Expert Faults Tinubu’s Boast Of Economic Recovery
- Says Figures Not Reflecting Realities
An economist, Mr. Kunle Adeleye, has faulted claims by President Bola Tinubu that the Nigerian economy has recovered from its falling state.
In an exclusive interview with OSUN DEFENDER over the weekend, Adeleye described as lacking in realities, the consistent figures released by the federal government in recent times about the state of the economy.
He argued that while the numbers show a positive trajectory of a sharp decline in inflation, stabilising exchange rate, as well as other indicators, such developments are not materialising in the lives of Nigerians.
President Tinubu, at the coronation ceremony of Olubadan of Ibadan, Oba Rashidi Ladoja, in Ibadan, on Friday, while praising his administration’s efforts, said the economy has “bounced back” and was on the path of growth and prosperity, despite the widespread hardship, hunger, and inflation ravaging the country under his watch.
He said that the country had weathered the storm of economic collapse and was now moving toward recovery.
“Your suffering is the pain of a painful surgery. But it is now returned to the moment of growth and prosperity waiting for us ahead. Thank you for your perseverance. Thank you for your endurance,” Tinubu declared.
Countering the President’s claims, the economist said that while the government continues to boast of performance, key indicators depict otherwise.
He said, “The government says inflation has reduced. The CBN reduced the Monetary Policy Rate and other sundry issues, but the question is; are Nigerians better for it?
“Food prices are on the high side. The price of foodstuffs in the market has continued to go up. People cannot even afford to eat two square meals a day. In fact, some families cannot eat and they are working. There is hardship in the land.
“When this government came, the exchange rate of naira to a dollar was less than N600. It went up to over N1,850. It was over N2,000 at some point. Now that it has managed to make it revolve around N1,500, they said the exchange rate has been stabilised.
“To me, what stability means is when the lives of the people are better. Is this what the President promised us? He said things were going to be better, but it is the opposite.
“Some of his policies around tax are still going to affect the people more. They say low-income earners are going to pay less, but they are going to still pay, because the rich, who are consciously and heavily taxed now, will still collect it from the poor.
“It is not just about amending the basement figures for inflation or reducing MPR. Let us make the exchange rate lower, inflation a single digit and the prices of commodities come down rapidly.
“We cannot continue this way. It is better for the government to do the needful rather than implement programmes that further plunge the people into abject poverty,” Adeleye stressed further.
Kazeem Badmus is a graduate of Mass Communication with years of experience. A professional in journalism and media writing, Kazeem prioritses accuracy and factual reportage of issues. He is also a dexterous finder of the truth with conscious delivery of unbiased and development oriented stories.
