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.
In an editorial published on Wednesday, FT criticizes 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 argued.
The editorial further claimed, “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 utilize all his political acumen to stem this theft.”
FT suggested that instead of handing out bags of rice to Nigerians, what is needed are direct cash payments to people’s phones, utilizing existing technology. In the longer term, it argued for the establishment of a proper safety net, which the state currently lacks the capacity or probity to administer.
FT’s critique comes on 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.
Adding to the chorus of criticism, Senator Ali Ndume, a member of Tinubu’s party, recently condemned the administration for its insensitivity to the suffering of Nigerians, describing it as being run by “kleptocrats.”