A chieftain of the Peoples Democratic Party (PDP), Segun Sowunmi, has criticized the Federal Government’s economic policies, claiming that President Bola Tinubu appears uncertain about how to manage the country’s challenges.
Upon taking office, Tinubu ended the petrol subsidy and floated the naira, actions that have led to a significant rise in the cost of living. These policies have been widely criticized for contributing to soaring inflation, and Sowunmi echoed this sentiment, asserting that Tinubu is struggling to find solutions.
“I am optimistic but concerned. I tell people, ‘If Tinubu can’t figure this out, I don’t know who can.’ It seems he’s confused,” Sowunmi said during an interview on Channels Television’s *Politics Today*.
The PDP chieftain also questioned the Central Bank of Nigeria’s handling of the naira’s value, expressing skepticism about the currency’s future. “I don’t understand what the CBN is doing regarding the naira. Are they suggesting that by floating the currency, the naira will become worthless?” he asked.
Since May 2023, the price of petrol has surged from around N200 per litre to nearly N1,000. Although the completion of the Dangote Refinery is expected to reduce the cost, the Nigerian National Petroleum Company Limited (NNPCL) has currently set the price between N855 and N897 per litre.
Sowunmi also raised concerns about the science behind petrol pricing in a country that refines its own oil. “What exactly is the logic behind pricing petrol when refining domestically?” he asked. He added that he is conducting research into alternative pricing models and plans to propose solutions in the future.
Meanwhile, Felix Morka, the spokesman for the ruling All Progressives Congress (APC), defended the current government, attributing the country’s economic woes to mismanagement by the PDP during its time in power from 1999 to 2015.
“The Buhari administration spent eight years cleaning up the mess left by the PDP,” Morka said on the same program. He accused the PDP of operating a “phantom economy” in which billions of naira and dollars were allocated to projects that were never completed, with much of the money ending up in private pockets.