- It stated that the removal of subsidy and arbitrary introduction of crippling taxes have forced many companies, especially those in the manufacturing sector, to fold up
The pan-Yoruba socio-political organisation, Afenifere, has implored President Bola Tinubu to stop taxing the poor to enrich the wealthy.
The organisation said instead of Tinubu’s economic policies to lift Nigerians out of poverty they are further impoverishing them.
Afenifere, in a statement by its Publicity Secretary, Justice Faloye, said there’s a need for Tinubu to review his economic policies as they have plunged the nation into unprecedented socio-economic crisis.
It stated that the removal of subsidy and arbitrary introduction of crippling taxes have forced many companies, especially those in the manufacturing sector, to fold up.
Reviewing Tinubu’s first year in office, the Yoruba body said: “The economy has experienced severe turbulence in the one-year administration of President Bola Tinubu, worsening the previous administration’s economic legacy.
“Afenifere, hereby, calls for a better understanding of the economy to stop the al
arming rate of inflation, devaluation, increasing unemployment, homelessness and poverty.
“Firstly, it is an illogical economic belief that the subsidy removals and tax increases that remove money from the economy will stimulate economic growth.
“Therefore, the adoption of flawed neo-liberal theories of subsidy removal and unbridled tax increases must be stopped since they always contract the economy and ours is no exception as companies are folding up and leaving due to fuel and electricity costs skyrocketing, fuelling galloping inflation and fall of real incomes.
“These policies are crowding out the productive sectors of the economy from much-needed loans. The hikes in interest rates are not effective in curbing inflation for the twin reasons that whatever loans are withheld from the private sector by the restrictive policies are flowing to the government which is spending recklessly and pumping the same funds right back into the markets.
“The policy of floating the Naira without moderating the excesses of the free market speculators and hoarders, and a nation addicted to capital flight, is questionable economic logic. With 90 percent of our foreign exchange derived from oil and Gas, stopping government funding of the forex market was bound to lead to massive devaluation as witnessed. Our collective patrimony is not only meant to fund the political class but to stimulate the economy and abundance of life to the greatest number of citizens. This is the Afenifere standard of governance.
“The problems inherited from the Buhari administration have been compounded by the inept management of the economy by the Tinubu administration, following the example of their predecessor by spending recklessly while looking for loans and additional taxes to fund the profligacy.
“Tinubu’s administration in Lagos State is credited for a hyped increasing Internally Generated Revenue that never translated into the development of the kind of infrastructure built by the Jakande administration.
“Unfortunately it appears that President Tinubu is still possessed by this mindset of taxing the poor to transfer to the privileged especially cronies. We are being inundated with all sorts of hare-brained tax schemes like communication, cyber security taxes etc and even once toyed with mandating grossly underfunded universities to remit to the Government purse a percent of their earnings.
“At the end of the first year of Tinubu’s administration, the question is whether our continued arrested economic development is due to corruption or incompetence.
“From failure to mine and refine crude oil to unjustified loans, and excessive cost of governance, it is the people that are made to suffer the tragic consequences.”
This economic dispensation of Monkey dey work, baboon dey chop must be halted before the sociopolitical fabric of Nigeria is destroyed beyond repair.”