Sowore Challenges Tinubu’s Economic Reform, Alleges Mismanagement of Nigeria’s Economy

Activist and political figure Omoyele Sowore has openly questioned the effectiveness of the Federal Government’s fuel subsidy removal policy, arguing that rather than easing economic pressure, it has intensified hardship across the country.

He maintained that the reform has failed to deliver meaningful improvements in the daily lives of citizens, noting that ordinary Nigerians have carried the heaviest burden since its implementation.

Speaking on Thursday during an appearance on Frontline, a current affairs programme aired on Eagle 102.5 FM in Ilese Ijebu and monitored from Abeokuta, Sowore expressed strong reservations about the direction of the nation’s economic policies.

He criticised the administration’s handling of the economy, pointing to the sharp decline in the value of the naira as clear evidence of poor economic management. According to him, the currency’s depreciation reflects weakened purchasing power and declining economic stability.

Sowore explained that rising inflation, increased borrowing, and stagnant wages have all worsened under the current policy framework. He argued that the economic situation is evident to citizens and does not require expert interpretation to understand its impact.

In his remarks, he highlighted the significant drop in the naira’s value, stating that it has fallen drastically against the dollar compared to the rate at the beginning of the administration. This, he suggested, underscores a broader pattern of economic decline.

He further noted that the removal of the fuel subsidy was introduced alongside promises of improved infrastructure, enhanced security, and better financial conditions for citizens. However, he argued that these assurances have not materialised, leaving many Nigerians facing increased economic strain.

According to him, the expected benefits—such as investments in roads, safer communities, and improved public services—have not been evident. Instead, he claimed that living conditions have worsened, with many people struggling to meet basic needs.

Sowore also raised concerns about the government’s borrowing practices, stating that loans are being used to cover routine expenses, including salaries. He argued that this approach reflects deeper structural weaknesses, as the economy appears unable to meet its own financial obligations.

He pointed out that some government ministries reportedly receive little or no capital allocation, questioning the sustainability and functionality of such an economic system. In his view, this situation signals a severe breakdown in fiscal management.

Describing the broader economic climate, Sowore said many Nigerians are now living on a day-to-day basis, with limited ability to afford essential goods and services. He suggested that this reflects a significant decline in overall economic wellbeing.

He went on to argue that the country’s financial condition shows signs of insolvency, explaining that an inability to meet basic obligations is a key indicator of economic distress.

Sowore further claimed that the removal of the subsidy has primarily benefited a small segment of the population, while the majority continue to face rising costs of living and increasing insecurity.

He questioned who has truly gained from the policy, asserting that its advantages appear concentrated among a limited elite group with political and economic influence.

In conclusion, he stressed that economic policies should be evaluated based on their real-world impact on citizens rather than solely on macroeconomic indicators. He argued that the current direction prioritises elite interests over the welfare of the general population.