In a recent interview Professor Nimi Wariboko, a renowned scholar and Professor of Social Ethics at Boston University, criticized Chief Bola Tinubu’s administration, stating that it has failed to produce any tangible results thus far.
Wariboko expressed concern over the lack of a clear plan to address the economic challenges facing the nation, particularly in light of the recent removal of petrol subsidies and other policy decisions.
According to Wariboko, who is also an author and investment banker, the current administration’s policies are characterized by “knee-jerk reactions” and a glaring absence of vision. He emphasized the need for effective leadership and strategic planning, stating, “Eight months into a government system is too long not to have a plan.”
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Wariboko further highlighted the economic difficulties facing Nigeria, including rising inflation, food inflation, a forex crisis, and the high cost of living. He pointed out the detrimental impact of the petrol subsidy removal, which has led to protests in various parts of the country and exacerbated economic hardships for ordinary citizens.
The professor noted the drastic depreciation of the Nigerian naira against foreign currencies under the Tinubu administration’s watch, with the exchange rate plummeting from approximately N700/$1 to over N1500/$1. Additionally, the price of petrol has surged by over 350%, soaring from N184 per litre to over N600 per litre.
Despite mounting pressure from economists, opposition parties, labor unions, and civil society organizations, the Tinubu administration has struggled to implement effective measures to alleviate the economic burden on Nigerians. While the government has announced various initiatives in recent weeks, the populace continues to grapple with the harsh reality of soaring living costs.
