Nigeria’s economic crisis deeper than Great Depression of 1929 - Afenifere – Newstrends
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Nigeria’s economic crisis deeper than Great Depression of 1929 – Afenifere

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Chief Ayo Adebanjo

Nigeria’s economic crisis deeper than Great Depression of 1929 – Afenifere

The pan-Yoruba sociopolitical group, Afenifere, has accused President Bola Ahmed Tinubu’s administration of driving Nigeria into an economic crisis even more severe than the Great Depression of 1929.

Afenifere claims Nigeria’s current economic woes surpass those of the Great Depression, highlighting sharp declines in the naira’s value, real wages, and overall economic performance since 2014.

In a statement released yesterday, Afenifere, led by Chief Ayo Adebanjo, condemned Tinubu’s response to a recent visit by the Patriots, headed by Chief Emeka Anyaoku, who urged the need for a new constitution.

President Tinubu reportedly said he would focus on economic reforms before considering restructuring. Afenifere finds this approach unacceptable.

Anyaoku, the former Commonwealth Secretary-General, led the Patriots to the Presidential Villa to advocate for a new constitution. This request has sparked varied reactions from leaders across Nigeria’s geopolitical zones.

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Afenifere, in a statement signed by Adebanjo and National Publicity Secretary Prince Justice Faloye, argued that the president’s economic reforms have brought “economic hardship” and a lower standard of living.

The group insists that restructuring is vital, as it lays the groundwork for economic recovery and addresses Nigeria’s diverse challenges.

“We urge the president to rethink his strategy. A holistic plan addressing economic and political reforms simultaneously is essential, not just isolated economic actions,” the statement said.

Afenifere asserts that Nigeria’s economic problems stem from its political structure, which favors central control and economic dependency over prosperity.

“A constitution is a social contract between the government and its people. With Nigeria’s centralized and imbalanced system, both governance and societal welfare suffer. A new social contract with balanced political and economic responsibilities is needed,” the statement continued.

“Responsible leadership should push for significant economic and political restructuring, not just superficial reforms. Devolving power to federating units, as recommended in the president’s party’s El-Rufai Committee report, is key to achieving peace, harmony, and national unity,” the group concluded.

Nigeria’s economic crisis deeper than Great Depression of 1929 – Afenifere

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New Edo Gov Okpebholo takes oath of office, Shettima, others present

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New Edo Gov Okpebholo takes oath of office, Shettima, others present

 

Vice President Kashim Shettima on Tuesday led the Federal Government delegation to the inauguration of Monday Okpebholo as a brand new governor of Edo State.

Other dignitaries at the event are Abdulrahman Abdulrazaq, chair of the governors forum; and Philip Shaibu, the reinstated deputy governor of Edo.

Many sitting state governors across the country elected on the platform of the All Progressives Congress (APC) that also graced the ceremony are Babajide Sanwo-Olu of Lagos, Dapo Abiodun of Ogun, Hope Uzodinma of Imo, and Ahmad Aliyu of Sokoto, among others.

The National Chairman of the APC, Dr Abdullahi Ganduje, and his predecessor, Senator Adams Oshiomhole, were also at the ceremony, held inside the Samuel Ogbemudia Stadium in Benin.

Okpebholo took his oath of office at about 1pm on Tuesday.

Dennis Idahosa was also sworn in as Edo deputy governor.

The new governor rode in an open-top van round the stadium while acknowledging cheers from supporters.

As candidate of the All Progressives Congress (APC), Okpebholo won the September 21 off-cycle governorship election in the state.

He polled 291,667 votes to defeat Asue Ighodalo of the Peoples Democratic Party (PDP) who came second with 247,274 votes.

Olumide Akpata, candidate of the Labour Party (LP), came third with 22,763 votes.

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Things will get better, Tinubu, Sanwo-Olu assure Nigerians

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Things will get better, Tinubu, Sanwo-Olu assure Nigerians

President Bola Tinubu and Governor Babajide Sanwo-Olu of Lagos State, Monday, admitted that Nigerians are experiencing social and economic difficulties, assuring that the situation will soon change.

While Tinubu insisted that his government was on the right track, he argued that solutions to complex problems could never be as instant as coffee.

Meanwhile, Sanwo-Olu, who called for prayers, described the current leadership as tough men working to get Nigerians through difficult times.

Tinubu, represented by Secretary to the Government of the Federation, Senator George Akume, spoke at the 70th birthday of Serving Overseer of Citadel Global Community, Pastor Tunde Bakare, PTB, organised by the Citadel Global Community in Lagos.

Those present included former Head of State, General Yakubu Gowon  (retd), represented by Evangelist Austin Kemie; Governor Babajide Sanwo-Olu of Lagos State, Governor Dapo Abiodun of Ogun State, Deputy Governor of Lagos State, Dr Obafemi Hamzat; former governor of Ogun State, Olusegun Osoba; former governor of Akwa Ibom State, Obong  Attah; former governor of Rivers State, Rotimi Amechi; former governor of Ogun State, Gbenga Daniel, former governor of Ekiti State, Dr Kayode Fayemi; former governor of Kaduna State, Nasir El-Rufai; former Ogun State governor, Senator Ibikunle Amosun; Olu of Warri, Ogiame Atuwatse III, represented by Ogwa-Olusan of Warri, Chief Mene Brown; Ooni of Ife, Oba Adeyeye Ogunwusi (Ojaja II), represented by Asoya of Isoya Ife, Oba Muraina Adedini; Oba of Lagos, Oba Rilwan Akiolu; Alake of Egbaland, Adedotun Gbadebo III.

Tinubu, in his speech, said: “The President acknowledges that times are hard, but at the end of it all, there is always light. And solutions to complex problems can never be as instant as coffee, but we are on the right track.”

On the celebrant, the President described him as a spiritual leader and advocate for truth who had left an indelible mark, not just on those who follow his teachings, but on the nation as a whole.

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said: “We are here to celebrate a true man of God, a most precious human being. It gives me great joy to honour a man whose life has been an embodiment of passion, integrity and an unwavering commitment to justice and righteousness. PTB has been a beacon of hope and a voice for the voiceless in our society.

“His decades of service and dedication, principles of honesty, transparency, and fairness have been in the respect and admiration of many across this nation. His life journey reflects our commitment not just to spiritual growth, but also to the social and political development of our country.

“I acknowledge your relentless passion for better Nigeria, a country where equal justice and good government prevails. This celebration is a testament to a life of strength and courage, of powerful messages and fearless advocacy, deep volumes of your dedication to lifting humanity.

“It is these values that allow you to make such a difference. As you unveil your token of growth, the vast but definitely not the least, we look forward to gaining insights into the endless experiences that have shaped you into the formidable figure we see today.”

It’s tough time, public servants need prayers – Sanwo-Olu

Sanwo-Olu, in his address, said: “We that are in public service, we need all your prayers. It’s tough times, but you see, we are also tough men, and we know that at the end of the tunnel, there will be a bright phase.”

On the celebrant, the governor said PTB was not just a father to all, noting: “He is a man that is completely detribalised. He is a man that, with all the complexities of understanding people, stands up for fairness, equity and justice. There’s still a whole lot that God is still going to use you for, not only to this nation, but to the world. We thank God for who you are. You are a vessel of God.”

PTB testament to Ogun legacy of trailblazers – Abiodun

Abiodun, in his remarks, said: “We join him in reaching the remarkable 70. Considering the brevity of life, reaching 70 is not easy. PTB has made life one of purpose and significance. I have had the privilege of drinking from his wealth of knowledge. He stands as a testament to the Ogun State legacy of trailblazers. He is among the distinguished ambassadors of our state. As a spiritual guide, he has mentored many. PTB has touched lives.”

Let’s put nation first – Bakare

Meanwhile, Bakare, in his vote of thanks, urged Nigerians to put the country above personal needs, saying: “I want to appeal to you on this day that let us think of nation first. Let’s be less concerned about what we can get out of this nation. Let us think of how to make this nation a better place to live.”

 

Things will get better, Tinubu, Sanwo-Olu assure Nigerians

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Obaseki inherited N55bn debt, left N410bn behind – Transition report

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Obaseki inherited N55bn debt, leaving N410bn – Transition report

The Transition Committee of the All Progressives Congress has recommended a probe into N410 billion in local and foreign debts allegedly owed by the Edo State government.

The committee made the recommendation on Monday in its report presented to Monday Okpebholo ahead of his inauguration on Tuesday as Edo’s fifth democratically elected governor.

Presenting the document, Pius Odubu, the chairman of the committee, said the committee was presented with N410 billion in debts as against the N55 billion inherited by the outgoing government in 2016.

“For those of you who have the capability to fact-check, you will find out that the indebtedness today is much more. It is over N500billion,” he said.

Odubu, an erstwhile deputy governor, said the committee also recommended a review of memoranda of understanding on the management of Central and Stella Obasanjo hospitals.

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“All employment carried out in the recent past should be cancelled, while the governor should investigate the true ownership of the Ossiomo power plant and Radisson Blu Hotel.

“The same with the Museum of West Africa Arts-MOWAA. We deserve to know the state’s equity in these companies as the outgoing government went blank on these enquiries.

“We also demanded a comprehensive review of the World Bank-funded EdoBest programme, and a probe should be instituted to uncover its rather opaque operations,” he said.

Odubu added, “All major contracts issued by the state government under the Ministry of Roads and Bridges should be reviewed as they appear not to have followed due process, including the payment advance awarded to the contractors.

“The procurement agency indicted the government in its own report to the transition committee. Hence, we have advised the incoming governor to take a critical review.”

The committee chairman also called for streamlining the ICT ecosystem in the state, which he said appeared to be a duplication of duties.

“The outgoing government didn’t provide audited financial statements published or unpublished. Hence, the committee is advising the government to institute an inquiry into this.

“The government couldn’t account for the number of teachers in the state. Hence, we demand a proper teacher headcount,” Mr Odubu said.

The committee chairman said the document, comprised of a 24-page report and 800 annexures, was a product of three weeks of rigorous assignments, meetings, interactions, engagements and analyses of the documents presented to the committee.

 

Obaseki inherited N55bn debt, leaving N410bn – Transition report

(NAN)

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