Olufemi Ajadi Oguntoyinbo, a prominent figure in the New Nigeria People’s Party (NNPP), has expressed dissatisfaction with President Bola Tinubu’s recent national address concerning the ongoing protests across Nigeria.
Oguntoyinbo’s comments, delivered in a statement to the media on Tuesday, suggest that the President’s broadcast failed to adequately address the core issues facing citizens.
On Sunday, President Tinubu addressed the nation in response to widespread protests triggered by issues such as hunger and the scarcity of essential commodities.
However, Oguntoyinbo argued that the President’s remarks were insufficient and demonstrated a lack of sensitivity to the struggles of ordinary Nigerians.
Oguntoyinbo particularly criticised the allocation of N21 billion for the renovation of the Vice President’s residence and an additional N70 billion for luxury SUVs for National Assembly members.
He described these expenditures as examples of fiscal irresponsibility, arguing that they are out of step with the country’s current economic realities.
“It is unfortunate that Nigeria’s currency now lags behind the Ghanaian Cedi and West African CFA Franc,” Oguntoyinbo stated.
“The broadcast by President Bola Tinubu last Sunday did not address the protesters’ demands or the broader issues faced by Nigerians.
The President’s speech fell short of expectations.”
He continued, “The allocation of N21 billion for the Vice President’s residence renovation and N70 billion on luxury vehicles for National Assembly members illustrates a disregard for fiscal discipline. Such extravagant spending is incompatible with the prevailing economic conditions.
Nigeria urgently needs to improve its monetary policies. Unfortunately, Nigeria has lost its status as the Giant of Africa.”
Oguntoyinbo lamented the rising cost of living and the financial strain on Nigerians, noting that entrepreneurs are struggling with increased production costs, which are then passed on to consumers.
“It is disheartening to see Nigeria’s currency devalue so dramatically against the Ghanaian Cedi and CFA Franc.
The reality is stark: one Ghanaian Cedi now exchanges for nearly N106, and the CFA Franc has significantly outpaced the Naira,” he added.
Oguntoyinbo’s critique reflects broader concerns about economic management and public expenditure in Nigeria, emphasising the need for more effective and empathetic governance in addressing the nation’s economic challenges.
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