Nigerian president, Ahmed Bola Tinubu
Afenifere, the pan-Yoruba socio-political organization, has expressed concerns over President Bola Ahmed Tinubu's economic policies, asserting that they have led to increased poverty among Nigerians.
In a statement released by its Publicity Secretary, Justice Faloye, as Tinubu marked his first year in office, the group reviewed his administration's economic performance.
"The past year under President Bola Tinubu's administration has seen significant economic turbulence, exacerbating the challenges inherited from the previous government," the statement read.
Afenifere called for a reevaluation of economic strategies to address alarming rates of inflation, devaluation, rising unemployment, homelessness, and poverty.
The group criticized the adoption of flawed neo-liberal theories, particularly subsidy removals and tax increases, which it argued have contracted the economy instead of stimulating growth.
"The policies of subsidy removal and unbridled tax hikes have led to companies folding up, soaring fuel and electricity costs, galloping inflation, and declining real incomes," the statement continued.
Afenifere highlighted concerns about the floating of the Naira without sufficient controls, leading to massive devaluation due to overreliance on oil and gas revenues.
The group criticized the Tinubu administration's management of the economy, accusing it of reckless spending, unjustified loans, and excessive taxation.
"While there have been claims of increased internally generated revenue, it has not translated into the kind of infrastructure development witnessed during the Jakande administration," Afenifere lamented.
In conclusion, Afenifere called for an end to the trend of privileging the wealthy at the expense of the poor, stressing the need to halt the cycle of corruption and incompetence plaguing economic development in Nigeria.
"The current economic trend of benefiting the privileged while neglecting the masses must be reversed before irreparable damage is done to Nigeria's socio-political fabric," the statement concluded.
