The Labour Party (LP) caucus in the House of Representatives has criticized President Bola Ahmed Tinubu’s first year in office, calling it a period of economic hardship, insecurity, and despair, contrary to the administration’s ‘Renewed Hope’ promise.
In a statement issued in Abuja on Tuesday and signed by Hon. Afam Victor Ogene, the LP caucus expressed deep disappointment with the current state of the nation. They pointed out that the economy has continued to decline sharply, casting doubt on the ability of the All Progressives Congress (APC) government to address the nation’s issues, especially after what they described as eight challenging years under the previous administration.
The LP lawmakers noted that following last year’s controversial presidential election and subsequent legal battles, they had hoped the new administration might still succeed in rescuing the nation. However, they believe that after one year, it is clear that President Tinubu’s promise to continue the ‘legacies’ of his predecessor has only worsened the situation.
Citing recent data from the National Bureau of Statistics (NBS), the LP caucus highlighted that food inflation in March 2024 reached 40.01%, a significant increase from 24.45% in March 2023. They noted that everyday staple foods like garri, millet, bread, yam, dried fish, meat, and fruits have become much more expensive, exacerbating hunger and reducing purchasing power for ordinary Nigerians.
Furthermore, the LP representatives pointed out that the general inflation rate has risen from 29.9% in January to 33.20%, with a poverty rate of 38.9%. They also emphasized the dramatic increase in fuel prices, with petrol rising from N238.11 per litre to N701.24, and cooking gas and diesel prices also seeing substantial hikes. Public debt has grown from N87.38 trillion to N97.34 trillion, and interest rates for bank loans have soared from 22.41% to 33.69%, making it difficult for businesses to thrive.
The caucus criticized the APC government for failing to deliver on its campaign promises, noting that despite pledges to address food security, poverty alleviation, economic growth, job creation, access to capital, inclusion, rule of law, and anti-corruption, the reality for many Nigerians is one of continued hardship and unmet expectations.
They urged the government to take stronger action against corruption, emphasizing the need for transparent governance and accountability. The LP lawmakers also warned against overly relying on foreign financial institutions, whose policies can often be detrimental to developing countries.
The Labor Party caucus in the House of Representatives believes that President Tinubu’s first year in office has been marked by worsening economic conditions and unfulfilled promises, leaving many Nigerians disillusioned and struggling to cope with daily life. They call for a change in direction to truly address the nation’s pressing issues and improve the lives of its citizens.
