The Labour Party has said Nigeria’s current economic travails is a byproduct of President Bola Tinubu’s ill-conceived economic policies especially the hasty removal of fuel subsidies without an alternative plan to contain the aftereffects.

National Publicity Secretary of the party, Obiora Ifoh, said this in a telephone interview in Abuja, on Thursday.

He was reactions to claims by the Federal Government that the situation could have been worse than it is today if it had not removed the subsidy.

Ifoh said, “It’s unfortunate that this administration has continued to act as if it is still campaigning for office.

“The same people told us removing fuel subsidies was all that was needed to revamp the economy.

“We have always said it, that the hasty manner with which President Bola Ahmed Tunubu who was obviously basking in the euphoria of his swearing in announced the removal by fiat.

“His action was not taken through the rigors of consultations and planning. We knew this would lead us into economic trouble, our leader Mr. Peter Obi and our party gave words of caution but we were called names.

“You can’t run a Governance based on a whim. The economic turmoil we are suffering today is a a result of this poor sense of judgment.

“Sadly, amidst all of these , the All Progressives Congress administration of renewed hopelessness has increased its spending on the lavish lifestyles of its elected officials. Corruption among government officials has never been worse.

“If one my ask, what did the federal government expect when after spending huge sums out of our dwindling foreign reserves on the purchase of luxury vehicles and a jamboree to Dubai?

“Our Presidential Candidate in the 2023 general elections, Mr. Peter Obi has said it time and again that until we get the leadership question right, we will continue to grapple in the dark.

“He has always said we need to move away from a consumption-dependent economy to a productive one in order to shore up our foreign exchange reserves and ultimately strengthen strengthen the Naira for the economic boom we desire.

“Mr. President and his team should just admit they’ve run out of ideas, they should ask for help.

“It is now apparent that no amount of propaganda can change the fact that more and more Nigerians are falling below the poverty line, local and foreign companies are folding up and government appears at a loss as to what next to do other than ask up all to pray,“ he said. (Vanguard)

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