Omajemite Don, a seasoned political analyst and educationist, has voiced a poignant critique of the current state of Nigeria’s economy under the APC government led by President Bola Tinubu. Reflecting on the past decade, Omajemite offers a thought-provoking analysis of the nation’s economic decline and the leadership failures that have exacerbated it.
“In 2014, I was an ardent supporter of the All Progressives Congress (APC) government, believing in their promise of change and prosperity. However, the economic landscape of Nigeria has deteriorated significantly since then,” lamented Omajemite. “The contrast between 2015 and 2024 is stark and alarming, shedding light on the depth of our economic woes.”
In 2015, ₦100,000 was equivalent to $512, a substantial sum that could purchase 50 bags of cement, an LG air conditioner, or even a plot of land in a village. Today, in 2024, that same ₦100,000 holds the purchasing power of a mere ₦69. This drastic devaluation means ₦100,000 can now only buy 12 bags of cement, far from the luxury of an air conditioner, which now costs ₦400,000, and certainly not a plot of land in any village.
The devaluation of the naira is not just a statistic but a real impact on the daily lives of Nigerians. “In 2015, ₦100,000 could buy you 13 bags of foreign rice,” Omajemite noted. “Today, it barely covers the cost of a single bag. This highlights the severe impact of economic mismanagement over the past decade.”
Further compounding the issue, President Bola Tinubu’s government is working very hard to outsmart Buhari as the worst president since the inception of democracy in Nigeria. Those who supported Bola Tinubu in 2023 are already crying and lamenting under just one year of his administration.
“Tinubu’s government has been a monumental failure,” Omajemite asserted. “His failure as president covers all areas of life in Nigeria. Insecurity has become worse, our economy has been destroyed, and the only thing Tinubu’s government has not been able to destroy is the free air that the Almighty God has given to us.”
This sobering assessment calls into question the trajectory of Nigeria’s leadership and the promises made by those in power. As Nigerians grapple with these realities, the urgent need for accountable and effective governance becomes ever more apparent.
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