Prince Justice Faloye, President of the African Sociocultural Harmony and Enlightenment Foundation (ASHE) and National Publicity Secretary of Afenifere, has delivered a scathing assessment of Nigeria’s current economic direction, accusing the All Progressives Congress (APC)-led administration of pursuing policies that have worsened poverty and diminished citizens’ quality of life.

In a statement released on Friday, Faloye expressed deep disappointment over what he described as the government’s embrace of neoliberal economic policies, arguing that the approach is alien to African values and has pushed millions of Nigerians into greater hardship.

According to him, Nigeria’s worsening living conditions reflect the failure of policies such as fuel subsidy removal and currency devaluation, which he said have left ordinary citizens struggling to survive while a privileged few benefit from economic gains.

“Nigeria is now celebrated for stock market growth while millions of citizens can barely afford basic necessities,” Faloye said, insisting that economic success should be measured by improvements in people's lives rather than financial market performance.

The Afenifere spokesman contrasted Nigeria’s economic model with those of Nordic nations such as Sweden, Denmark and Norway, which he noted consistently rank among the world’s best countries in quality-of-life assessments due to their commitment to social welfare, universal healthcare, education and public support systems.

He described social democracy as an extension of the African concept of Omoluabi—a governance philosophy rooted in communal wellbeing, fairness and shared prosperity.

Faloye argued that many of the social welfare principles practiced in successful nations are already embedded in Chapter Two of Nigeria’s Constitution but have remained largely unimplemented because successive governments adopted what he called a foreign economic ideology that prioritizes market interests over human welfare.

Criticism Beyond Party Lines

While criticising President Bola Tinubu’s administration, Faloye maintained that his remarks were not directed at the President alone.

According to him, many leading political figures across party lines have supported similar economic policies over the years, leaving Nigerians with little real choice between competing economic visions.

He lamented that public debates often focus on personalities, ethnicity and religion instead of scrutinising policy alternatives capable of improving citizens’ lives.

“Leadership should be judged by the policies it implements, not by personal stories, religious affiliations or political branding,” he argued.

Faloye claimed that for decades, Nigeria’s political elite have largely embraced the same economic philosophy, despite mounting evidence of its social consequences.

‘Awolowo’s Vision Has Been Abandoned’

The ASHE president also invoked the legacy of late nationalist Chief Obafemi Awolowo, whom he described as a champion of social democracy and economic welfare.

According to him, Awolowo’s emphasis on free education, accessible healthcare, rural development and employment opportunities laid the foundation for sustainable growth and social inclusion.

He argued that those principles helped stimulate agriculture and industrial development in the past and remain relevant to addressing Nigeria’s current challenges.

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Faloye expressed regret that successive administrations abandoned such welfare-driven strategies in favour of policies encouraged by international financial institutions.

He alleged that economic reforms promoted over the years weakened social protections, reduced public investment and widened inequality across the country.

Rising Poverty and Homelessness

The Afenifere spokesman painted a bleak picture of Nigeria’s socioeconomic realities, citing rising poverty levels, housing shortages and declining living standards as evidence that current policies are failing ordinary citizens.

He warned that increasing inequality could fuel social tensions, ethnic divisions and public frustration if left unaddressed.

Particularly troubling, he said, is the growing housing crisis, which he described as one of the country’s most urgent yet overlooked challenges.

According to Faloye, Nigeria’s rapidly expanding population requires the construction of at least one million homes annually, a target he believes remains far from being achieved.

He called for large-scale government-led investments in housing, railway infrastructure and public works projects as a means of creating jobs, stimulating economic activity and improving living conditions.

Call for a New Economic Direction

Faloye urged policymakers to reconsider Nigeria’s economic priorities and adopt a development model centered on social welfare, job creation and wealth distribution.

He argued that meaningful progress would require deliberate investment in infrastructure, housing, healthcare and education rather than reliance on policies that place the burden of economic adjustment on citizens.

“Nigeria cannot build prosperity while millions remain trapped in poverty,” he said.

The Afenifere chieftain maintained that restoring economic dignity to ordinary Nigerians would require a return to people-focused governance and policies designed to spread opportunities more broadly across society.

His comments add to growing debates over the impact of recent economic reforms, as many Nigerians continue to grapple with rising living costs, inflation and mounting economic pressures.

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