The Labour Party (LP) caucus in the House of Representatives has strongly criticised President Bola Ahmed Tinubu’s administration, marking its first year in office as a period of “economic hardship, insecurity, and hopelessness.”
This stark assessment contrasts sharply with the administration’s ‘Renewed Hope’ mantra.
In a State-of-the-Nation statement issued in Abuja on Tuesday, signed by the caucus leader, Hon. Afam Victor Ogene, the LP outlined its grievances and concerns over the current state of the nation.
“It’s bewildering that the economy of the nation has dangerously continued on a free fall, one year after the inauguration of the current administration,” the statement read.
The caucus expressed doubt about the All Progressives Congress (APC) government’s ability to rescue the nation from its dire situation, especially following what it described as “the precarious eight years of the past administration, characterised by widespread despair.”
Reflecting on the controversial 2023 presidential election, Ogene stated, “After last year’s glitch-determined presidential election, and the legal gymnastics which ratified the indolent behaviour of the electoral umpire, our caucus had taken a backseat, in the patriotic hope that, maybe, just maybe, the beneficiary administration would be able to wrought magic and pull the nation from the precipice of economic annihilation.”
The caucus noted that the reality has been far from the expectations set by President Tinubu’s promises.
“As can be obviously felt by the blind, and seen by the deaf; the entire country has, after one year, come to the full and unambiguous understanding of what President Bola Tinubu meant, when he said that his administration would continue with the ‘legacies’ of his predecessor,” the statement added.
The Labour Party lawmakers cited alarming economic statistics to support their claims.
They highlighted a report from the National Bureau of Statistics (NBS), which indicated that the food inflation rate in March 2024 had soared to 40.01 percent on a year-on-year basis, up from 24.45 percent in March 2023.
“Curiously, the NBS pointed out that the disturbing rise in food inflation was caused by an increase in prices of garri, millet, bread and cereal, yam, dried fish, meat, and fruits, which are everyday staple foods for the ordinary man, who is now forced to battle with daily hunger as a result of food scarcity and decreasing purchasing power,” the statement explained.
Furthermore, the LP caucus pointed out the general inflation rate has risen from 29.9% in January to 33.20% today, alongside a poverty rate of 38.9%.
“The price of petrol has risen from N238.11 per litre to N701.24, an increase of 194.5%.
Cooking gas prices have increased by over 70%, and diesel from N844.28 per litre to N1,415.02, a 67.6% rise.
Public debt has also surged from N87.38 trillion to N97.34 trillion, an increase of 11.4%,” they noted.
In light of these troubling figures, the LP caucus asserted that the Tinubu administration has perpetuated a cycle of poverty and underdevelopment.
They lamented that the government has failed to fulfill its eight-point agenda under the ‘Renewed Hope Agenda’ mantra, which included promises of food security, poverty alleviation, job creation, access to capital, inclusion, rule of law, and an anti-corruption fight.
The caucus urged the government to intensify its anti-corruption efforts, ensuring transparent governance and accountability.
They also warned against reliance on foreign financial institutions, whose policies often prove detrimental to developing countries.
“President Tinubu campaigned on the mantra of ‘Renewed Hope Agenda,’ which raised cautious optimism in many.
But now, we hasten to ask, have Nigerians seen any indication of fulfillment of those promises?
On the contrary, the ordinary man on the street is weeping and wailing, with pervasive hunger haunting millions of homes.
So, what we see, in actual sense, are failed promises,” the statement concluded.
