The Labour Party has criticized Nigeria’s economic challenges, attributing them to President Bola Tinubu’s economic decisions, particularly the abrupt removal of fuel subsidies without a viable plan. Obiora Ifoh, the party’s National Publicity Secretary, voiced these concerns in a recent interview with Vanguard.
Ifoh condemned the government’s assertion that removing the subsidy prevented a worse outcome, stating that the decision lacked thorough consultation and planning. He emphasized the need for governance grounded in strategic foresight rather than impulsive actions.
Highlighting the party’s warnings, Ifoh underscored the economic repercussions, including heightened corruption and increased spending on luxury items.
He cited Peter Obi, the party’s presidential candidate, who advocates for a shift towards a production-driven economy to bolster reserves and strengthen the Naira.
Ifoh called upon the government to acknowledge its shortcomings and seek assistance, emphasizing the worsening poverty rates and business closures.
Ifoh said,
“Our Presidential Candidate in the 2023 general elections, Mr. Peter Obi has said it time and again that until we get the leadership question right, we will continue to grapple in the dark.
“He has always said we need to move away from a consumption-dependent economy to a productive one in order to shore up our foreign exchange reserves and ultimately strengthen strengthen the Naira for the economic boom we desire.