The Financial Times (FT) has raised significant concerns about President Bola Tinubu’s undisclosed wealth, accusing his administration of embezzling billions through oil theft while millions of Nigerians endure hunger and poverty.
In an editorial published on Wednesday, the FT criticizes Tinubu’s inconsistent policies, which have worsened the plight of tens of millions of Nigerians, driving them deeper 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 fund diversion, which she denies,” the FT stated.
The editorial added, “It also does not assist that the state is implicated in large-scale oil theft, depriving the nation’s coffers of billions of dollars. Tinubu must utilize all his political acumen to stem this theft.”
The FT argues that instead of distributing bags of rice to Nigerians, the government should provide direct cash payments to people’s phones, a technology that already exists. In the longer term, the FT suggests establishing a proper safety net, though the state currently lacks the capacity or integrity to administer such a system.
In 2022, Peoples Gazette published a series of reports detailing how Tinubu, who served as Lagos governor from 1999 to 2008, allegedly enriched himself through questionable tax administration practices involving the consultancy firm Alpha Beta. The reports also uncovered how Alpha Beta funneled billions to shell companies.
The FT’s critique coincides with 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 exacerbated poverty in Nigeria.
Last week, Senator Ali Ndume, a member of Tinubu’s party, condemned the administration for its insensitivity to the suffering of Nigerians, describing it as being run by “kleptocrats.”
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