The pan-Yoruba socio-political organisation, Afenifere, yesterday, has urged President Bola Tinubu to review his economic policies, noting that they have pauperised Nigerians.
Afenifere, in a statement by its Publicity Secretary, Justice Faloye, urged President Tinubu to alleviate the plight of Nigerians.
Reviewing Tinubu’s first year in office, the Yoruba body said: “The economy has experienced severe turbulence in the one-year administration of President Bola Tinubu, worsening the previous administration’s economic legacy.
“Afenifere, hereby, calls for a better understanding of the economy to stop the al
arming rate of inflation, devaluation, increasing unemployment, homelessness and poverty.
“Firstly, it is an illogical economic belief that the subsidy removals and tax increases that remove money from the economy will stimulate economic growth.
“These policies are crowding out the productive sectors of the economy from much-needed loans. The hikes in interest rates are not effective in curbing inflation for the twin reasons that whatever loans are withheld from the private sector by the restrictive policies are flowing to the government which is spending recklessly and pumping the same funds right back into the markets.
“The problems inherited from the Buhari administration have been compounded by the inept management of the economy by the Tinubu administration, following the example of their predecessor by spending recklessly while looking for loans and additional taxes to fund the profligacy.
“Tinubu’s administration in Lagos State is credited for a hyped increasing Internally Generated Revenue that never translated into the development of the kind of infrastructure built by the Jakande administration
“At the end of the first year of Tinubu’s administration, the question is whether our continued arrested economic development is due to corruption or incompetence.
