Pan-Yoruba socio-political group, Afenifere, says President Bola Ahmed Tinubu’s

administration is plunging Nigeria into an economic crisis that is worse than the Great

Depression of 1929.

The group stressed that Nigeria’s economic crisis is far worse than the 1929 Great

Depression, noting severe declines in the value of the naira, real wages and overall

economic performance since 2014, and faulted Tinubu’s reaction to a recent visit by the

Patriots led by Chief Emeka Anyaoku, who called for a new constitution.

According to the statement by its leader, Chief Ayo Adebanjo and the National

Publicity Secretary, Prince Justice Faloye, Afenifere argued that the president’s

economic reforms have led to economic hardship and a decline in living standards,

while, the group expressed its support for restructuring, stressing that it forms the

foundation for economic recovery and addresses the diverse challenges facing Nigeria,

and urge the president to reconsider his approach.

The statement also called for a comprehensive strategy that addresses both economic

and political reforms simultaneously is needed, not just isolated economic measures,

adding that Nigeria’s economic issues are deeply rooted in its political structure, which

prioritizes control and economic dependence on a central authority over prosperity.