The Financial Times (FT) has raised significant concerns about President Bola Tinubu’s unexplained source of wealth, accusing his administration of looting billions through oil theft while millions of Nigerians suffer from hunger and poverty.

In an editorial published on Wednesday, the FT criticises Mr Tinubu’s disjointed policies, which have exacerbated the plight of tens of millions of Nigerians, pushing them further into poverty.

“Corruption must be confronted. It does not help that Tinubu’s own substantial wealth remains obscure, nor that his Minister for Poverty Alleviation was suspended over allegations of funds diversion, which she denies,” the FT argued.

It added, “It also does not assist that the state is implicated in the large-scale theft of oil, depriving the nation’s coffers of billions of dollars. Tinubu must utilise all his political acumen to stem this theft.”

According to FT, instead of handing out bags of rice to Nigerians, what is needed is direct cash pay­ments to people’s phones, the tech­no­logy for which exists, and in the longer term, a proper safety net, which the state lacks the capacity or probity to administer. 

In 2022, Peoples Gazette published a series of damning reports on how Mr Tinubu, who was Lagos governor between 1999-2008, corruptly enriched himself through questionable Lagos tax administration via Alpha Beta. The newspaper also uncovered how Mr Tinubu’s Alpha Beta siphoned billions to shell companies.

FT’s critique follows the anniversary of Mr Tinubu’s first year in office on 29 May. Previously, The New York Times had similarly reported on how Mr Tinubu’s policies have deepened poverty in Nigeria.

Last week, Senator Ali Ndume, a member of Mr Tinubu’s party, condemned the administration for its insensitivity to the suffering of Nigerians, describing it as being run by “kleptocrats.”