October 10, 2025
The pan-Nigerian socio-political organization, Afenifere, has dismissed the Federal Government’s recent claims of economic recovery as mere propaganda, insisting that Nigerians are worse off under the current administration.
The group, in a strongly worded statement issued on Thursday in Lagos by its National Leader, Oba Oladipo Olaitan, and National Publicity Secretary, Prince Justice Faloye, said the government’s narrative of economic stability is a “media spin” that does not reflect the harsh realities faced by millions of Nigerians.
Afenifere urged the government to focus on repairing the damage its economic policies have done to citizens’ livelihoods rather than celebrating what it described as “imaginary successes.”
According to the group, “There can be no economic recovery until Nigerians are well-fed, housed, and transported, with near full employment across all sectors.”
The organization cautioned the Federal Government against its overemphasis on increasing taxes, withdrawing production subsidies, awarding inflated contracts, and manipulating economic statistics. It urged the administration to pursue “real, quantifiable development goals” that translate into improved living standards.
“The claim that the economy has stabilised is a euphemism for hitting rock bottom after being pushed off the cliff by subsidy removal and devaluation policies,” the statement read. “When a $10 billion subsidy with $200 billion production multiplier effects is removed, and the economy falls by $200 billion, it would stop falling — not because it recovered, but because it hit the ground.”
Afenifere cited figures showing Nigeria’s GDP fell from $477.8 billion in 2022 to $187.8 billion, adding that claims of 4.23 per cent growth are misleading when millions of jobs have been lost and businesses shut down.
“What happens to the seven million businesses that collapsed and the tens of millions pushed into poverty? Are they just collateral damage of self-inflicted economic destabilization mislabelled as reforms?” the group queried.
The Yoruba socio-political body also noted that real wages have fallen by 300 per cent, making talk of an economic turnaround “unfounded.” It argued that only a few elites have benefited from the devaluation of the naira, while the purchasing power of average Nigerian workers has been “wiped out” by inflation.