Peoples Democratic Party (PDP) leader Segun Sowunmi has criticized the federal government for “running the economy on palliatives” since the removal of gasoline subsidies about eight months ago.
Sowunmi, who was a guest on TV channels Politics today The program on Monday called on the administration of President Bola Tinubu to seriously increase workers’ salaries.
With an inflation rate of 28.92%, food inflation of 33.93%, interest rate of 18.75%, over 133 million Nigerians multi-dimensionally poor, unemployment rate of 33.3%, naira exchange rate of over 1,400 naira/US$ in the parallel market, and a liter of petrol price of over 600 naira. And many more, Nigerians have not faced these difficult economic conditions.
Sowunmi lamented the devaluation of the naira and that those burdened with financial responsibilities do not know how to stabilize the currency which he said is now a “joke” even for those spending sevas in French-speaking West Africa.
He said the Nigerian economy should not be built to achieve impressive GDP and stock market figures or to win the plaudits of global rating bodies like the World Bank and the International Monetary Fund.
Instead, the PDP leader said Nigeria’s economy must be built for ordinary Nigerians struggling to survive, many of whom do not know where they will get their next meal.
“On the economy, (Tinubu) needs to let people understand, especially Will Edun and (Yemi) Cardoso and all of them, (Tinubu) needs to let them understand: ‘I am not trying to build an economy.’ The economy is just for GDP,” he said. So that Bretton Woods organizations like the World Bank and the International Monetary Fund can give me marks for success. I’m not interested; I’m interested in building an economy that is resilient, that serves the poor in Nigeria and gives them the opportunity to live the kind of lives that renewed hope is meant to be.
“Let me tell you what would have happened if he had increased the salaries of civil servants, and they were getting these increased salaries in a sustainable way, and the private sector would have followed through to maintain their workforce, and this money would have come back into the market.” And you’ve seen the economy grow.
“You can’t run a big economy on painkillers, especially when you run painkillers on wholesale and not retail.”
Sounmi feared that Tinubu would lose the economy even though that is his strength, and urged the president to prioritize economic stability and prosperity nationwide beyond enriching a few corrupt people.