Tinubu assembled worst economic team since 1999 - Northern groups

The Coalition of Northern Groups (CNG) has claimed that the economic team assembled by President Bola Tinubu is the worst since Nigeria's return to democratic rule in 1999.

CNG specifically singled out the monetary policy committee of the Central Bank of Nigeria (CBN), faulting its decision to continue to increase interest rates in the country.

Comrade Jamilu Aliyu Charanchi, National Coordinator of CNG, made this known while briefing newsmen in Abuja on Friday, July 19, 2024.

He described the government's response to the current hardship facing Nigerians as a trial-and-error approach to the economy.

As noted by Charanchi, this has resulted in further deterioration and exposure of people to avoidable suffering.

Northern groups say economy on a downward spiral

Quoting data from the National Bureau of Statistics (NBS) and other sources, the National Coordinator said available empirical data showed that key economic indices have worsened over the past year with no definitive solutions in sight.

“Empirical data from NBS and others reveals that over the past year, key economic indices have worsened with no definitive and evidence-based solutions in sight.

“In this dire situation, instead of providing relief, the Monetary Policy Committee (MPC) announced an increase in interest rates, which will further devastate the economy and diminish the prospects for job creation.

“The outcome of the MPC economic policies is a clear manifestation that President Tinubu’s economic team is the worst since Nigeria’s return to civil rule in 1999.

“The team lacks coordination, focus, foresight, and a clear understanding of the workings of the Nigerian economy. The anti-people policies of the government only enabled the few elites to primitively acquire wealth, while the vast majority of citizens continue to languish in deep poverty,” he said.

Nigerians living through a hard time

CNG's comment comes amid serious economic hardship in the country caused by the reforms embarked upon by the Tinubu administration.

Since coming to office on May 29, 2023, the President has initiated a series of reforms aimed at recalibrating the Nigerian economy and setting it on a path of sustainable growth.

Some of the interventions include the unification of the foreign exchange market and the removal of subsidies on petrol.

The two policies had significant multiplier effects on the people due to the astronomical rise in food prices and other commodities, triggered mainly by the increase in fuel pump prices.