliveries and motorcycle registrations also saw significant declines. Halting all public works, freezing public sector salaries and pensions, and eliminating many public subsidies, including for energy and public transportation.
“Tax Increases: Sharp rise in taxes, including import taxes. Real Salary Collapse: The real salary of registered private-sector workers in Argentina experienced the largest monthly drop in at least 30 years, with January’s real salaries potentially falling below the levels of the 2001 crisis. National taxes linked to economic activity across Argentina fell between 15% and 25% annually on a real basis.
“Food sales in retail stores fell 37.1% year-on-year in January. Minimum Wage: The current Minimum Living and Mobile Wage (SMVM) is 156,000 pesos per month ($184), with no increase despite high inflation. At least Nigeria is reviewing its own. IMF Forecast for Argentina: Predicted a 2.8% recession in 2024.
“This gloomy situation above is the situation former VP Atiku says in his statement that he would have put on Nigerians – had he won.
Thank you, sir, for finally telling the Nigerian people what your true plans were. Now we know – stopping salaries, a recession, > 250% inflation, no investment in social security or infrastructure was your plan for Nigerians all along.”
He added, “I honestly appreciate former VP Atiku’s attempt to contribute to the economic discourse, albeit through a remarkably flawed lens. As for my principal – @officialABAT President Tinubu’s administration, we will continue to roll up our sleeves, not to play the fiddle as Rome burns, but to diligently work towards a prosperous, stable, and inclusive Nigeria.
“Alhaji Atiku, your statement is perplexing. Your critique of President Tinubu’s administration, while glorifying Argentina’s dire situation, is akin to applauding the captain of the Titanic for its speed, ignoring the iceberg dead ahead I understand the allure of sensational headlines and the temptation to draw parallels where none exist, but let’s be clear: Nigeria is not Argentina, and President Tinubu is not President Milei.
“Let me be clear: President Tinubu will continue to prioritize the well-being of Nigerian citizens over the theatrics of austerity masquerading as reform.”
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