On Monday, President Bola Tinubu’s eldest son, Mr. Seyi Tinubu, implored Nigerians to be patient with his father’s government while they navigated the difficult economic times.
This came as irate young people protested the rising expense of living on the streets of Ibadan, the capital of Oyo state. Moreover, a single demonstration was organized by a 41-year-old man named David Ubaha in Uyo, the capital of Akwa Ibom State, to express his displeasure with the dire economic circumstances.
In the past nine months in office, President Tinubu’s economic reforms have sparked collateral instability in the value of the Naira, heaping hardship on Nigerians as food prices continue to soar.
But Seyi, in an Instagram post, rehashed his father’s words from a national broadcast to mark the 63rd Independence Day anniversary last October.
Then, Tinubu said: “There is no joy in seeing the people of this nation shoulder burdens that should have been shed years ago. I wish today’s difficulties did not exist. But we must endure if we are to reach the good side of our future.”
Seyi declared that he stands with his father and argued that the present generation “will yield the fruits of this hardship.”
However, Seyi’s message did not sit well with some Nigerians, who criticised the President’s son for living opulently while demanding sacrifice from the people.
A user named @King_ando1 remarked, “The most painful part is that this n*gga got a Richard Mille on his wrist while typing hardship.” The most affordable of a Richard Mill timepiece goes for about $48,000. While the Richard Mille RM 69 retails for around $750,000.
Another user named @Empresstok said, “How far are you enduring? You can say that to the masses cos you are not in their shoes.”
@ada_la_pinky simply said, “It’s hard for the masses,” while @akorede_dk quipped, “I believe you. May Allah make it easy for us.”
Hours earlier, a former Vice President and presidential candidate of the Peoples Democratic Party at the 2023 polls, Atiku Abubakar, debated that Tinubu’s economic policies, especially the unification of the exchange rate, were implemented hastily without adequate planning and proper consultations with stakeholders.
Atiku criticised the government, saying, “The wrong policies of the Tinubu administration continue to cause untold pain and distress on the economy and the rest of us cannot keep quiet when the government has demonstrated sufficient poverty of ideas to redeem the situation.”
He argued, “Given Nigeria’s underlying economic conditions, adopting a floating exchange rate system would be an overkill. We would have encouraged the Central Bank of Nigeria to adopt a gradualist approach to FX management. A managed-floating system would have been a preferred option.”
Atiku observed that the Naira may fluctuate daily in such a system, but the CBN will step in to control and stabilise its value.
“Such control will be exercised judiciously and responsibly, especially to curb speculative activities,” he noted.
But the Presidency disagreed, saying, “Atiku’s alternative of a controlled floatation of the Naira is similar to the policy of Godwin Emefiele when an estimated $1.5bn was spent monthly to shore up the Naira, while arbitrage or round-tripping went on unhindered. Sadly, it was perpetrated by people close to the corridors of power.”
