The pan-Yoruba socio-political group, Afenifere, says
President Bola Ahmed Tinubu’s administration is plunging Nigeria into an
economic crisis that is worse than the Great Depression of 1929.
The group stressed that Nigeria’s economic crisis is far
worse than the 1929 Great Depression, noting severe declines in the value of
the naira, real wages and overall economic performance since 2014.
It faulted Tinubu’s reaction to a recent visit by the Patriots
led by Chief Emeka Anyaoku, who called for a new constitution.
Tinubu reportedly stated that he would prioritise his
economic reforms before addressing the issue of restructuring, a stance
Afenifere finds unacceptable.
According to the statement by its leader, Chief Ayo Adebanjo
and the National Publicity Secretary, Prince Justice Faloye, Afenifere argued
that the president’s economic reforms have led to economic hardship and a
decline in living standards.
The group expressed its support for restructuring, stressing
that it forms the foundation for economic recovery and addresses the diverse
challenges facing Nigeria.
“We urge the president to reconsider his approach. A
comprehensive strategy that addresses both economic and political reforms simultaneously
is needed, not just isolated economic measures,” the statement said.
The group further stated that Nigeria’s economic issues are
deeply rooted in its political structure, which prioritises control and
economic dependence on a central authority over prosperity.
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