LAGOS, Nigeria – The Pan-Yoruba sociopolitical organisation, Afenifere, has reacted to President Bola Tinubu’s claim that Nigeria would have faced bankruptcy without his administration’s economic reforms.
In a statement issued on Friday, March 14, 2025, by its Publicity Secretary, Prince Justice Faloye, Afenifere argued that the current economic challenges are self-inflicted, citing the premature removal of fuel subsidies and the floating of the naira as critical missteps.
Tinubu, while receiving a delegation of former National Assembly colleagues from the aborted Third Republic, had defended his administration’s policies, stating, “For 50 years, Nigeria was spending money of generations yet unborn and servicing the West coast of our subregion with fuel. It was getting difficult to plan for our children’s future.”
He added, “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.”
However, Afenifere countered that the economic crisis was exacerbated by the administration’s decision to remove fuel subsidies before the Dangote Refinery became operational, a promise made in Tinubu’s manifesto.
The group also criticised the floating of the naira, which it said has contributed to inflationary pressures and widespread hardship.
“The political class must realise that we are sitting on a gunpowder keg that will explode when the poor can’t take it any longer. A stitch in time saves nine,” Afenifere warned.
Faloye stated that the twin policies of subsidy removal and naira floating were ill-timed and have had devastating consequences.
“These two ill-timed policies have cost millions their lives and livelihoods, so inflation rates, and not food prices decreasing, is medicine after death caused by criminal negligence of the government,” he said.
Afenifere traced Nigeria’s economic decline to the 1970s, when subsidy removals began, and argued that the current administration’s policies have worsened poverty levels. “The problem has been anti-people economic policies.
We are nowhere near El Dorado than we were in 1978 when education subsidies were removed, and he has placed our education on student loans,” the statement read.
The group also highlighted the housing crisis, noting that Nigeria has 20 million homeless people, the highest in the world.
It criticised the 2025 budget, which allocates funds for only 20,000 houses, calling it insufficient to address the problem. “The government needs to budget for 20,000 a day like China and India, or at least 10,000 homes, to make any difference,” Afenifere said.
Afenifere urged the government to focus on creating true wealth and value rather than relying on economic indices.
It called for policies that stimulate consumer and producer markets to improve living standards and reduce poverty
