Tinubu’s economic policies impoverishing Nigerians, EU says

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The Eastern Union, an advocacy group for good governance and justice in Nigeria, has expressed concern over the economic policies of President Bola Tinubu, claiming they are exacerbating poverty among Nigerians.

In a recent interview with THE WHISTLER, Charles Anike, the National President of the Eastern Union, criticized the economic strategies of President Tinubu, which include the elimination of fuel subsidies and the free-floating of the naira in the parallel market. He argued that these policies are designed to the detriment of the less privileged, leading to increased hardship for ordinary Nigerians.

Anike pointed out that the government’s focus on imposing various direct and indirect taxes on citizens and removing subsidies on essential commodities, rather than innovating, is indicative of its lack of understanding of the realities of functional economic policies. He also expressed concern over the frequency at which the Tinubu administration secures foreign loans, suggesting that it reflects a lack of economic strategy.

“The government needs to realize that every loan, particularly foreign ones, come with terms that are often not in the best interest of the citizens,” Anike said. “It’s also quite disheartening that these loans are not being used for investment purposes but to satisfy the insatiable desires of those in power.”

However, Anike acknowledged that Nigeria’s economic challenges are not solely the fault of the Tinubu administration. He traced the roots of the country’s economic problems back to the military eras, stating that subsequent civilian governments, including the previous Buhari regime, have exacerbated the situation through their constant borrowing of foreign loans without finding practical solutions.

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