The eldest son of President Bola Tinubu, Mr Seyi Tinubu, on Monday, urged Nigerians to demonstrate patience with his father’s administration as the nation navigates through these difficult economic circumstances.
This came after protests erupted in Ibadan, the capital of Oyo state, where disgruntled youths took to the streets to protest against the escalating cost of living. Additionally, a 41-year-old man identified as David Ubaha staged a solitary protest in Uyo, the capital of Akwa Ibom State, to express his grievances regarding the challenging economic situation.
During President Tinubu’s nine months in office, his economic reforms have resulted in unintended consequences, including instability in the value of the Naira, exacerbating hardships for Nigerians as food prices continue to rise.
However, Seyi, in a post on Instagram, reiterated his father’s remarks from a national broadcast commemorating Nigeria’s 63rd Independence Day anniversary last October.
Then, Tinubu said, “There is no joy in seeing the people of this nation shoulder burdens that should have been shed years ago. I wish today’s difficulties did not exist. But we must endure if we are to reach the good side of our future.”
Seyi declared that he stands with his father and argued that the present generation “will yield the fruits of this hardship.”
The post included hashtags such as #HaveFaithinHim, #NigeriaisinGreatHands, #OurGenerationwillYieldthefruitsofthishardship, #IStandwithOurPresident, #RenewedHope, and #NigeriaismyHome.
Nevertheless, Seyi’s message faced backlash from some Nigerians who criticized the President’s son for living luxuriously while expecting sacrifices from the people.
A user named @King_ando1 remarked, “The most painful part is that this n*gga got a Richard Mille on his wrist while typing hardship.” The most affordable of a Richard Mill timepiece goes for about $48,000. While the Richard Mille RM 69 retails for around $750,000.
Another user named @Empresstok said, “How far are you enduring? You can say that to the masses cos you are not in their shoes.”
@ada_la_pinky simply said, “It’s hard for the masses,” while @akorede_dk quipped, “I believe you. May Allah make it easy for us.”
Hours earlier, a former Vice President and presidential candidate of the Peoples Democratic Party at the 2023 polls, Atiku Abubakar, debated that Tinubu’s economic policies, especially the unification of the exchange rate, were implemented hastily without adequate planning and proper consultations with stakeholders.
Atiku criticised the government, saying, “The wrong policies of the Tinubu administration continue to cause untold pain and distress on the economy and the rest of us cannot keep quiet when the government has demonstrated sufficient poverty of ideas to redeem the situation.”
He argued, “Given Nigeria’s underlying economic conditions, adopting a floating exchange rate system would be an overkill. We would have encouraged the Central Bank of Nigeria to adopt a gradualist approach to FX management. A managed-floating system would have been a preferred option.”
Atiku observed that the Naira may fluctuate daily in such a system, but the CBN will step in to control and stabilise its value.
“Such control will be exercised judiciously and responsibly, especially to curb speculative activities,” he noted.
But the Presidency disagreed, saying, “Atiku’s alternative of a controlled floatation of the Naira is similar to the policy of Godwin Emefiele when an estimated $1.5bn was spent monthly to shore up the Naira, while arbitrage or round-tripping went on unhindered. Sadly, it was perpetrated by people close to the corridors of power.”