Segun Sowunmi, a prominent member of the Peoples Democratic Party (PDP), has criticized President Bola Tinubu’s economic policies, suggesting they reflect a state of confusion.
Recent reports indicate that the president’s decision to eliminate fuel subsidies and float the naira has sparked backlash due to a significant increase in the cost of living.
During a discussion on Channels Television’s Politics Today last Friday, Sowunmi expressed doubts about Tinubu’s grasp of economic matters. “I remain hopeful, but I tell anyone who asks, if Tinubu is unable to navigate these issues, then who will?” he stated. “I believe he is simply confused.”
Sowunmi questioned the actions of the Central Bank of Nigeria (CBN) regarding the currency’s value, remarking, “Are they suggesting that by floating the currency, Nigeria’s currency will end up worthless?”
He highlighted the drastic rise in fuel prices, which surged from approximately N200 per liter in May 2023 to nearly N1,000 today. While the opening of the Dangote Refinery is anticipated to lower prices, the Nigeria National Petroleum Company Limited (NNPCL) has set the current price range between N855 and N897 per liter.
“What exactly drives the science and commerce behind petrol pricing when it’s being refined domestically?” Sowunmi queried, emphasizing the need for a clearer understanding of the pricing mechanisms.
He also mentioned that he has been studying various resources to explore solutions to these pricing issues and plans to share his findings once his research is complete.
