Groups slam Tinubu’s economic team, policies as worst since 1999

The Coalition of Northern Groups (CNG) has lambasted the economic policies of President Bola Tinubu‘s administration, describing them as the worst since Nigeria’s return to democracy in 1999.

CNG National Coordinator, Comrade Jamilu Charanchi, stated that the administration’s trial and error approach has worsened key indices, causing hardship for citizens.

Charanchi cited data from the National Bureau of Statistics (NBS) and others, showing no definitive solutions in sight.

He criticized the Monetary Policy Committee’s decision to increase interest rates, which will further devastate the economy and diminish job creation prospects.

The CNG leader accused President Tinubu’s economic team of lacking coordination, focus, foresight, and understanding of the Nigerian economy, enabling only the few elites to acquire wealth while the majority suffer in poverty.

This criticism comes as Nigeria faces economic challenges, with the CNG calling for a change in economic policies to address the suffering of citizens.

Since assuming office, President Bola Tinubu’s economic policies have been a subject of intense debate and criticism.

Despite promises to revitalize the economy, his administration’s decisions have been marred by controversy, sparking widespread discontent among Nigerians.

One of the most contentious decisions of Tinubu’s administration has been the removal of fuel subsidies.

While the move was touted as a necessary step towards economic reform, it has led to a significant increase in the cost of living, exacerbating poverty and hardship for millions of Nigerians.

The subsequent hike in fuel prices has had a ripple effect on the economy, leading to higher transportation costs, increased food prices, and a general decline in living standards.

Furthermore, Tinubu’s economic team has been criticized for its lack of coherence and clear direction.

The administration’s policies have been disjointed and reactive, lacking a comprehensive plan to address the country’s economic challenges.

This has resulted in a lack of confidence among investors, both domestic and foreign, hindering economic growth and development.

The floatation of the naira, another key aspect of Tinubu’s economic policy, has led to a massive depreciation of the currency.

This has made imports more expensive, further exacerbating the economic woes of Nigerians.

The depreciation of the naira has also had a negative impact on the country’s foreign exchange reserves, undermining Nigeria’s economic stability.

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