Nigeria’s Confusion Over Economic Policies Criticized by PDP Chieftain
A chieftain of the Peoples Democratic Party (PDP), Segun Sowunmi, has accused President Bola Tinubu of confusion over economic policies, sparking a heated debate in the country. The controversy arises from Tinubu’s recent decisions to end the fuel subsidy regime and float the naira, which has led to a significant increase in the cost of living.
Sowunmi, speaking on Channels Television’s Politics Today, lamented that Tinubu appears to be struggling to address the country’s economic issues. "I am optimistic, but I wonder, if Tinubu can’t figure out these things, who can?" he questioned. "I think one, he is confused." The PDP chieftain also expressed uncertainty about the Central Bank of Nigeria’s (CBN) decision to float the currency, wondering if this would lead to the Naira becoming "toilet paper."
The price of petroleum has skyrocketed, rising from around N200 per liter in May 2023 to approximately N1,000 currently. Although the upcoming Dangote Refinery is expected to reduce prices, the Nigeria National Petroleum Company Limited (NNPCL) has pegged the cost of the commodity between N855 and N897 per liter.
Sowunmi is seeking answers, asking, "What constitutes the science and commerce of pricing petrol when you’re refining in your country? He has been researching this topic and plans to publish his findings when complete.
In response, Felix Morka, the ruling All Progressives Congress’s (APC) spokesperson, accused the PDP of being responsible for Nigeria’s current crisis. Morka claimed that the APC-led government has spent eight years cleaning up the mess left by the PDP, which ruled from 1999 to 2015. "What Nigerians don’t realize is that the PDP government created and operated a phantom economy where billions of dollars and naira were awarded and thrown around for national projects that were never done," Morka said. "All that money was simply rolled into private pockets."
As the debate continues, it remains to be seen whether President Tinubu’s policies will stabilize the country’s economy or exacerbate the challenges faced by Nigerians.
