Olufemi Ajadi Oguntoyinbo, a prominent figure of the New Nigeria People’s Party (NNPP), expressed dissatisfaction with President Bola Tinubu's national address in response to the ongoing protests.
In a statement released on Tuesday, Oguntoyinbo criticized the President for failing to adequately acknowledge the challenges faced by Nigerian citizens.
During his address on Sunday, President Tinubu attempted to address the nationwide protests sparked by food shortages and essential commodity scarcities.
However, Oguntoyinbo deemed the President's speech inadequate and insensitive to the plight of the average Nigerian. He specifically highlighted the allocation of N21 billion for the Vice President's residence renovation and an additional N70 billion expenditure on luxury SUVs for National Assembly members as examples of fiscal irresponsibility.
Oguntoyinbo emphasized that such extravagant spending does not align with the current economic conditions in the country. He lamented the depreciation of the Nigerian currency, stating that it can no longer compete favorably with the Ghanaian Cedi and the West African CFA franc.
Oguntoyinbo underscored the urgent need for Nigeria to improve its monetary policies, emphasizing the adverse effects of rising prices on the financial strain experienced by the Nigerian populace. Furthermore, he suggested that the prevailing economic hardships have led to increased production costs, subsequently burdening consumers with higher prices.
Regarding Nigeria's standing as the "Giant of Africa," Oguntoyinbo expressed regret, stating that the country has lost its previous status. He pointed out that the Ghanaian Cedi now exchanges for almost N106 Nigerian Naira, and the West African CFA franc has surpassed the Naira in value. This reality, he emphasized, contradicts any claim of Nigeria's economic dominance.