• News - North Central - FCT
  • Updated: May 18, 2024

Tinubu's policy led to Nigeria's economic collapse — Babachir Lawal

Tinubu's policy led to Nigeria's economic collapse — Babac

Former Secretary to the Government of the Federation, Engr Babachir Lawal, has criticized President Bola Tinubu's administration, saying that Nigeria collapsed after his inauguration on May 29, 2023.

Lawal pointed to Tinubu's unexpected announcement of fuel subsidy removal on the inauguration day as the catalyst for the country's economic turmoil.

He stated this while discussing the state of the nation on Trust TV’s Daily Politics.

According to Lawal, the announcement of fuel subsidy removal led to an increase in transportation which is the engine of business for both the rich and common man in Nigeria.

He said, “I can only repeat what I said before. I’ve spoken on this before. First of all, I did say one time you came into government on the day you were inaugurated,” he said.

“After swearing in you embark on the first major policies that are very impactful on the lives of the society. It is like a cowboy, or macho man removing subsidy. At that time, he didn’t have a minister of planning who should plan the outcome, the consequences...

“You don’t have a minister of finance who will calculate the impact of this society. You did not even have the federal executive council that will approve that, you have nothing. As at that time, nobody to advise, nobody to break out ‘what ifs’”.

Lawal recounted the immediate effects of the subsidy removal.

He said, "So immediately after that inauguration, Nigeria collapsed. It is like a balloon. Nigeria fell down. It deflated completely. Immediately transportation fares tripled. That week! I used to buy animal feed for my cows from Zaria, I used to pay N270,000 per truck. Immediately that week, I couldn’t buy anymore, because transportation alone was going to cost me N1 million.”

According to him, that policy alone crashed everything.

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