At the 11th Bola Tinubu Colloquium on March 29, 2019, Bola Ahmed Tinubu warned about the dangers of reducing the purchasing power of the people, stating that it could further slow down the economy. Despite his remarks receiving a lukewarm response at the time, they now seem prophetic as they resonate with the policies being implemented by his administration.
Tinubu’s call to widen the tax net and increase taxes, even on himself, was initially met with confusion and skepticism. Many, including myself, dismissed it as a slip of the tongue. However, delving deeper into his words reveals a concerning pattern emerging in his governance.
Drawing from Freudian psychology, one can infer that Tinubu’s slip-up reflected an unconscious desire for an oppressive, anti-poor regime. This interpretation gains credence as his presidency unfolded, marked by the removal of petrol subsidies leading to a decline in people’s purchasing power and a sluggish economy.
Subsequent policies, such as the implementation of a “cybersecurity” fee on bank transactions and proposed VAT hikes, further exacerbate the economic burden on citizens, especially the less privileged. Despite assurances that these measures wouldn’t affect the poor, history shows that such promises often ring hollow.
As the government intensifies its economic onslaught on the vulnerable, there is a growing sense of discontent and inevitable backlash. Tinubu’s envisioned economic stratification risks fueling social unrest and upheaval unless there is a reevaluation of this oppressive trajectory.
The unfolding narrative underscores the urgent need for a recalibration of economic policies to alleviate the suffering of the masses and avert a looming crisis. Tinubu and his inner circle must heed the warning signs and pivot towards more inclusive and sustainable economic strategies before it’s too late.
