Yoruba socio-political group, Afenifere, based in the United Kingdom and Europe, has urged Tinubu-led government to quit borrowing and address the economic hardship facing Nigerians.
The group stated that even Nigerians abroad are feeling the impact of the economic hardship ongoing in Nigeria.
In a statement issued on Friday by its Secretary, Engineer Anthony Ajayi, in London, United Kingdom, the group acknowledged that while the current economic struggles were inherited from the previous administration of Muhammadu Buhari, some policies introduced by the Tinubu’s government have exacerbated the situation and require urgent review to alleviate the hardship.
Afenifere warned that if the situation worsens, many Nigerians could face even greater difficulties in their daily lives.
The group called on Tinubu to use the remaining days of 2024 to prioritise the review of his policies and governance style in order to provide relief to the people by 2025.
It also urged both federal and state governments to introduce palliative measures to ease the suffering of Nigerians, especially during the holiday season.
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“The time to get serious about good governance is now. Nigerians have suffered enough, and the situation cannot become any worse than it already is.
“This hardship is not just limited to those within Nigeria; Nigerians abroad are also feeling the impact. We urge President Tinubu to demonstrate leadership, put aside political agendas, and position himself positively in history.
“While he inherited many of these challenges from Buhari, he must show the capacity and resolve to lead,” the statement read.
On Tinubu’s proposal to borrow an additional N1.77 trillion to cover the N9.7 trillion budget deficit for 2024, Afenifere expressed strong opposition, warning that continued borrowing would further devalue the Naira and damage the national economy.
The group stressed that borrowing is not a viable solution, given Nigeria’s heavy reliance on imports.
“We are not against borrowing in principle, but the question remains: what has the borrowing achieved? If the money borrowed only leads to more suffering for the masses, then the purpose of borrowing is defeated.
“President Tinubu should consider bringing in creative and innovative economic technocrats into his cabinet, similar to the approach taken by the UK, to curb further borrowing.
“This model of economic management should be studied and adapted by Nigeria to break the cycle of borrowing,” he slammed.
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