‘N2.4tr state allocation less valuable than 2022’s N1.788tr’

Chieftain of the Peoples Democratic Party (PDP) and member of National Presidential Campaign Council in 2023, Adetokunbo Pearse, has accused President Bola Tinubu of “deceitfully” shifting the blame for bad governance to state governors.

In a statement made available to The Guardian yesterday, Pearse, who is also a public affairs analyst and convener of Reset Lagos PDP, pointed out that Tinubu’s assertion that governors had all the money they needed to develop their states was a gross misrepresentation.

He argued that the N2.4 trillion allocated to states from January to June 2024 was less valuable than the N1.788 trillion allocated in 2022 due to inflation and naira depreciation.

Pearse also noted that the President’s claim of providing an additional N570 billion to each state was a lie.

He explained that the said fund was a World Bank Intervention Fund for COVID Recovery, which was merely refunded to states after they had spent their own money fighting the pandemic.

Pearse emphasised that President Tinubu must accept responsibility for the country’s problems, including the economic crisis and security situation, instead of blaming governors.

He noted that the President’s policies, such as removing fuel subsidy and devaluing the naira, had worsened the economy and increased the cost of living.

The analyst also criticised the President’s lifestyle, prioritising luxury items over critical sectors like education, health, transportation, and agriculture.

He said: “Consider the facts. Given Nigeria’s 35 per cent rate of inflation and the value of the naira, which has depreciated by over 300 per cent (N450 to $1 in 2022, and N1,500 to $1 in 2024), the N2.4 naira allocated to states from January to June 2024 is in reality less valuable than the N1.788 trillion six months Federal government allocation to states by President Buhari in 2022.

“True, about 60 per cent of Nigerian governors are performing very poorly. Unfortunately for the country, these wasteful, greedy and unethical governors’ model themselves after the President; the nation’s leader. But even these unreliable governors cannot be held responsible for the state of the economy and the state of the country’s security, as both critical areas of government are controlled from the centre.”