The Coalition of Northern Groups (CNG) has called on President Bola Tinubu to reassess his economic advisers and tax regime committees, whose counsels have led to policies that have plunged Nigeria into an economic crisis.
CNG expressed concern over the general economic atmosphere, warning that it portends imminent danger.
Addressing journalists on Friday in Abuja, the National Coordinator of CNG, Comrade Jamilu Charanchi, highlighted that the group has observed the inflationary trends creating horrible and traumatic economic consequences.
He said the current inflation has led to huge losses on investments, disruption of business activities, and an increase in poverty and unemployment.
The CNG noted that the present administration appears to be adopting a trial-and-error approach to managing the economy, resulting in further deterioration and exposing people to avoidable hardships.
“The CNG wishes to unequivocally call on President Tinubu to reassess his economic advisers and tax regime committees, whose misguided counsel has led to policies prioritizing personal interests over national well-being, entrenching poverty, unemployment, inequality, and insecurity,” Charanchi stated.
“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.”
Charanchi also condemned the removal of fuel subsidies, which has led to a shocking 195% increase in petrol prices, from N238 to N701 per litre.
This has crippled the mobility of people and goods across the country. Despite Nigeria increasing its crude oil production from 1.18 million barrels per day to 1.28 million barrels per day and receiving favorable oil prices of $82.57 per barrel (up from $76.97), this increase in revenue has not benefited the common man or translated into any tangible benefits for the nation.
On the issue of minimum wage, CNG argued that increasing the minimum wage amid rising inflation, the devaluation of the naira, and pervasive economic crises will not solve the problems faced by Nigerian workers.
“While we appreciate the federal government’s intention to pay a decent living wage to Nigerian workers, we are skeptical of the federal government’s plan to further increase the fuel price in order to fund the new national minimum wage,” Charanchi said.
“A hike in fuel prices will not only overburden Nigerian workers but will also economically pauperize Nigerians. Such a move is cruel and unjustified at a time when the majority of Nigerians cannot afford a decent meal a day.”
CNG urged the government to explore humane and innovative alternatives, such as reducing wasteful expenditure and the high cost of governance, tackling corruption, and increasing taxes on luxury goods to fund the minimum wage.
They emphasized that any wage increase that leads to a hike in fuel prices is self-defeating.
“Mr. President, the CNG feels duty-bound to draw your esteemed attention to the alarming danger on the immediate horizon, as evidenced by the dark clouds of an imminent massive revolt of citizens against the government,” Charanchi warned.
Furthermore, CNG condemned the government’s recent announcement that 740 truckloads of rice, amounting to 880,020 bags, will be distributed nationwide to cushion the hardship.
They described these measures as totally inadequate to tackle the problems of mass hunger affecting millions of Nigerians.
“We wish to emphasize that the public relations stunts being deployed by some sections of the Nigerian Power Elite will never solve this national problem. Mr. President must summon the needed political will and courage to urgently address the root cause of these problems, including rising fuel pump prices, hikes in electricity tariffs, escalating costs of food items, the depreciating value of the naira, and the high cost of governance,” CNG stated.
“These problems predated your government, but the policies your government has adopted since coming to power have compounded these problems, especially the imposition of high taxation on both citizens and businesses. Cosmetic measures are usually not sufficient to contain the raging anger of the people, particularly when they are inundated by economic hardships, massive hunger, and rampant poverty, while the political class and their cohorts live a life of scandalous opulence and open ostentation,” CNG concluded.
