A Kano-based financial analyst and lecturer of Economics at Sa’adatu Rimi College of Education, Dr. Abdulsalam Kani, says Nigeria’s founding fathers would cry if they saw the present state of the country’s economy.
He disclosed this in an exclusive interview with Daily News 24 on Wednesday, October 1st, where he faulted President Bola Ahmed Tinubu’s Independence Day speech, stressing that 65 years after Independence, Nigeria has failed to meet the expectations of its forefathers despite abundant resources.
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Kani noted that decades ago, Nigeria was better positioned than countries like China, but today China has grown to become the second-largest economy in the world while Nigeria lags behind due to poor leadership and failed economic policies.
“When you compare the resources we have with the level of development in Nigeria, it is clear we are not progressing. Our debt profile, high unemployment, collapsed refineries and other indices all show that Nigeria is not developing,” he said.
Reacting to Tinubu’s praise of Nigeria’s founding fathers such as Sir Ahmadu Bello, Herbert Macaulay, and Dr. Nnamdi Azikiwe, Kani argued that “if they came back today to witness the state of the nation, they would be disappointed.”
The analyst said the rising cost of living is beyond the imagination of an average Nigerian, describing as “unfortunate” Tinubu’s claim that inflation had declined to 20.12% as of August 2025. He maintained that inflation should not exceed a single digit, ideally capped at 9 percent, and therefore, “there is no reason to celebrate such a figure.”
Kani further expressed concern over Nigeria’s growing debt service ratio, saying: “Going by fiscal responsibility and global standards, a nation should not use more than 40 percent of its revenue to service debt, but Nigeria is using about 50 percent.”
He also criticized the government’s handling of the naira, pointing out that when Tinubu assumed office in May 2023, the exchange rate stood at around N460 to a dollar but has now risen to over N1,500. He described as misleading the president’s claim that Nigeria is selling more than it buys, arguing that the country remains an import-dependent mono-economy heavily reliant on oil.
According to him, if Nigeria were truly exporting more than it imports, “the rate of hunger and poverty would have drastically reduced instead of escalating.” He cited World Bank reports which show that Tinubu’s administration has pushed over 40 million Nigerians into poverty within 14 months, with an additional 7 million at risk if urgent reforms are not implemented.
The analyst advised the federal government to adopt reforms that would stimulate economic growth, such as revitalizing the power sector, cutting the cost of governance, improving security and adopting sound monetary policies to stabilize the economy.
He also called on the Kano State Government to strengthen tax implementation and ensure judicious use of revenues to drive development.
Offering advice to young entrepreneurs, Kani urged patience and resilience, stressing the importance of innovation, avoiding extravagance and taking full advantage of government initiatives to stay afloat.
