Political strategist Segun Sowunmi, a prominent member of the Peoples Democratic Party (PDP), has publicly expressed his concerns regarding the economic direction of President Bola Tinubu’s administration. Sowunmi claims that the economic policies being implemented by the current government are a clear indication of confusion on the part of the president.
Critics have been vocal about several key decisions made by Tinubu, particularly the removal of fuel subsidies and the decision to allow the naira to float, causing a sharp appreciation. These actions have had a significant impact on the Nigerian populace, leading to an increase in the cost of living. Many have found themselves struggling with the sudden spike in fuel prices, which has had a cascading effect on goods and services.
Speaking during an appearance on Channels Television’s Politics Today on Friday, Sowunmi reiterated his stance that President Tinubu is at a loss on how to navigate the country’s economic challenges. He specifically pointed to the president’s inability to address pressing economic issues effectively.
“I am so optimistic, and I say it to people who ask me, ‘If Tinubu can’t figure out these things, I wonder who can.’ I think that, one, he is confused,” Sowunmi said during his interview.
The PDP chieftain further elaborated on his concerns regarding the management of Nigeria’s currency, questioning the Central Bank of Nigeria’s (CBN) approach to stabilizing the naira. Sowunmi expressed his bewilderment at the CBN’s strategy, which he believes could lead to a further devaluation of the naira, making it worthless.
“I don’t understand what the CBN people are doing relative to the value of the currency. Are they telling me that by their imagination, by floating the currency, Nigeria’s currency will become toilet paper?” he asked rhetorically, emphasizing his concerns about the naira’s future.
He further criticized the sharp increase in the price of petroleum, which has risen dramatically since Tinubu took office in May 2023. According to Sowunmi, the cost of fuel has surged from approximately N200 per litre to about N1,000, a significant burden on the average Nigerian. This increase has led to a spike in inflation, driving up prices across all sectors.
Sowunmi acknowledged that the anticipated operation of the Dangote Refinery could help bring down the cost of fuel, but he remains skeptical about the timeline and the extent of the impact. He also highlighted the Nigeria National Petroleum Company Limited’s (NNPCL) pegging of the current cost of petroleum between N855 and N897 per litre, raising further questions about the pricing mechanism.
“What exactly constitutes the science and commerce of pricing petrol when you are refining in your country?” Sowunmi asked, pointing out the lack of clarity surrounding fuel pricing even with local refining capabilities.
The political strategist concluded by sharing his ongoing research into possible solutions to the country’s economic woes. “I have been reading a lot of books on how we can work around this pricing, and the research is still ongoing. When I am done with it, I will come out with what we can consider,” Sowunmi said, hinting at the potential for alternative strategies that could alleviate the current economic hardship.