The National Chairman of the Action Democratic Party (ADP), Eng. Yabagi Sani, has strongly criticized President Bola Tinubu’s administration, labeling it one of Nigeria’s worst due to the severe economic hardship citizens are facing.
Citing a report by the Nigerian Economic Summit Group (NESG), Sani revealed that over seven million businesses have shut down since the administration took office, with losses amounting to an estimated N94 trillion due to multinational divestments and business closures between 2023 and 2024.
Dr. Segun Omisakin, Chief Economist and Director of Research at NESG, further highlighted that around 30% of Nigeria’s 24 million Micro, Small, and Medium Enterprises (MSMEs) ceased operations during this period, underscoring the nation’s economic struggles.
However, President Tinubu, addressing a delegation of former National Assembly colleagues last Thursday, maintained that his administration’s economic reforms are beginning to show positive results.
“We faced serious headwinds when I took over; very challenging times. Nigeria would have been bankrupt if we had not taken the actions that we took, and we had to prevent the economy’s collapse,” Tinubu stated.
“Today, we are sitting pretty on a good foundation. We have reversed the problem; the exchange rate is stabilizing. Food prices are coming down, especially during Ramadan. We will have light at the end of the tunnel.”
Despite this optimism, Sani, speaking on Trust TV’s Sunday Politics, argued that while some government policies were necessary, Nigerians are enduring extreme hardship.
“I understand that you must go through pain before enjoying, but don’t let the pains be prolonged. Otherwise, by the time all the goodies come, there will be nobody available to enjoy them,” he said.
He urged the federal government to urgently tackle inflation, stabilize the exchange rate, and reduce transportation costs, stressing that the strength of the naira directly impacts prices due to Nigeria’s dependence on imports.
“Government should take bold steps to revive the manufacturing sector, ensuring that businesses can produce at prices Nigerians can afford,” he added.
Meanwhile, All Progressives Congress (APC) chieftain, Comr. Samuel Danjuma, defended the administration, arguing that its policies are aimed at economic recovery.
“If there is any administration that has pulled through with policies aimed at bettering the lot of the people and positioning the economy on the right track of recovery and prosperity, we should give it to the Bola Tinubu-led administration,” he said.
Danjuma also questioned why transportation costs remain high despite fuel price reductions by the Nigerian National Petroleum Company Limited (NNPCL) and the Dangote Group, suggesting that individual actions, rather than government inefficiency, were to blame.
“Nigerians are the problem of their own selves and not the government. The government is doing everything humanly possible to alleviate the sufferings of the people,” he said.
He further noted that the government has made funds available to support manufacturing industries and urged businesses to utilize them effectively.
“As the government has a role to play, so do citizens. We should also look at our responsibilities,” he concluded.
