Kenneth Okonkwo Says Tinubu Is Borrowing Nigeria Into Slavery
A chieftain of the African Democratic Congress (ADC), Kenneth Okonkwo, has criticised President Bola Tinubu’s administration’s economic policies, accusing the government of borrowing excessively despite removing the petrol subsidy.
The Genius Media Nigeria reports that Okonkwo made the allegations on Tuesday during an interview on Channels Television’s Politics Today.
The ADC chieftain argued that Nigerians had yet to see enough infrastructure or social benefits from the savings generated by removing the petrol subsidy.
He also compared the Tinubu administration’s approach with previous governments, which he said introduced programmes to reinvest subsidy savings in development projects.
“Everything about this regime is a failure. Tell me, just tell me. The President is borrowing this country into slavery,” Okonkwo said.
He recalled that the late military Head of State, Sani Abacha, established the Petroleum Trust Fund, while former President Goodluck Jonathan’s administration introduced the Subsidy Reinvestment and Empowerment Programme.
“All the presidents before him, when they removed the subsidy, instituted programmes to reinvest the subsidy savings to help the masses. Sani Abacha established the Petroleum Trust Fund (PTF); Goodluck Jonathan introduced SURE-P,” he said.
According to Okonkwo, the government’s decision to end the petrol subsidy has not translated into improvements in electricity, roads and other public infrastructure.
“This president, who is boasting that by August or September he has gotten all the revenue he needed, has now removed the subsidy completely. He’s not giving us public infrastructure, no power, no good roads, no electricity, no energy,” he said.
He also cited what he described as Nigeria’s rising debt burden, questioning how the government was using revenue.
“₦166.6 trillion in debt under Tinubu’s regime. The country is not paying subsidy, electricity tariffs are rising, and the country does not have public infrastructure.
“What is he doing with the money? They are squandering it on fake agencies. They are squandering it on private jets, private yachts. What is going on in this country?” he asked.
