The Pan-Yoruba socio-political organization, Afenifere, has expressed concerns over the economic direction under President Bola Ahmed Tinubu, describing his administration’s “Renewed Hope” as a “nightmare” for Nigerians. In a statement issued by its Leader, Oladipo Olaitan, and National Publicity Secretary, Justice Faloye, Afenifere criticized the midterm report of the Tinubu administration, alleging a regression in human development and socio-political indices. The group accused the government of engaging in “massive propaganda claiming false successes” and shifting blame to global factors without addressing domestic policy shortcomings.
Afenifere’s statement highlighted concerns over the removal of fuel subsidies and the floating of the naira, suggesting that these unprepared policy decisions have led to increased hardships for Nigerians. The organization described the administration’s economic reforms as “Tinubu Economic Deforms,” accusing the government of favoring the privileged and connected.
In response, the Presidential Media Team defended the administration’s economic policies, stating that recent reforms have opened new economic opportunities for Nigerians and foreign investors. Special Adviser to the President on Information and Strategy, Bayo Onanuga, emphasized that the economy is not in crisis but in transition, with those who can adapt already reaping the benefits. He pointed to the unification of exchange rates and deregulation of the petroleum sector as measures designed to encourage competition and unlock market potential.
Onanuga also noted that some Nigerians are benefiting from the devalued currency by exporting agricultural products like cocoa, sorghum, and hibiscus. He explained that the high interest rates and inflation are part of a larger economic shift towards a market-driven economy, aligning with global standards. The administration also highlighted improvements in federal revenue distribution to states, with many governors confirming increased allocations.
Despite differing perspectives, both Afenifere and the Presidential Media Team agree on the need for comprehensive policy evaluations and adjustments to ensure that economic reforms translate into tangible benefits for all Nigerians.
