The Pan-Yoruba socio-political group, Afenifere, has urged President Bola Ahmed Tinubu to focus on implementing an economic revolution that achieves no less than 10 percent growth for the next 30 years, rather than a neo-liberal economic reform yielding just 3 percent growth in an import-export economy inherited from the colonial era.
Furthermore, the group charged the Tinubu administration to prioritize empowering the suffering masses rather than focusing on balancing foreign debts—only to incur more through excessive governance costs, which it attributed to alleged shady contracts and “unnecessary prebendal appointments.”
Afenifere issued this statement, jointly signed by its Acting Leader, Oba Oladipo Olaitan, and National Publicity Secretary, Prince Justice J. Faloye. A copy of the statement, made available to newsmen on Friday, insisted that Nigeria’s current economic woes were self-inflicted. The group criticized the president’s decision to remove fuel subsidies before the Dangote Refinery became operational, as promised in his own manifesto, calling it a fatal mistake.
Additionally, the socio-political group argued that Tinubu’s administration should not have floated the Naira while the country was still heavily reliant on imported petroleum products, which constitute one-third of its import bill. It maintained that these two ill-timed policies had cost millions their livelihoods and, in some cases, their lives. The group further remarked that efforts to decrease food prices amounted to mere “medicine after death,” blaming the crisis on government negligence.
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Afenifere lamented that the challenges facing Nigeria were the result of anti-people economic policies imposed by the Tinubu administration. It asserted that the ill-timed removal of fuel subsidies had stifled economic growth, preventing the country from regaining the true value of its currency due to economic mismanagement.
However, the group acknowledged that fuel prices and other import costs could drop further if the funds saved from subsidy removal were reinvested into the foreign exchange market, as had been done since January with $8 billion.
“The problem has been anti-people economic policies. We are no closer to El Dorado than we were in 1978 when education subsidies were removed, forcing students to rely on loans.
“Fuel prices and other import costs could decline further if the funds saved from fuel subsidies are injected into the forex market, as has been done since January with $8 billion. The ill-timed subsidy removal has killed the golden goose, making it impossible to fully regain the true value of our currency due to economic mismanagement,” the group said.
“Moreover, we should focus on creating true wealth and value rather than fixating on economic indices. Unfortunately, the administration remains clueless about how to improve Nigerians’ living standards and stimulate consumer or producer markets to generate wealth.
“For instance, housing is the foundation of the consumer market, the ultimate good for consumers. Unfortunately, Nigeria has 20 million homeless people—the highest number in the world—yet only 20,000 houses were budgeted for in the 2025 budget. At this rate, it would take 1,000 years to solve the housing crisis, assuming no population growth.
“The government must aim to build 20,000 homes daily, like China and India, or at least 10,000 homes a day, to make a meaningful impact,” Afenifere said.
Regarding infrastructure, particularly rail networks to facilitate the movement of goods and services—especially agricultural produce—Afenifere urged the Tinubu administration to revitalize the sector. It argued that any serious government should be able to construct at least 10 kilometers of railway per day, pointing out that “India and China build around 15 kilometers of rail daily.”
“The United States has 260,000 kilometers of railway, China has 155,000 kilometers, India has 135,000 kilometers, while Nigeria’s total railway length, built over a century, is just 4,174 kilometers—an amount that could be constructed in a year at a rate of 10 kilometers per day,” the group said.
Afenifere, however, clarified that its recommendations were not politically motivated but aimed at rescuing the nation from worsening poverty, which has led to a rise in kidnappings, robberies, and other economic crimes.
“The political class must realize that we are sitting on a ticking time bomb. If the poor can no longer endure these hardships, an explosion is inevitable. A stitch in time saves nine,” it warned.
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