Prince Justice Faloye, President of ASHE Foundation and National Publicity Secretary of Afenifere, has expressed concerns over the current state of hardship in Nigeria. He attributes the country's economic woes to the neoliberal ideology adopted by the current administration. According to Faloye, this ideology has led to increased poverty, with two-thirds of Nigerians now living in poverty. He blames the removal of fuel subsidies and devaluation of the naira for the economic hardship.
Faloye criticized the current administration, as well as presidential contenders Peter Obi and Atiku Abubakar, for sharing the same ideological stance on subsidy removal. He argued that this stance ignores the implications on the masses and the country's economic growth. Faloye emphasized that Nigerians need a party that understands the economics of subsidies and social contracts, promising production subsidies like fuel subsidy and subsidies in education, health, employment, and housing.
Faloye drew inspiration from economically advancing nations, citing Germany, Sweden, and other Nordic countries that rank high on global quality of life indexes due to their social democracies with economic welfarism. He contrasted this with Nigeria's experience, where the removal of fuel subsidies has shrunk the economy and devaluation has devalued real wages. Faloye argued that the $10 billion fuel subsidy had significant income and employment multiplier effects across the economy.
Faloye proposed an alternative economic ideology, which he referred to as Afenifere/Ubuntu. This ideology emphasizes the importance of coming together to uplift everyone, based on the understanding of income and employment multiplier effects across the economy when subsidies are provided. He drew inspiration from Nigeria's indigenous African civilization, where communal efforts were essential for survival and growth.
Faloye also examined the history of Western civilization, highlighting how religious feudalism and exploitation by landowners and church subsidies shaped their economic systems. He noted that the introduction of neoliberalism, propounded by Professor Milton Friedman, was initially aimed at re-enslaving the Black diaspora and Sub-Saharan Africans. Faloye argued that neoliberalism has failed to deliver economic growth and has instead bred poverty and income inequality.
Faloye highlighted the need for a Subsidy Disbursing Party in Nigeria, citing the success of social democratic parties in other countries. He mentioned that leaders like Awolowo adopted free education and healthcare, massive social housing, and production subsidies to economically transform the Western region. Faloye identified Prince Adewole Adebayo, the Social Democratic Party candidate, as the only true ideological opposite of Tinubu, Peter Obi, and Abubakar Atiku.
Faloye concluded by emphasizing the importance of a Subsidy Disbursing Party in delivering prosperity and abundance for all Nigerians. He urged citizens to look beyond ethnic and personality politics and focus on the ideological differences between parties. According to Faloye, the Social Democratic Party is the only party that truly understands the economics of subsidies and social contracts.
Key points
- - Prince Justice Faloye advocates for a Subsidy Disbursing Party in Nigeria to address poverty and economic hardship. - Faloye criticizes the current administration and presidential contenders for adopting neoliberal ideology, which he believes has led to increased poverty. - The proposed Subsidy Disbursing Party aims to provide production subsidies like fuel subsidy and subsidies in education, health, employment, and housing.
