Tinubu Has Damaged Nigerian Economy For Over A Year, Says Middle Belt Forum

The Middle Belt Forum (MBF) has accused President Bola Tinubu of damaging the Nigerian economy and introducing belated measures to address the attendant hardship.

The group appealed to President Bola Tinubu to reconsider his administration’s economic policies, particularly the removal of the petrol subsidy and the devaluation of the naira, arguing that these actions have pushed millions of Nigerians into poverty and worsened the nation’s economic crisis.

In a statement issued in Makurdi over the weekend, the National President of MBF, Dr Bitrus Pogu, condemned the government’s handling of the economy, disclosed that the sudden policy shifts have caused severe hardship for Nigerians.

“It does not require an economist to understand the devastating impact of these policies. For over 17 months, the Federal government’s actions, such as removing the petrol subsidy and floating the Naira, have crippled the economy and burdened the average Nigerian,” Pogu said.

Dr Pogu also criticised the government’s delayed response to the crisis, highlighting the introduction of compressed natural gas (CNG) as an alternative fuel, which has only had limited success in places like Lagos and Obajana.

He pointed out that the initiative, while promising, has become increasingly inaccessible to the majority of the population due to its restricted availability.

“The government’s delayed interventions have done little to alleviate the mounting pressures on Nigerians. The policies are only felt by those in major urban centers, while the rural population continues to suffer,” Pogu added.

Dr Pogu stated, “These policies have placed an excessive burden on Nigerians, draining their already limited resources. The removal of subsidies and the devaluation of the Naira are further exacerbating the situation.

“Both measures have had a detrimental impact on the cost of goods, with the poor bearing the brunt of the consequences. It is the impoverished who are suffering most from these economic policies.

Dr Pogu said that the President needs to appoint capable individuals to manage his economic strategies, rather than proceeding in a disorganized manner.

He said instead of abruptly removing the fuel subsidy, he could have first launched the CNG program, ensuring its accessibility and affordability across the nation. Had this been done, people would have embraced CNG instead of searching for petrol.

“However, after damaging the economy for over a year and a half, the CNG initiative was only recently introduced, and its impact is still limited to a few areas like Lagos and Obajana, making it increasingly inaccessible.

“Moreover, the exorbitant cost of converting vehicles to use CNG has added to the problem. Clearly, the economic team is not performing well, and we hope the President reconsiders his approach,” Dr Pogu added.