By John Owen Nwachukwu The Coalition of Northern Groups, CNG, says it has critically reviewed the current situation in Nigeria and s...
By John Owen Nwachukwu
The Coalition of Northern Groups, CNG, says it has
critically reviewed the current situation in Nigeria and strongly cautions
against the looming precipitous collapse of the nation.
In a statement signed by Comrade Jamilu Aliyu Charanchi, its
National Coordinator, the CNG said it is deeply concerned about the general
economic atmosphere, which portends imminent danger.
The group said it was imperative for the current
administration to address the escalating hardship that has permeated every
segment of Nigerian society.
“Today, life has become highly unbearable for the
overwhelming majority of citizens. The suffering of Nigerians is palpable
across every stratum. The CNG holds the present and previous governments
responsible for creating this dire situation for Nigerians,” the group said.
“Current economic indices and data from the Nigeria Bureau
of Statistics (NBS) paint an ugly picture of our reality, as it confirms that
133 million Nigerians are already living in
multidimensional poverty, while 20 million people, mostly
young within the bracket of productive age, are either completely unemployed or
underemployed.
“This is in addition to the social consequences created by
insecurity, such as displacement of communities, loss of lives and properties,
and psychological trauma.
“It is no longer news that pervasive hardship across the
country has eroded trust in the present government, and it’s exponentially
threatening national unity, peace, and security.
“In responding to the current hardship facing Nigerians, the
government appears to be adopting a trial-and-error approach to the economy,
resulting in further deterioration and further exposing people to avoidable
hardship. No definitive and evidence-based solutions are in sight.
“In this dire situation, instead of providing relief, the
Monetary Policy Committee, MPC, announced an increase in interest rates, which
will further devastate the economy and diminish the prospects for job creation.
“The anti-people policies of the government only enabled the
few elites to primitively acquire wealth, while the vast majority of citizens
continue to languish in deep poverty.
“The CNG shares stakeholder’s concerns that higher interest
rates will not only reduce investments and economic growth but also aggravate
the daunting challenges, inundating the business environment, leading to
factory closures, job losses, and reduced economic activities.
“The Manufacturers Association of Nigeria (MAN) reports
that, within two months, over 16 multinational corporations relocated from
Nigeria to neighbouring countries, over 300 local manufacturing companies were
closed, and over 380 thousand jobs were lost sending Nigerians back to the
labour market to search for non-existing employment opportunities.
”The CNG wishes to unequivocally call on President Tinubu to
reassess his economic advisers/tax regime committees whose misguided counsel
has led to policies prioritizing personal interests over national well-being,
entrenching poverty, unemployment, inequality and insecurity.
”These advisers have demonstrated a lack of understanding of
our economic realities, perpetuating harmful policies that are disastrous for
the country, and squandering the president’s political capital. We urge
President Tinubu to purge these advisers from his administration, as their
incompetence is strangulating the nation’s economy.
”Additionally, the removal of fuel subsidies has led to a
shocking 195% increase in petrol prices, from ₦238 to ₦701 per litre, crippling
the mobility of people and goods across the country.
”Despite Nigeria increasing its crude oil production from
1.18 mbpd to 1.28 mbpd and receiving favourable oil prices of $82.57 per barrel
above the earlier $76.97, this increase in revenue has, sadly, not benefited
the common man nor translated into any benefit for the nation.
”For a long time, the CNG has held the firm view that
increasing minimum wage amid rising inflation, devaluation of the naira and
pervasive economic crises will never solve the problem of Nigerian workers.
“While we appreciate the federal government’s intention to
pay a decent living wage to Nigerian workers, we are sceptical over the federal
government’s plan to further increase the fuel price in order to fund the new
national minimum wage.
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