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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