Tinubu’s Economic Policies Push 30 Million Nigerians into Poverty -Energy Expert

Tinubu’s Economic Policies Push 30 Million Nigerians into Poverty – Energy Expert

 

 

 

A United States-based energy consultant, Olarinre Salako, has warned that President Bola Tinubu’s economic policies, particularly the floating of the naira and the removal of fuel subsidies, have driven 30 million Nigerians into poverty within his first year in office.

 

Speaking during an interview on 90MinutesAfrica with Rudolf Okonkwo, Salako said the government appears more focused on revenue generation than cushioning citizens from the adverse effects of its policies.

 

“Tinubu was aware of the likely impact of subsidy removal but went ahead regardless. The middle class is losing income, and millions of poor Nigerians are suffering,” Salako said.

 

The expert stressed that energy subsidies are essential for protecting citizens’ livelihoods, noting that even liberal capitalist nations uphold such measures.

 

He described the government’s conditional cash transfer programme—which reportedly disbursed about N330 billion to 70 million households—as poorly planned. Salako questioned the methodology used to identify beneficiary households in a country lacking a comprehensive citizens’ database.

 

Challenges in the Energy Sector

 

On the state of Nigeria’s energy sector, Salako expressed concern over the continued dysfunction of the nation’s refineries despite heavy investments in their rehabilitation. He said there is no justification for the refineries’ prolonged inactivity while older facilities in other countries operate at over 90 percent capacity.

 

“I don’t understand why our refineries are not working. Some have suggested selling them, but I believe they should operate under government oversight. If we cannot get our refineries to function, it undermines the very purpose of having them,” he said.

 

Salako also criticised the lack of technical expertise in energy-related ministries, pointing out that none of the ministers overseeing the sector have backgrounds in engineering or energy.

 

“Of the four people in charge of energy ministries, one is a biologist, two are accountants, and one is a lawyer. Clearly, they lack technical capacity, though competent professionals could be hired to support them,” he added.

 

He urged the government to tap into the expertise of Nigerian professionals abroad, many of whom are already contributing significantly to other countries’ development.

 

Impact on Citizens

 

Salako concluded that government policies should systematically consider potential impacts to prevent worsening poverty. He warned that without tangible interventions, more Nigerians will continue to fall into economic hardship.