The Coalition of Northern Groups (CNG) says it has carefully assessed Nigeria’s situation and cautions against an imminent collapse, News About Nigeria has learnt
In a statement by Comrade Jamilu Aliyu Charanchi, National Coordinator, the group voiced deep concern about the economic atmosphere, which suggests a dangerous trajectory.
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.”
The CNG stressed that the current administration must address the worsening hardships pervasive in every segment of Nigerian society, highlighting the need for swift action to prevent a catastrophic outcome.
