*Time to reclaim the Labour Party or build a new Working People Party Now!

*For a Socialist Alternative Manifesto

By: Akande Daniel

The Nigerian economy has been downward under the Tinubu administration, reflecting the deep contradictions and structural failures inherent in neoliberal capitalist policies. The regime’s approach to governance, characterised by an unrelenting implementation of anti-poor pro-rich austerity measures including removing the fuel subsidy, currency devaluation, commercialisation, exorbitant taxation and privatisation has plunged the nation’s economy into an irreversible woe. Thereby, the country grappled with systemic issues which reflected concretely in the lives of workers both the formal sector and the informal sector all languish in abject poverty, the cost of living is unbearable for the majority, the cost of transportation is no different, the cost of goods in the market traumatises many as most workers are unable to meet up with their daily expenses this includes the medical bill and thereby, leading to a continuous mental health deterioration and the state of helplessness and hopelessness.

The Tinubu regime is a real example of what is called barbarism. Instead of fixing the economy, the Tinubu government has continued to flagrantly disobey the rule of law with its state agents continuously and increasingly terrorising the people with countless numbers of journalists and human rights activists who have been sent to prison. At the same time, some will painfully spend both the Christmas and the New Year celebrations behind bars. Activists under the current regime suffer greatly from state violence/terrorism, and repression, while impunity rains.  Indeed the movement for a Socialist Alternative (MSA) raises concern about the escalating crackdown on the rights to freedom of expression, peaceful assembly, association and media freedom and the flagrant disregard for the rule of law by the Tinubu regime. 

One of the most obvious indicators of economic disaster is Nigeria’s surging inflation. Trading Economics said the inflation rate increased to 34.60% in November 2024, up from 33.88% in October. Projections also suggest that the rate will hover around 34% at the end of this quarter, signaling a distressing but alarming trend. Particularly troubling is the food inflation rate, which remains at a staggering 34.6%, pushing basic necessities beyond the reach of millions of Nigerians this has turned most Nigerians into destitute, homeless and a corporate beggar with the latest news stating that at least 105 Nigerians died in a stampede when struggling to get a free bow of rice and money in both Ibadan, Anambra and Abuja within three days. This incident shows clearly the economic state of the country and how the Nigerians have continuously been pauperised by the thoughtless Tinubu economic policies which have brought untold hardship on the people with the current minimum wage pegged at 70 thousand naira while most states have not yet implemented the new minimum wage this means that more Nigerians including the working class will be further pushed into the cesspit of penury.

The impact of these economic challenges is felt across all sectors. Education, healthcare, and critical infrastructure development have been neglected, worsening the quality of life for the average citizen. This neglect reflects contrasts with the regime’s rhetoric of economic transformation, exposing the hollow promises of Tinubu and his team of so-called economic experts.

The economic decline has also increased Nigeria’s security crisis. Kidnapping has become a pervasive issue, with rural communities bearing the brunt of the menace. According to the National Bureau of Statistics (NBS), over 2.2 million cases of kidnapping were recorded between May 2023 and April 2024. Victims’ families paid an estimated total ransom of ₦2.23 trillion within this period, emphasising the economic burden placed on already struggling households.

The data reveals a clear reality: 65% of households affected by kidnapping had to pay ransoms to secure their loved one’s release. Rural areas accounted for the majority of cases, highlighting the vulnerability of communities with limited access to security infrastructure.

The Tinubu regime’s unwavering commitment to neoliberalism—characterized by austerity measures, deregulation, and privatization—has deepened Nigeria’s economic woes. These policies prioritise market efficiency over social welfare, leaving vulnerable populations to fend for themselves amid rising costs and diminishing public services.

The contradictions of these policies are evident. While the regime claims to champion economic growth, the reality is a growing gap between the wealthy elite and the impoverished masses. The lack of investment in critical sectors such as education and healthcare underscores the government’s inability—or unwillingness—to address the structural issues plaguing the nation.

Economic Stability & Growth Under Tinubu Remain Bleak & Uncertain

As public discontent grows, the Tinubu administration faces mounting pressure to rethink its economic policies. The continued implementation of neoliberal reforms risks further alienating a population already struggling with the high cost of living, insecurity, and declining public services. The uncertainty surrounding the regime’s ability to navigate these challenges raises fundamental questions about the viability of its economic model. Without a shift towards more inclusive and people-centred policies, economic stability and growth prospects remain bleak and uncertain.

The failures of Tinubu’s regime underscore the need for a fundamental rethinking of Nigeria’s economic trajectory. It is imperative to move away from ruinous capitalist policies towards a more equitable and sustainable model. A focus on public investment, social welfare,re-nationalization of the commanding heights of the economy and community-driven development could provide a pathway out of the current crisis. The Tinubu regime already has its path defined for it, it will not break with the ruinous polices, even as the nation grapples with the consequences of neoliberalism, the demand for systemic change grows louder, signalling the potential for a new era of economic, new government which is more pro-workers/people and social justice.

But this will not happen under Tinubu or any wing of the ruling class, who all continue to claim that there is no other alternative to capitalism and its ruinous policies of imposing mass misery and deprivation on the working masses. It is the working masses, who will therefore get organised, to build the necessary resistance against all the attacks. Break from supporting any of the pro-capitalists parties of the APC, PDP and even the Labour Party, if it fails to put forward an alternative programme against capitalism. Workers must see the need to put pressure on the Trade unions to claim back the Labour Party, and if not possible to commence the building of a New mass Working People Party to provide leadership for the struggle against the unending attack of the Tinubu regime and as well as against capitalism. Workers, students who genuinely seek change must take the important step to join the MSA, to organise in the workplaces and communities, campuses around the ideas and programme of Socialist Alternative.