Tinubu’s Source of Wealth Unknown; His Govt Looting Billions From Oil Theft as Hunger Hits Nigerians –  Financial Times

The Financial Times (FT) has raised substantial concerns about Mr. Bola Tinubu’s mysterious wealth, accusing his administration of embezzling billions through oil theft while millions of Nigerians endure hunger and poverty.

In an editorial published on Wednesday, the FT knocked Tinubu’s disjointed policies, which have worsened the conditions for tens of millions of Nigerians, driving them deeper into poverty.

“Corruption must be confronted. It does not help that Tinubu’s own substantial wealth remains obscure, nor that his Minister for Poverty Alleviation was suspended over allegations of funds diversion, which she denies,” the FT argued.

It added, “It also does not assist that the state is implicated in the large-scale theft of oil, depriving the nation’s coffers of billions of dollars. Tinubu must utilise all his political acumen to stem this theft.”

According to the Financial Times, rather than distributing bags of rice to Nigerians, the country needs direct cash payments sent to people’s phones, a feasible solution given the existing technology. In the long term, a proper safety net is essential, though the state currently lacks the capacity and integrity to administer it effectively.

In 2022, Peoples Gazette published a series of damning reports on Mr. Tinubu, who served as Lagos governor from 1999 to 2008.

READ ALSO: Nigeria in Big Trouble, Economy Has Virtually Collapsed; You’ve Been Wasting Too Much Money on Frivolities, Stop This Recklessness – Dele Momodu Advises Tinubu

These reports detailed how he corruptly enriched himself through questionable Lagos tax administration practices via Alpha Beta. The newspaper also revealed how Alpha Beta siphoned billions to shell companies.

The Financial Times’ critique coincides with the anniversary of Mr. Tinubu’s first year in office on May 29. Previously, The New York Times had similarly reported on how Mr. Tinubu’s policies have exacerbated poverty in Nigeria.

Last week, Senator Ali Ndume, a member of Mr. Tinubu’s party, condemned the administration for its insensitivity to the suffering of Nigerians, describing it as being run by “kleptocrats.”

(Peoplegazette)

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