The pan-Yoruba group also condemned the wanton and unchecked attack on farmers by herdsmen in the country.
This was contained in a communiqué issued by the group signed by its National Publicity Secretary, Yinka Odumakin.
Afenifere blamed President Buhari for the country’s economic situation, saying the country had become ungovernable under his administration.
The group said: “As Nigeria enters the worst recession in 33 years and the second in five years of Buhari, we are equally besieged by attendant poverty as well as insecurity worsening across the land with kidnappers, armed robbers and bandits on the prowl and government helpless and unable to govern effectively.
“The truth is that the country had virtually become ungovernable and unless we restructure and restore Nigeria to federalism, the country is on the brink of collapse and God should save us from the worst-case scenario.”
Afenifere urged the government to implement the report of 2014 conference now in order to salvage the country.
The group also called on the President to immediately open all the Southern borders in the country as it condemned the leverage given to Dangote and BUA companies.
It stated that it rejected “apartheid policy and demand the reopening of Seme and other Southern borders now”.