In a scathing editorial, the Financial Times (FT) has raised significant concerns about President Bola Tinubu’s unexplained source of wealth, accusing his administration of looting billions through oil theft while millions of Nigerians suffer from hunger and poverty.
The FT criticized Tinubu’s disjointed policies, which have exacerbated the plight of tens of millions of Nigerians, pushing them further into poverty. “Corruption must be confronted. It does not help that Tinubu’s own substantial wealth remains obscure, nor that his Minister for Poverty Alleviation was suspended over allegations of funds diversion, which she denies,” the FT stated.
The editorial further highlighted, “It also does not assist that the state is implicated in the large-scale theft of oil, depriving the nation’s coffers of billions of dollars. Tinubu must utilise all his political acumen to stem this theft.”
According to the FT, instead of handing out bags of rice to Nigerians, what is needed are direct cash payments to people’s phones. The technology for this exists, and in the longer term, a proper safety net is necessary, which the state currently lacks the capacity or probity to administer.
This critique follows the anniversary of Tinubu’s first year in office on May 29. Previously, The New York Times had similarly reported on how Tinubu’s policies have deepened poverty in Nigeria.
The FT's concerns are echoed by past reports. In 2022, Peoples Gazette published a series of damning articles on how Tinubu, who was Lagos governor between 1999 and 2008, allegedly enriched himself through questionable tax administration practices via Alpha Beta. The newspaper also uncovered how Tinubu’s Alpha Beta siphoned billions to shell companies.
Adding to the criticism, last week, Senator Ali Ndume, a member of Tinubu’s party, condemned the administration for its insensitivity to the suffering of Nigerians, describing it as being run by “kleptocrats.”
With these mounting criticisms, it remains to be seen how President Tinubu will address the widespread concerns over his administration's policies and actions.
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