Veteran journalist and former Senior Special Adviser on Media and Publicity to ex-President Goodluck Jonathan, Dr. Reuben Abati, has raised concerns about Nigeria’s economic situation under the current administration.
Abati spoke during his popular Arise TV program, Morning Show, on Monday.
He said that former President Muhammadu Buhari was likely laughing at the country’s current economic challenges from his home in Daura, Katsina State.
Abati’s comments were aimed at criticizing the economic management of the present government, especially those from the Southwest, who, he claims, had boasted of their superior abilities to handle the economy.
During the broadcast, Abati expressed deep disappointment with the way the Nigerian economy is being handled, focusing on those from the Southwest who are currently in charge.
According to Abati, there had been claims in the past that people from the Southwest were better at managing the economy, but the present economic reality does not reflect this.
He noted that under the current administration, led by President Bola Ahmed Tinubu, Nigerians are facing unprecedented economic hardships.
“It is a gross embarrassment in terms of economic management to people who come from the Southwest, who say that, you know, ‘people from the Southwest are better at managing the economy’. We have not seen that evidence,” Abati said.
He added that the situation is so dire that Buhari, who led the country from 2015 to 2023, might be observing the crisis from his hometown and laughing at the unfolding events.
Abati’s remarks reflect the deep frustration many Nigerians are feeling about the country’s economic direction.
Since the beginning of President Tinubu’s administration in May 2023, Nigerians have seen a sharp rise in inflation, fuel prices, and the cost of living.
The removal of the fuel subsidy in June 2023 has caused fuel prices to skyrocket, leading to increased transportation costs and further inflation in the price of goods and services.
Speaking on this issue, Abati highlighted how daily life has become a struggle for ordinary Nigerians.
“A liter of fuel is going up to about N1200 to N1250 in some places,” he pointed out. “They are asking us to make sacrifices, but they are not making sacrifices.”
The fuel price hike has had a ripple effect across various sectors of the economy.
Abati mentioned that Lagos, the commercial capital of Nigeria, has turned into a “ghost town,” with fewer cars on the roads because people can no longer afford to buy fuel as they used to.
He also cited the dramatic rise in food prices, including a stick of suya (a popular Nigerian delicacy) now costing N1850.
In addition to rising food and fuel prices, Abati pointed out that school fees have also increased.
Many Nigerian families are now struggling to afford the cost of education, adding to the burden of everyday living expenses.
Abati expressed concerns about how these financial pressures are impacting households, with many Nigerians now cutting back on their spending and changing their lifestyles just to survive.
“Families are affected. Husbands now are beginning to go to the market to make sure that madams do not top up ‘chop’ money in the family because of what has been imposed,” he noted.
He said that despite the establishment of the Dangote Refinery, which was expected to help ease the fuel crisis in Nigeria, there is still confusion regarding the pricing of refined products.
Abati expressed concern that the current administration has not provided clear solutions to these economic challenges, which has left many Nigerians feeling hopeless.
“In the midst of all this confusion, we are in a quadrum. Our immediate future hangs in the balance, and the pain is much. It has gone beyond hunger,” he lamented.
Abati warned that the government must take urgent steps to restore the hope it promised Nigerians during the election campaign.
The slogan of President Tinubu’s administration, “Renewed Hope,” now appears to be fading in the face of mounting economic difficulties.
“Those who claim, who promised that there will be renewed hope, they should not allow that hope to disappear completely,” Abati said.
He also cautioned that the growing frustration among Nigerians could lead to more public unrest, referencing the possibility of protests scheduled for October 1, 2024, Nigeria’s Independence Day.
“Some people have served notice that they will go on strike. They will go out to the streets on October 1 driven by the pain of hunger and the reality of anger,” Abati said.