The Allied Peoples Movement (APM) says the admission by the Minister of Budget and Economic Planning, Senator Atiku Abubakar Bagudu, that the government did not anticipate the scale of the economic fallout from its reforms has vindicated its earlier warnings.

Bagudu, while speaking at the Federal Appointees Strategic Summit in Abuja, acknowledged that the government’s reforms, combined with international economic pressures, had contributed to cost-of-living challenges and other difficulties facing Nigerians.

Reacting in a statement, APM National Publicity Secretary, Abubakar Yusuf, described the minister’s remarks as confirmation of the party’s position that the administration lacked adequate safeguards and foresight in implementing its economic policies.

The party said it had consistently warned against the removal of fuel subsidy, the floating of the naira, increased taxes and other measures, arguing that they would worsen economic hardship.

“Bagudu’s admission at the Federal Appointees Strategic Summit in Abuja on Wednesday that the Tinubu administration did not anticipate the scale of turbulence that hit the global economy is a gross admission of incompetence,” Yusuf said.

APM also alleged that multinational companies had left the country, businesses had shut down and millions of Nigerians were struggling to afford food, medication and other basic necessities. It further accused the government of failing to adequately address corruption and alleged treasury looting.

The party called on President Bola Tinubu to accept responsibility for the economic difficulties, apologise to Nigerians and withdraw from the 2027 presidential race.

“Now that the administration has admitted that it has failed and that it is responsible for the woes of the citizens, it is expected that President Tinubu should take responsibility, apologise to Nigerians and quit the 2027 presidential race,” Yusuf said.