The National Chairman of the Action Democratic Party (ADP), Eng. Yabagi Sani, has criticized President Bola Tinubu’s administration, describing it as one of the worst in Nigerian history due to the hardship it has inflicted on citizens.
Citing a report by the Nigerian Economic Summit Group (NESG), Sani noted that over seven million businesses have shut down in Nigeria within the two years of the current administration.
According to Dr. Segun Omisakin, Chief Economist and Director of Research at NESG, the economic downturn led to an estimated N94 trillion loss due to multinational divestments and business closures.
He further revealed that between 2023 and 2024, approximately 7.2 million businesses ceased operations, with 30% of Nigeria’s 24 million Micro, Small, and Medium Enterprises (MSMEs) shutting down.
However, President Tinubu, while speaking to a delegation of his former National Assembly colleagues last Thursday, defended his administration’s economic policies.
“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.
“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, Sani, who was the ADP’s presidential candidate in the 2023 election, expressed a different view on the state of the economy during an interview on Trust TV’s Sunday Politics.
“There is worse suffering in Nigeria than during the previous administration of ex-President Muhammadu Buhari,” he said.
He urged the federal government to address inflation, exchange rate instability, and high transportation costs, among other economic issues.
“Nigeria’s economy is a promise of greatness and I believe we can do much better with what is happening today. Yes, the government took certain decisions that one would say are necessary.
“But today, Nigerians are not happy. They are going through what is called ‘Hell’ because looking at Nigeria before President Tinubu took over power, it wasn’t anything good, but today we are worse off.
“I understand that you must go through pains 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.
“So, it is expected for this government to do more than what it is doing. The reality is that the current inflation in the country is too high.
“The government should tackle the issue of corruption because it is there. Government should ensure that direct measures should be taken to ensure that the cost of transportation is addressed.
“Another factor the government should address is the exchange rate. It also plays a big role in what becomes inflation. Nigeria imports a lot of things; therefore, the strength of the naira is crucial, that is what we are asking the government to look at this.
“Government should take a bold step to ensure that the manufacturing sector is alive and active, to ensure that they are able to produce at a price that Nigerians can afford.”
However, an All Progressives Congress (APC) chieftain, Comr. Samuel Danjuma, disagreed with Sani’s assertions, defending the Tinubu administration’s policies.
“By the time the previous administration was leaving in 2023, that budget had no provision for removal of subsidy.
“One thing we should give to this administration is that from the inception of democracy in 1999 till date, I think if there is any administration that has pulled through with policies of government 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.”
On the continued high cost of transportation despite recent reductions in petrol prices by the Nigerian National Petroleum Company Limited (NNPCL) and the Dangote Group, Danjuma placed part of the responsibility on Nigerians.
“We should begin to search our conscience to see if we are really doing what we are supposed to do as individuals. If the reason for the increase was because fuel price was at this rate and fuel price has dropped, it should automatically reflect in the cost of transportation.
“Nigerians are the problem of their own self and not the government. The government is doing everything humanly possible to alleviate the sufferings of the people.”
He further argued that the government has provided support to businesses, but citizens and industries must also act responsibly.
“The government has released funds to assist the manufacturing industries to be able to mitigate the removal of fuel subsidy. But are they really using the funds judiciously?
“As the government has a role to play, so do citizens. We should also look at our responsibility.”
