The Nigerian Presidency has firmly addressed the critique issued by Afenifere, the Pan-Yoruba socio-political group, which accused President Bola Ahmed Tinubu‘s administration of failing the Nigerian populace. According to LMSINT MEDIA, Afenifere earlier alleged that the current administration’s two-year performance has resulted in a decline in human development, poor economic decisions, and weakening of Nigeria’s democratic institutions. In a formal response, the Presidency described these remarks as biased and influenced by political opposition, specifically pointing out that the group supported an opposition candidate during the 2023 general elections. Sunday Dare, the Special Adviser to the President on Media and Public Communications, addressed the matter in an official statement. He emphasized that under the Renewed Hope Agenda, President Tinubu is actively steering Nigeria toward economic recovery and stability. “The comments from this factional Afenifere group are disturbing and reveal a clear agenda to distort facts and promote misleading narratives,” Dare noted. “It is evident that they are unwilling to acknowledge the positive steps being taken under President Tinubu’s Renewed Hope Agenda.” He added, “Their viewpoint mimics that of opposition leaders and lacks objectivity. A data-backed and impartial evaluation paints a more progressive picture with notable achievements, despite the inevitable hurdles tied to Nigeria’s long-standing structural problems.” He further explained that Afenifere’s claims about “unrelieved suffering” due to economic reforms such as the removal of fuel subsidies and the naira floatation fail to account for the broader macroeconomic benefits. The adviser stated that removing fuel subsidies on May 29, 2023, allowed the government to save over $10 billion in 2023 alone. These savings significantly reduced fiscal pressure and redirected funds to critical development sectors. In addition, the unification of the foreign exchange market and floating of the naira contributed to a strengthened financial structure. Nigeria’s foreign reserves increased to $38.1 billion by 2024, and the country recorded a trade surplus of N18.86 trillion.
“Too Much Politics, Not Enough Economic Strategy,” Economist Warns According to renowned economist and columnist Dr. Dele Sobowale, President Bola Tinubu inherited a severely mismanaged economy from the very administration he played a pivotal role in installing. While Nigerians continue to express frustrations over economic hardships, Dr. Sobowale argues that Tinubu’s government has not only failed to resolve inherited issues but has potentially made them worse. At Vanguard Newspaper’s Conference Hall, Sobowale clarified that the Tinubu administration began its tenure on shaky economic ground. However, despite this starting point, the current government has yet to effectively address the financial instability or improve conditions for businesses and citizens alike. Examining the Renewed Hope Agenda Dr. Sobowale critiqued the administration’s policy document, the “Renewed Hope Agenda,” labeling it unfit for establishing a robust economic program. “He inherited a chaotic system—one he helped to create,” Sobowale explained. After carefully reviewing the document, he described it as filled with unachievable political promises, rather than actionable economic stratehttps://lmsint.com.ng/wike-vows-tax-reforms-in-fct-promises-action-on-ground-rent-arrears/gies. He further criticized Tinubu’s plan to build upon the policies of the Buhari administration, a strategy Sobowale equates to constructing on a crumbled foundation. “The government leaned too heavily into politics and made economic commitments that were never realistic,” he said. For example, Tinubu promised 2.06 million barrels of crude oil per day by 2025, despite the country averaging only 1.5 mbpd so far—far below target. Another critical mistake, according to Sobowale, was the inclusion of too many of Tinubu’s former allies from Lagos in federal roles. “Lagos is not Nigeria. Effective governance at a national level demands broader, long-term experience,” he stated. Deepening Security Crisis On the topic of national security, Dr. Sobowale recounted personal experiences during his time in northern Nigeria. With firsthand knowledge of the region, he emphasized that widespread security lapses date back decades, citing over 800 illegal border entries as early as the 1990s. He pointed to ongoing ethnic and religious violence in states like Borno, Taraba, and Benue as evidence of a multifaceted crisis that extends beyond insurgencies like Boko Haram and ISWAP. The local populations in areas like Gboko and Plateau State are now taking justice into their own hands due to diminishing trust in the government’s ability to protect them. Sobowale warned that such developments signify the emergence of uncontrolled ethnic conflicts alongside terrorism. He criticized decisions such as Borno State Governor Zulum’s unilateral pardon of former Boko Haram members, calling it a grave mistake. “This action has released dangerous individuals back into society and overwhelmed security agencies already struggling with too many threats,” he lamented. Economic Direction and Budget Concerns Sobowale, who has been analyzing Nigerian federal budgets since 1988, compared current financial planning to that of a mismanaged company. “Budgets should be promises made to the shareholders—in this case, the citizens,” he said. Referring to Tinubu’s projected N54 trillion budget, he questioned its feasibility based on historical performance and current realities. He argued that Nigeria’s repeated projection of producing 2 million barrels of oil per day has proven consistently unattainable for over a decade. “Why do we continue to base our economic planning on targets we’ve never achieved?” he questioned. Sobowale advocated for realistic budgeting, which would likely require reducing government size and expenditures, such as scaling down from 48 ministers to a more sustainable number. Looking Ahead Sobowale concluded by stressing that fiscal realism would instill discipline across all sectors. Unrealistic economic projections, he warned, set families and the nation up for financial strain, debt, and potential corruption. “When expectations are based on inflated figures, disappointment becomes inevitable,” he noted. Using a corporate analogy, he emphasized how failing to meet projected revenues in the private sector would lead to leadership changes—an accountability standard sorely missing in public governance. He doubted whether Nigeria’s GDP goals are realistic and likened them to promising shareholders $600 billion and delivering only $170 billion. “In a corporate boardroom, you’d be removed instantly for such failure,” Sobowale concluded.
