{"id":113074,"date":"2024-05-30T06:48:53","date_gmt":"2024-05-30T10:48:53","guid":{"rendered":"https:\/\/africatodaynewsnewyork.com\/?p=113074"},"modified":"2024-05-30T06:48:53","modified_gmt":"2024-05-30T10:48:53","slug":"your-policies-are-making-nigerians-poorer-afenifere-to-tinubu","status":"publish","type":"post","link":"https:\/\/africatodaynewsnewyork.com\/2024\/05\/30\/your-policies-are-making-nigerians-poorer-afenifere-to-tinubu\/","title":{"rendered":"Your Policies Are Making Nigerians Poorer, Afenifere To Tinubu"},"content":{"rendered":"

The pan-Yoruba socio-political organisation, Afenifere has called on President Bola Tinubu<\/a> to review his economic policies, noting that they have pauperised Nigerians.<\/strong><\/p>\n

Afenifere, in a statement by its Publicity Secretary, Justice Faloye, urged President Tinubu to alleviate the plight of Nigerians.<\/p>\n

Reviewing Tinubu\u2019s first year in office, the Yoruba body said: \u201cThe economy has experienced severe turbulence in the one-year administration of President Bola Tinubu, worsening the previous administration\u2019s economic legacy.<\/p>\n

\u201cAfenifere, hereby, calls for a better understanding of the economy to stop the alarming rate of inflation, devaluation, increasing unemployment, homelessness and poverty.<\/p>\n

\u201cFirstly, it is an illogical economic belief that the subsidy removals and tax increases that remove money from the economy will stimulate economic growth.<\/p>\n

\u201cTherefore, the adoption of flawed neo-liberal theories of subsidy removal and unbridled tax increases must be stopped since they always contract the economy and ours is no exception as companies are folding up and leaving due to fuel and electricity costs skyrocketing, fuelling galloping inflation and fall of real incomes.<\/p>\n

Read Also: <\/strong>Outrage As Tinubu Signs National Anthem Change Bill Into Law<\/a><\/em><\/p><\/blockquote>\n

\u201cThese 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.<\/p>\n

\u201cThe policy of floating the Naira without moderating the excesses of the free market speculators and hoarders, and a nation addicted to capital flight, is questionable economic logic. With 90 percent of our foreign exchange derived from oil and Gas, stopping government funding of the forex market was bound to lead to massive devaluation as witnessed. Our collective patrimony is not only meant to fund the political class but to stimulate the economy and abundance of life to the greatest number of citizens. This is the Afenifere standard of governance.<\/p>\n

\u201cThe 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.<\/p>\n

\u201cTinubu\u2019s 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.<\/p>\n

\u201cUnfortunately it appears that President Tinubu is still possessed by this mindset of taxing the poor to transfer to the privileged especially cronies. We are being inundated with all sorts of hare-brained tax schemes like communication, cyber security taxes etc and even once toyed with mandating grossly underfunded universities to remit to the Government purse a percent of their earnings.<\/p>\n

\u201cAt the end of the first year of Tinubu\u2019s administration, the question is whether our continued arrested economic development is due to corruption or incompetence.<\/p>\n

\u201cFrom failure to mine and refine crude oil to unjustified loans, and excessive cost of governance, it is the people that are made to suffer the tragic consequences.\u201d<\/p>\n

This economic dispensation of Monkey dey work, baboon dey chop must be halted before the sociopolitical fabric of Nigeria is destroyed beyond repair.\u201d<\/p>\n

Africa Today News, New York<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The pan-Yoruba socio-political organisation, Afenifere has called on 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\u2019s first year in office, the Yoruba body said: \u201cThe economy has experienced […]<\/p>\n","protected":false},"author":9,"featured_media":113099,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":"","footnotes":""},"categories":[6928],"tags":[11095],"class_list":["post-113074","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feature","tag-afenifere","pmpro-has-access"],"yoast_head":"\nYour Policies Are Making Nigerians Poorer, Afenifere To Tinubu<\/title>\n<meta name=\"description\" content=\"The pan-Yoruba socio-political organisation, Afenifere has called on President Bola Tinubu to review his economic policies, noting that\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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