Newscenter Media News Gbadebo Rhodes Vivour, former governorship candidate for the Labour Party in Lagos State, has criticized the policies of President Bola Tinubu’s administration.
He asserted that they have significantly diminished household incomes across the state and the nation, and called for a shift towards policies aimed at boosting productivity.
In a statement released on Wednesday, Rhodes Vivour highlighted how soaring prices of diesel, petrol, and electricity are adversely affecting Lagos’ economy. He pointed out that these high costs are particularly burdensome for small businesses, urging the government to expedite its compressed natural gas (CNG) program.
“Lagos used to be the city that never sleeps. In the last 14 months, however, Nigeria’s economic powerhouse has quickly become a shadow of itself, with economic activities operating at its slowest pace since the stagflation of the 1980s,” he said.
He attributed this decline to the “misguided policies” of the current administration, which he described as being rooted in “reckless market fundamentalism.”
Rhodes Vivour painted a stark picture of the city’s economic vitality, stating, “The streets and bars, supermarkets, and shopping malls are empty. Many have abandoned their cars for poor public transportation, families ration meals, and young people sleep on their desks or in office car parks to manage expenses.”
He criticized the widening wealth gap, noting that while many citizens struggle, “politicians and their cronies continue to brazenly flaunt their unexplained wealth, mostly funded by our commonwealth amidst so much poverty and hunger.”
He paraphrased Peter Obi, expressing that those in power are feasting while the people suffer.
Highlighting the impact on consumption, Rhodes Vivour noted, “When household incomes fall and consumption declines, it creates a domino effect.”
READ ALSO: Tinubu approves deployment of electric vehicles in North-East
He cited data from the Manufacturers Association of Nigeria, revealing that over N400 billion worth of goods remain unsold due to weakened purchasing power, leading to the closure of numerous manufacturing and small businesses.
“If this current trend persists, Lagos will experience a severe standard of living crisis that could trigger the rise of crime and even social unrest,” he warned.
Rhodes Vivour proposed several measures for the government to consider. “Firstly, the government must subsidize the cost of public transportation and public health services, especially since it now enjoys higher revenue from the federal account,” he stated.
He criticized the recent suspension of a small percentage of Bus Rapid Transit (BRT) services as indicative of poor policy consistency.
“Secondly, the cost of petrol is eating away at small businesses’ profits and wiping out most households’ discretionary income,” he continued, urging the acceleration of the CNG program and incentives for private sector investment in infrastructure. He also recommended extending energy subsidies to food transportation to mitigate food inflation.
He emphasized the necessity of targeted subsidy programs to enhance productivity and local production, stating, “The current policies, marked by high diesel, petrol, and electricity costs, negatively impact Lagos’s economy.”
To further stimulate economic growth, Rhodes Vivour called for a reduction in income and consumption taxes, asserting that this would increase discretionary income for both businesses and workers. He also advocated for the revival of the Lagos Trust Fund initiative, which previously allocated N50 billion to support small businesses.
In conclusion, Rhodes Vivour stressed the importance of recognizing consumption’s role in economic growth and the need for policies that support household incomes and local enterprises.
“Lagos can lead an economic renaissance, but the federal government must stop standing in its way,” he asserted.
The post Rhodes-Vivour tackles Tinubu’s economic policies, says they threaten household incomes appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.