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The Senior Particular Assistant to President Bola Ahmed Tinubu on Digital and New Media, O’tega Ogra, has responded the Atiku Abubakar on evaluating the financial system of Argentina to that of Nigeria.
Ogra famous that Nigeria has a greater financial system than Argentina, including that the South American nation’s inflation has risen to 254% in January 2024 because the emergence of its new president, Javier Milei.
Atiku had earlier in contrast Nigeria’s financial outlook to that of Argentina, advising President Tinubu to take a cue from Milei within the implementation of financial reforms.
In the meantime, Ogra countered this level, exhibiting completely different knowledge indicating a decline in Argentina’s financial system because the emergence of Milei.
Ogra stated,
- “Respectfully, VP Atiku (1999 – 2007) sir, I come once more.
- “To those that could also be enchanted, similar to our former VP, by the ‘Argentina Miracle’ he quoted, see under the January knowledge of the state of affairs Alh. Atiku praised and stated he would have placed on Nigerians – had he been seventh time fortunate at his shot on the presidency which wasn’t profitable.
- “I want to begin by first saying – respectfully, that Nigeria will not be Argentina, and President Tinubu will not be the President of Argentina.
- “I subsequently advise a more in-depth have a look at the info—lest we overlook that even a damaged clock is true twice a day.”
Information on the Argentine Financial system
Highlighting related knowledge to exhibit his level, Ogra listed the next:
- Argentine Inflation Charges: Jumped to 254% in January 2024 – the best stage since 1990.
- Industrial and development output in Argentina dropped by 12.8% and 12.2% year-on-year in December, respectively.
- Financial exercise in Argentina fell 2.5% 12 months on 12 months based on a Reuters survey.
- Automobile registrations in Argentina declined by 33% year-on-year in January.
- Retail gross sales in Argentina fell by 25.5% year-on-year in January.
- Development exercise in Argentina decreased by 28.2%
- in January.
- Cement deliveries and motorbike registrations additionally noticed important declines.
- Halting all public works, freezing public sector salaries and pensions, and eliminating many public subsidies, together with for power and public transportation.
- Tax Will increase: Sharp rise in taxes, together with import taxes.
- Actual Wage Collapse: The true wage of registered private-sector staff in Argentina skilled the most important month-to-month drop in a minimum of 30 years, with January’s actual salaries doubtlessly falling under the degrees of the 2001 disaster.
- Nationwide taxes linked to financial exercise throughout Argentina fell between 15% and 25% yearly on an actual foundation.
- Meals gross sales in retail shops fell 37.1% year-on-year in January.
- Minimal Wage: The present Minimal Residing and Cell Wage (SMVM) is 156,000 pesos per 30 days ($184), with no improve regardless of excessive inflation. At the least Nigeria is reviewing its personal.
- IMF Forecast for Argentina: Predicted a 2.8% recession in 2024.
Extra Insights
Talking additional, the aide famous that the president will proceed to prioritize the welfare of the residents as he welcomes constructive criticisms from the opposition.
He talked about additionally that the President will be sure that the nation recovers from the present financial challenges.
- “Alhaji Atiku, your assertion is perplexing. Your critique of President Tinubu’s administration, whereas glorifying Argentina’s dire state of affairs, is akin to applauding the captain of the Titanic for its velocity, ignoring the iceberg lifeless forward I perceive the attract of sensational headlines and the temptation to attract parallels the place none exist, however let’s be clear: Nigeria will not be Argentina, and President Tinubu will not be President Milei.
- “Let me be clear: President Tinubu will proceed to prioritize the well-being of Nigerian residents over the theatrics of austerity masquerading as reform,” he stated.
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