The Labour Party (LP) caucus in the House of Representatives has strongly criticized President Bola Ahmed Tinubu’s first year in office, labeling it a period of “economic hardship, insecurity, and hopelessness,” in stark contrast to his administration’s promised “Renewed Hope.”
Advertorial
In a State-of-the-Nation statement issued in Abuja on Tuesday, caucus leader Hon. Afam Victor Ogene marked the administration’s first anniversary by expressing deep concerns over the nation’s deteriorating economic conditions.
The LP representatives highlighted the continuous economic decline since Tinubu’s inauguration, casting doubt on the All Progressives Congress (APC) government’s ability to address the country’s challenges, especially following what they termed “the precarious eight years of the past administration.”
Advertorial
Reflecting on the aftermath of the controversial presidential election and subsequent legal battles, the LP caucus had initially hoped for positive changes.
However, they now assert that the country has further deteriorated under Tinubu’s leadership, failing to deliver on his predecessor’s so-called legacies.
The caucus pointed to alarming economic indicators, including a National Bureau of Statistics (NBS) report showing food inflation at 40.01% in March 2024, a significant rise from 24.45% the previous year.
Advertorial
The increase in prices of essential food items has exacerbated daily hunger and reduced purchasing power among ordinary Nigerians.
Additionally, the lawmakers cited a general inflation rate of 33.20%, a poverty rate of 38.9%, and a sharp rise in fuel and gas prices.
Public debt has grown from N87.38 trillion to N97.34 trillion, and interest rates for bank loans have surged, affecting manufacturers and small businesses.
The LP representatives emphasized that these dire economic conditions reflect the government’s failure to deliver on its eight-point “Renewed Hope Agenda,” which promised food security, poverty alleviation, economic growth, job creation, access to capital, social inclusion, rule of law, and anti-corruption efforts.
They argued that the current administration has not fulfilled these promises, leaving many Nigerians in despair.
The caucus also urged the government to enhance its anti-corruption efforts and ensure transparent governance, warning against relying on foreign financial institutions whose policies they believe are detrimental to developing countries.
