Former Rivers State Governor and Transportation Minister, Rotimi Amaechi, has launched a scathing critique of President Bola Ahmed Tinubu's economic policies, claiming that the Nigerian economy is deteriorating under the current administration.
During an interview with Channels Television on Thursday, Amaechi questioned the whereabouts of savings generated from the fuel subsidy removal and naira floating policies implemented by Tinubu's government.
"You are making savings from the fuel subsidy and floating the naira; where is the money?" Amaechi asked during the interview, expressing concern over the diminished purchasing power of Nigerians.
The former minister illustrated his point with a comparison: "You get N16,000, for instance; in Buhari's government, that will get you ten times as much, for instance, let's assume, today, you get 120,000. You can only get four tyres. Which do you prefer?"
Opposition Coalition Movement
Amaechi's criticism comes as he joins an opposition coalition alongside former Vice President Atiku Abubakar that recently moved to the African Democratic Congress (ADC) on Wednesday. This political realignment signals growing opposition to the current administration ahead of future elections.
Since President Tinubu's administration announced the removal of fuel subsidy and the floating of the naira in 2023, prices of goods and services in Nigeria have skyrocketed, affecting the livelihood of many citizens.
Government's Defense
Meanwhile, the Tinubu administration has defended its economic policies, pointing to the cooling of inflation, which stood at 22.97 percent in May, and the relative stability of the naira at the foreign exchange market (N1,525.83 per dollar as of Thursday) as indications that the country's economy is on the right track.
For comparison, in January 2023, before former President Muhammadu Buhari left office, Nigeria's headline inflation stood at 21.82 percent, and the naira exchange rate to the dollar was around N745.
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