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Hardship: Group demands end to Naira floatation, reversal of fuel subsidy removal

A civil society organisation, The Osun Masterminds, TOM, has urged President Bola Tinubu to end the floatation of the Naira and revert to a Central Bank of Nigeria, CBN, guided pricing that will be devoid of corruption and the sharp practices that characterised the apex bank under Godwin Emefiele. TOM also demanded a return of
Hardship: Group demands end to Naira floatation, reversal of fuel subsidy removal

TOM also demanded a return of subsidy on petrol until a time in the future, when proper structures have been put in place to manage the consequences of total deregulation.

These demands formed part of the address of TOM’s September State of the State address on Saturday.

Delivering these demands, the Executive Director of TOM, Prof Wasiu Oyedokun-Alli added that the Federal Government should “put more resources into strategic subsidies for common Nigerians instead of sharing more money to the States, which end up financing the reckless lifestyle of many of the Governors”.

The group held that before the removal of fuel subsidy on May 29, 2023, the government was expected to follow up with several proactive measures that will keep the possible implications in check.

“Part of the implications that we foresaw, was rising costs of commodities, due to rising costs of transportation, occasioned by rising costs of petrol. We expected that policies that would counteract these fall-outs would hastily be implemented, to protect Nigerians from the hardship we experience today.

“To make matters worse, the Federal Government, through the Central Bank of Nigeria, also decided to float the Naira, leaving it to the whims and caprices of market manipulators, speculators, and hawks. While a market-driven pricing of the Naira would be ideal, the peculiarities of our character as Nigerians, soon negated whatever possible good outcomes we could get.

“The Foreign Exchange rate dealt a huge blow on the common man, because Nigeria has remained as export dependent as it always was before the floating of the Naira.

“In fact, we dare say that Nigeria’s export dependence has worsened when we compare a 2.4% annual population growth, with a meagre 1.8% Agriculture value growth. This would simply mean that our numbers are increasing faster than our capacity to feed ourselves. This is a reality we are sure the Federal Government is aware of.

“Another fact that underscores the direct effect of the Foreign Exchange rate on the average Nigerian, is our heavy dependence on the warring states of Russia and Ukraine, for two major agricultural value chain inputs, that is Fertilizer, and Wheat.

“So, while we continue to depend more on the rest of the world to feed us, foreign exchange rates spiraled out of control with currency depreciation increasing import costs, while transportation costs locally, completed the pummeling of Nigerians and our economy,” the group added.

Hardship: Group demands end to Naira floatation, reversal of fuel subsidy removal