Despite a significant increase in crude oil production and favorable global oil prices, Coalition of Northern Groups (CNG), on Friday, lamented that the windfall has not translated into any tangible benefits for the average Nigerian or the nation as a whole.

The group called on President Tinubu to overhaul his economic team and appoint competent professionals who can devise and implement effective economic strategies to salvage the nation's economy.

The National Coordinator of the group, Comrade Jamilu Aliyu Charanchi, disclosed this in Abuja, during a press briefing, he said that the President Ahmed Bola Tinubu's economic team is the worst since Nigeria’s return to civil rule in 1999.

According to the group, “Nigeria's oil production rose from 1.18 million barrels per day (mbpd) to 1.28 mbpd, while global oil prices surged to $82.57 per barrel, exceeding the earlier benchmark of $76.97.

“However, the increased revenue has failed to trickle down to the citizens, with no noticeable improvement in their standard of living or the nation's economic development.”

He noted that 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 prospects for job creation.

It said empirical data from the NBS and others reveal that over the past year, key economic indices have worsened with no definitive and evidence-based solutions in sight.

Charanchi said: “The outcome of the MPC economic policies is a clear manifestation that President Tinubu’s economic team is the worst since Nigeria’s return to civil rule in 1999. The team lacks coordination, focus, foresight, and a clear understanding of the workings of the Nigerian economy.

“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.”

He noted that 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.

He added, “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. To compound the situation, the government has increased the interest rate from 18.5% to around 30%, a 62% rise.

“The CNG shares stakeholders' 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.”

He explained that Tinubu's economic 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.

While appreciating the federal government’s intention to pay a decent living wage to Nigerian workers, he said “We are skeptical of the federal government’s plan to further increase the fuel price in order to fund the new national minimum wage.

"We reject this plan and urge 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. Any wage increase that hikes the fuel price is self-defeating.”

He said 740 trucks loaded with rice, amounting to 880,020 bags of rice, will be distributed nationwide to cushion the hardship. However, these token measures are clearly and totally inadequate to tackle the problems of mass hunger affecting millions of Nigerians.


Minimum Wage:
For a long time, the CNG holds 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 skeptical over the federal government’s plan to further increase the fuel price in order to fund the new national minimum wage. Hike in fuel prices, will not only over burden the Nigerian workers but it will also economically pauperize Nigerians.

Such a move is cruel and unjustified at the moment when the majority of Nigerians could not afford a decent meal a day. We reject this plan and urge the government to explore humane and innovative alternatives such as reducing wasteful expenditure and high cost of governance, tackling corruption, and increasing taxes on luxury goods to fund the minimum wage. Any wage increase that hikes fuel price is self-defeating.

The Current Situation:

Mr. President, The CNG feels duty bound to draw your esteemed attention to the alarming danger in the immediate horizon, as evidenced by dark clouds of imminent massive revolt of citizens against the government.

Furthermore, the CNG feels compelled to inform Mr. president that the recent announcement made by the government that 740 trucks load of rice amounting to 880,020 bags of rice will be distributed nationwide to cushion the hardship, that this token measures are clearly and totally inadequate to tackle the problems of mass hunger affecting millions of Nigerians. We wish to emphasize that public relations stunt as being deployed by some section of 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 i.e rising fuel pump price, hike in electricity tariff, escalating cost of food items, depreciating value of the Naira and high cost of governance. These problems Predated your government but the policies your government adopted since coming to power have combined to compound these problems, especially the imposition of high taxation on both citizens and businesses. In addition to the award of inessential contracts at indefensible amounts which are injurious to the nation’s economy.
Regrettably, most of these contracts are to be financed by borrowed money from foreign sources.

Conclusion:

Finally, Mr. president, 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 ostentatious.

We pray that may Almighty Allah endow you with the needed political will and the divine wisdom to listen to the cries of the people and to steer the ship of the nation with the fear of God, compassion and unstinting humane disposition, to a safe destination.