Presidential candidate of the African Action Congress (AAC), Omoyele Sowore, has criticised the Federal Government’s economic reforms, arguing that increased government revenue and improved macroeconomic indicators have yet to translate into better living conditions for Nigerians.
Sowore made the remarks during an interview on Arise Television on Monday, where he said the success of the administration’s economic policies should be measured by their impact on Nigerians’ standard of living, businesses, employment, education, security and wages.
He faulted the Federal Government for relying on increased revenue, tax collection and the tax-to-GDP ratio as evidence of economic progress, insisting that such figures mean little to Nigerians struggling to afford basic necessities.
According to him, Nigerians are more concerned about whether the reforms are creating jobs, supporting businesses, improving public services and increasing their purchasing power.
“They are bringing out numbers as if we are foolish people. They want to do a mental adjustment on the psyche of the people. They say you are feeling better because our GDP-to-tax ratio is higher.
“We are talking about GDP to tax, but what about GDP to standard of living? Nobody is talking about that. That’s why I said it is a repetition of the same old explanation of their economic failures,” he said.
Sowore argued that the government should demonstrate the impact of its reforms through tangible improvements, including the establishment of new industries, job creation, better schools, improved roads and other critical infrastructure.
“What we are asking them to produce are the wealthier people in society, the schools that have been built, the roads that you have constructed after you remove subsidy, and how your people are faring, how your businesses are faring,” he said.
The AAC candidate further claimed that despite increased government revenue, Nigerians were experiencing a rising cost of living and declining purchasing power, while businesses were struggling to remain operational.
“Businesses are pretty much gone. You have closed down industries. Your people are poor. We are not just talking about poor people. We are talking about people who are multidimensionally poor,” he said.
Sowore also criticised the removal of fuel subsidy, arguing that the policy had increased the economic burden on ordinary Nigerians.
He maintained that subsidy was not inherently a bad economic policy, noting that governments around the world use subsidies to protect vulnerable citizens and support strategic sectors.
“There is no country in the world that doesn’t subsidise their poor. In fact, the people that get the most subsidy in Nigeria are not the poor. It’s the rich,” he said.
The activist alleged that wealthy individuals and businesses benefited from government waivers and other incentives, while ordinary Nigerians bore the immediate consequences of fuel subsidy removal.
“All the people who bring in foreign goods and services, go and look at their waivers, their customs. You know who is getting a real subsidy compared to the people who are getting from each gallon of petrol that was taken away from them,” he said.
Sowore also argued that subsidy removal, alongside other economic policies, had contributed to the depreciation of the naira and worsening living conditions.
“The moment you remove the subsidy, look at where your economy tanked. Your naira also went down the toilet,” he said.
He called for a fundamental change in Nigeria’s approach to economic management, urging the government to implement policies that create opportunities for the majority rather than concentrate wealth and benefits among a privileged few.
Sowore also advocated measures to make the minimum wage more meaningful, strengthen businesses and improve access to education, healthcare, security and other essential services.
He maintained that economic reforms should ultimately be reflected in the lives and pockets of ordinary Nigerians.
“Optics don’t feed people. Propaganda can’t feed people. People are dying in this country of hunger and starvation. People can’t afford to live,” he said.
The AAC presidential candidate maintained that the government could not claim economic success while millions of Nigerians continued to struggle to meet their basic needs.
“We must stop deceiving ourselves. We need fresh ideas and fresh people who can make this country work,” he said.
Sowore further called for greater accountability in the implementation of economic reforms, insisting that the Federal Government must demonstrate how increased revenue is being converted into tangible improvements in the lives of Nigerians.
