Afenifere Knocks Tinubu Over Economic Hardship, Questions His Model Of Excessive Borrowing

The Yoruba socio-political group, Afenifere, in the United Kingdom and Europe, has stated that the "no pain, no gain" philosophy of President Bola Tinubu's administration has reached its limit nationwide.

In a statement issued on Friday by its Secretary, Engineer Anthony Ajayi, in London, United Kingdom, the group acknowledged that while the current economic struggles were inherited from the previous administration of Muhammadu Buhari, some policies introduced by the Tinubu’s government have exacerbated the situation and require urgent review to alleviate the hardship.

Afenifere warned that if the situation worsens, many Nigerians could face even greater difficulties in their daily lives.

The group called on President Tinubu to use the remaining days of 2024 to prioritise the review of his policies and governance style in order to provide relief to the people by 2025.

It also urged both federal and state governments to introduce palliative measures to ease the suffering of Nigerians, especially during the holiday season.

“The time to get serious about good governance is now. Nigerians have suffered enough, and the situation cannot become any worse than it already is.

“This hardship is not just limited to those within Nigeria; Nigerians abroad are also feeling the impact. We urge President Tinubu to demonstrate leadership, put aside political agendas, and position himself positively in history.

“While he inherited many of these challenges from Buhari, he must show the capacity and resolve to lead,” the statement read.

On the President’s proposal to borrow an additional N1.77 trillion to cover the N9.7 trillion budget deficit for 2024, Afenifere expressed strong opposition, warning that continued borrowing would further devalue the Naira and damage the national economy.

The group stressed that borrowing is not a viable solution, given Nigeria’s heavy reliance on imports.

“We are not against borrowing in principle, but the question remains: what has the borrowing achieved? If the money borrowed only leads to more suffering for the masses, then the purpose of borrowing is defeated.

“Borrowing would be more justifiable if it were used prudently to improve infrastructure, foster industrial growth, and strengthen the economy.

“President Tinubu should consider bringing in creative and innovative economic technocrats into his cabinet, similar to the approach taken by the UK, to curb further borrowing.

“The UK government no longer needs to borrow; it can create money at will through the Bank of England.

“This model of economic management should be studied and adapted by Nigeria to break the cycle of borrowing.”

Afenifere also highlighted Nigeria's potential, urging the government to create an enabling environment for the industrious and hardworking population to contribute more effectively to the national economy.

The group expressed optimism about the progress made with the Port-Harcourt refinery, noting that it was nearing 70% completion and could soon begin operations.

They however commended President Tinubu for achieving this milestone, which was previously unattainable by past administrations.

“If all nine of Nigeria’s refineries were fully operational, there would be a significant improvement in the Naira’s value and the overall economy.

“The federal government must continue to foster the right conditions for such progress,” the statement added.

Afenifere called on Nigerians both at home and abroad to hold their state governors accountable for how they are utilizing the funds allocated to them.

“State governments are closer to the people, and it is important that we not only pressure the federal government but also hold our state governors to the same standard. We must ensure that the resources sent to the states are used effectively for the welfare of the citizens,” the group concluded.