Dele Momodu, the publisher of Ovation Magazine has accused the President Bola Tinubu-led administration of profligacy amidst the economic turmoil facing Nigerians.

Momodu, a chieftain of the Peoples Democratic Party (PDP) highlighted two reasons why he described the current administration as a failed one. He made the comments in an interview on Arise TV on Thursday, August 8.

According to him, Tinubu has failed to stop the wastage of money that has characterized the previous government describing the government's intervention of N50,000 to three million Nigerians as a "drop in the ocean"

Speaking further, he lamented the appointment of several Special Assistants and Senior Special Assistants to the political class.

He said in excerpts of the interview: "The reason why I say this government is failing is because they have not been able to solve the profligacy in Nigeria. So what I will expect President Tinubu to do is to assure the nation that he means well for the nation. It is not about throwing money around that we have given 50,000 naira to 3 million people. Three million people among 200 million is a drop in the ocean."

He stressed that saving costs for the nations means President Bola Tinubu could "merge some of the ministries as long as he meets the constitutionally required number of ministries then cut off the rest."

He continued: "All these SSAs! Every day, they are awarding appointments like popcorn. Some of them don't even have offices, they just hang around. You can't run Nigeria the way you run Lagos State. In Lagos, it's just a state and a very wealthy one at that, you can afford that but nationally, the level of poverty in Nigeria doesn't allow that."

"Then the outlandish lifestyle. You want to buy a presidential jet, you want to build multi-billion naira homes and I pray young Nigerians are not dragged to that level because the level of desperation is unprecedented in the country."