Independent Media & Policy Initiative (IMPI) has appealed to Nigerians and organizers of the nationwide protests to be patience with the government so as not to disrupt the gathering momentum being built in the nation’s economic sphere that may be counterproductive.
IMPI Chairman, Niyi Akinsiju who made the appeal during the World Press Conference in Abuja on Tuesday said those who want to protest have the right to protest, but this must be done in the appropriate context which should be anchored on substantive rationale or reasons that are achievable.
The current economic crisis in Nigeria, marked by soaring inflation and removal of fuel subsidies and currency floating, which have driven up prices leading to widespread hardship. As Nigeria faces these challenges, some regions are preparing for protests to address this situation.
The group noted that its aware of Nigeria’s skyrocketing year-on-year inflation figure standing at 34.19% in June 2024, adding that this figure is primarily driven by surging food prices, which culminated in higher food inflation at 40.87% in the month.
According to the group, “The increase in inflation rate may have been aggravated by the depreciation of the Nigerian currency on the back of the harmonization of the foreign exchange windows and the removal of fuel subsidy by the federal government; the twin policies that now define the structural reformation of the economy.
“Without a doubt, the aggregate impact on the cost of goods and services truly reflects a disruption on the quality of life of average Nigerian. We are, however, not unmindful of the President’s admonition at different times to the generality of Nigerians on the possible consequential impact of the reforms.
“We share in the President’s standpoint on this matter. No reform of the magnitude being undertaken can succeed without some forms of pain, the IMPI said.
The Group stated that this policies have begun to show initial capacity to redress the challenges they were conceived to address while noted impressive reduction in national debt profile, which had fallen in dollar terms from 108 billion to 91 billion.
It stated clearly that the wasteful regime of fuel subsidy contributed in no small measure to this huge debt accumulated over the years, saying remarkably, the Government accomplished this feat under a 14-month period.
“Interestingly, this impressive reduction in national debt profile now reflects in the hitherto worrisome debt service-to-revenue ratio, which has now dropped from 97% in the first half of 2023 to 68% in 2024”, the group said.
Speaking on hunger, the group said it is on record that the federal govt has distributed 60, 452 metric tons of improved seeds, 887, 255 metric tons of seedlings, 138 value kits, 501,726 liters of agrochemicals, 62,328 metric tons of inorganic fertilizers, 1,000kg fungicide, and 33,200 equipment to famers across different value chains to enhance agricultural production.
Adding that this flurry of Tinubu’s interventions in agriculture, has at the last count, which successfully generated a total of N309bn into the economy in one year, suggesting a resurrection of exporting activities in the agriculture sector.
It said, “On aggregate, the recent waiver of import duties and tax on food importation will make food abundantly available and affordable locally. Also, the creation of the Ministry of Livestock Development may have opened a new vista in concerted efforts to advance agriculture.
“This initiative reveals the true intention of the President to harness Nigeria’s huge livestock potentials and to find a lasting solution to the incessant Farmers-Herders clash in the country as well as reinforce the value chain that will create more employment opportunities.
“Grounded on this projection is the $20billion foreign investment commitments the federal government had secured to revolutionize the agricultural sector, in the bid to ensure food security in the country, to reinvent Nigeria’s pride of place as the agricultural giant of Africa.
“We are, however, compelled by to register our displeasure over the slowness of the sub- nationals to complement the efforts of the federal govt in boosting agriculture. We applaud state governors who are investing in agriculture.
The group urged others to join the efforts to grow the food “we eat. State Governors and Local Government Administrators, should utilize the financial opportunity presented by the tremendous increase in allocations from FAAC, to support the exemplary efforts of the federal government towards massive food production”.
IMPI considered this policy as not only momentous but a practical economic intervention that will go a long way to eliminate the need for international letters of credit as well as saving the country billions of dollars that may have to be committed to importing refined.
It said, “This policy will also reflect on the pump price of petrol. From the foregoing, it is obvious that policies conceived, deployed, and being implemented by the Tinubu Administration do not only appear to be functioning but also, by our estimation, are impactful”.
“It shows a clear understanding of the constricted economic models that were implemented over the years, which, more or less, had limited our development and growth potentials.
“For us, the policies being implemented are enablers of an enhanced economic drive that will ensure broader prosperity and wealth creation for all Nigerians.
However, as the President had noted variously, to accomplish the envisaged era of economic growth and prosperity, therefore, there is a need for all Nigerians to commit to this vision as it evolves. It may be slow, may be painful, but it’s certain that as people, we will witness this upcoming period of economic upsurge and prosperity” .
