In a heated response to President Bola Tinubu’s recent defense of his administration’s economic reforms, the Yoruba socio-political organization Afenifere has lambasted the government, dismissing Tinubu’s claims of averting national bankruptcy as misleading. The group, through its Publicity Secretary, Prince Justice Faloye, accused the administration of implementing policies that have exacerbated inflation, worsened economic hardship, and neglected the welfare of millions of Nigerians.
Tinubu, speaking during a meeting with former National Assembly colleagues from the aborted Third Republic, where he served as a Senator representing Lagos West, defended his administration’s tough economic decisions. He painted a grim picture of Nigeria’s financial trajectory prior to his presidency, 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 argued that his administration faced “serious headwinds” upon taking office and credited its reforms with preventing the collapse of the economy.
However, Afenifere wasted no time in countering Tinubu’s assertions. Faloye dismissed the president’s claims, asserting that the economic crisis currently afflicting the nation is self-inflicted and rooted in the administration’s missteps. The group specifically targeted Tinubu’s decision to remove fuel subsidies before the Dangote Refinery came online, arguing that this move contradicted his pre-election promises and undermined public trust.
“Afenifere has consistently opposed the removal of fuel subsidies and the floating of the naira,” Faloye stated. “These policies have exacerbated inflation and economic hardship, pushing millions of Nigerians further into poverty.” The faction of Afenifere loyal to HRH Oba Oladipo Olaitan, which assumed leadership following the passing of Pa Ayo Adebanjo, has long criticized Tinubu’s economic agenda, viewing it as detrimental to the nation’s economic stability.
The group’s critique extends beyond Tinubu’s specific policies to encompass broader failings in governance. “The political class must realize that we are sitting on a gunpowder keg that will explode when the poor can’t take it any longer,” Faloye warned. “A stitch in time saves nine.” He emphasized that the worsening economic situation is not merely a political issue but a matter of national survival, urging leaders to prioritize the welfare of citizens over ideological battles.
Faloye further criticized the timing of Tinubu’s economic reforms, particularly the decision to float the naira while the country continued to rely heavily on imported fuel—a significant component of Nigeria’s import bill. “These two ill-timed policies have cost millions their lives and livelihoods,” he argued. “Inflation rates, and not food prices decreasing, is medicine after death caused by criminal negligence of the government.”
The group linked Nigeria’s prolonged economic decline to previous subsidy removals, arguing that these policies have progressively impoverished Nigerians. Faloye noted, “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.” He suggested that the funds saved from removing fuel subsidies could have been reinvested into the foreign exchange market, citing the January intervention of $8 billion as evidence of what could have been achieved.
However, Faloye lamented that the hasty removal of subsidies may have permanently damaged the economy. He criticized the government’s lack of a concrete plan to improve Nigerians’ living standards, describing the administration as “ideologically clueless on how to stimulate our consumer nor producer markets to create wealth.” As an example, he highlighted the severe housing crisis gripping the nation, noting that Nigeria’s twenty million homeless people represent the largest population of homeless individuals globally. Yet, the 2025 budget allocated only 20,000 houses, a figure that would take 1,000 years to resolve at the current rate, assuming no population growth.
Afenifere urged the government to adopt a more aggressive approach to addressing the housing crisis, drawing inspiration from countries like China and India. The group recommended a target of at least 10,000 homes daily to effectively tackle the crisis. Faloye argued that such a bold initiative would not only alleviate the housing shortage but also stimulate the consumer market, creating jobs and boosting economic activity.
As economic challenges continue to mount, Afenifere’s critique reflects growing dissatisfaction with the government’s handling of key economic policies. The group’s warnings signal a potential flashpoint in Nigeria’s political and economic discourse, underscoring the urgent need for reforms that prioritize the welfare of citizens. The stakes are high, and the consequences of inaction could be dire.
For Tinubu’s administration, the backlash from Afenifere and other critics presents an opportunity to reassess its policies and demonstrate a commitment to addressing the pressing needs of Nigerians. Failure to do so risks deepening divisions and eroding public trust, potentially destabilizing an already fragile economic landscape. As Faloye aptly put it, “A stitch in time saves nine.” The time for action is now.
