Hot SourceSunday Okobi
A group, Activate Nigeria for Good Governance (ANGG), has criticised President Bola Ahmed Tinubu’s claim on October 1 that “the worst is over” for Nigeria’s economy.
The sharp criticism from the Convener of the ANGG, Ken Agala, who described the president’s optimism as akin to “celebrating the gift of crutches to a man whose legs you broke,” was contained in a statement made available yesterday in Lagos.
In the scathing critique, Agala argued that Tinubu’s administration has deepened Nigeria’s economic crisis, citing a plummeting naira, soaring inflation, and widespread hardship.
According to him, “The president’s speech was a highlight reel of statistics-GDP growth, rising reserves, non-oil revenue- but for Nigerians, the reality is higher prices, fewer jobs, and daily insecurity.”
Reflecting on Nigeria’s recent past, Agala praised the presidency of Goodluck Jonathan (2010–2015) for fostering hope and opportunity.
He added: “Under President Jonathan’s government, the middle class grew by 4.1 million households by 2014, a 600 per cent increase since 2,000, according to Standard Bank. Nigerians abroad returned to invest in banking, telecoms, and startups.
“The 2014 GDP rebasing showed growth in services and construction. Flawed as it was, ordinary Nigerians could aspire to rise.”
In contrast, Agala described Muhammadu Buhari’s tenure (2015–2023) as a period that “turned dreams into nightmares.”
He pointed to two recessions, forex crises, and a surge in poverty, with over 133 million Nigerians in multidimensional poverty by 2023, adding that: “Unemployment and inflation ballooned, erasing purchasing power.”
Agala reserved his harshest criticism for Tinubu, whose less-than-a-year presidency, he said, outpaced Buhari’s economic damage.
“The naira has collapsed to N1,510 per dollar by July 2024. Inflation hit 34.8 per cent in May. Social disbursements are small and irregular, and subsidy removal has crushed households. If Buhari was slow poison, Tinubu is a bullet train to collapse,” he stated.
Citing data from the IMF, World Bank, and Nigeria’s National Bureau of Statistics, Agala highlighted Nigeria’s worsening economic indicators.
“Per capita income had fallen from $3,222 in 2014 under Jonathan to $806 in 2024 under Tinubu. The naira, once N165 per dollar in 2014, is now N1,510. Inflation has surged from 8.1 per cent to 34.8 per cent; unemployment from 7.5 percent to over 41 percent, and the misery index from 15 to over 76.
“Nigeria’s corruption perception index, per Transparency International, has also declined from 27/100 in 2014 to 22/100 in 2024,” the convener stated in the statement.
Agala argued that Jonathan’s era offered possibilities, “while Buhari’s triggered currency collapse and brain drain. “Tinubu’s policies have intensified these woes, with record inflation and elite capture masquerading as reform.
“Handing out data does not feed people. Healing the economy and restoring livelihoods does,” the statement added.
The Activate Nigeria for Good Governance (ANGG) convener therefore, called for urgent action to address Nigeria’s economic decline, urging the government to prioritise tangible relief over optimistic rhetoric.
