The pan-Yoruba socio-political organization, Afenifere, has urged President Bola Tinubu to reassess his economic policies, claiming they have impoverished Nigerians.

In a statement by its Publicity Secretary, Justice Faloye, Afenifere highlighted the adverse effects of Tinubu’s first year in office, citing severe economic turbulence.

Afenifere criticized the administration’s adoption of subsidy removals and tax increases, arguing that these measures have exacerbated inflation, devaluation, unemployment, homelessness, and poverty. They called for a deeper understanding of the economy to address these issues effectively.

The group contended that removing subsidies and increasing taxes are counterproductive, leading to business closures and soaring costs for fuel and electricity. They argued that these policies hinder the productive sectors from accessing necessary loans, while restrictive interest rate hikes fail to curb inflation due to government spending.

Afenifere also questioned the policy of floating the Naira without regulating market excesses, leading to significant devaluation. They emphasized that the nation’s wealth should benefit the broader population, not just the political elite.

The organization criticized the Tinubu administration’s handling of economic issues inherited from the previous government, accusing it of reckless spending and mismanagement. They noted that the hyped increase in Internally Generated Revenue during Tinubu’s tenure as Lagos State Governor did not translate into substantial infrastructure development.

Afenifere condemned new tax schemes targeting the poor and argued that continued economic stagnation is either due to corruption or incompetence. They stressed the need for urgent changes to prevent further deterioration of Nigeria’s socio-political fabric.