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From Ndubuisi Orji, Abuja
The Labour Party (LP) caucus in the House of Representatives has said President Bola Tinubu one year in year in office negates the ” Renewed Hope” promise of the President.
The caucus, in a statement by its leader, Afam Ogene, that it has been a “reign of economic hardship, insecurity and hopelessness”, since Tinubu assumed office one year ago.
The lawmakers noted that it is “bewildering” that the economy of . has being on a free fall, raising doubts about the ability of the All Progressives Congress ( APC) to steer the country out of its current challenges.
“After last year’s glitch-determined presidential election, and the legal gymnastics which ratified the indolent behaviour of the electoral umpire, our Caucus had taken a backseat, in the patriotic hope that, maybe, just maybe, the beneficiary administration would be able to wrought magic and pull the nation from the precipice of economic annihilation.
“But, as can be obviously felt by the blind, and seen by the deaf, the entire country has, after one year, come to the full and unambiguous understanding of what President Bola Tinubu meant, when he said that his administration would continue with the ‘legacies’ of his predecessor.
“The current staggering negative economic indices should alarm every Nigerian, as it has left many previous optimists, including ourselves, in glaring shock, ” the caucus stated.
They added “curiously, the NBS had pointed out that the disturbing rise in food inflation was caused by an increase in prices of garri, millet, bread and cereal, yam, dried fish, meat, and fruits, considered to be mostly every day staple food for the ordinary man, who is now forced to battle with daily hunger as a result of food scarcity and decreasing purchasing power.
“From 29.9% in January – the highest since 1996 – Nigeria’s general inflation rate today stands at 33.20% and a poverty rate of 38.9%. Price of petrol has risen from N238.11 per litre, to N701.24, which is an increase of 194.5 %.
“Cooking gas price has increased by over 70%, diesel from N844.28 per litre to N1,415.02, which is 67.6% and public debt from N87.38trn to N97.34trn, an increase of 11.4%.
“Also, interest rate for bank loans which manufacturers and small and medium enterprises depend on for business and economic activities has increased in the past year, from 22.41 % to 33.69 %, which is an increase of 31.15 %.
“These verifiable figures and the excruciating living conditions of the people, more than any other thing, underscore the fact that
in just one year, the APC government has earned an unenviable record of perpetuating a cycle of poverty and underdevelopment, in spite of the flowery campaign promises it made just last year. “
