Independent Media & Policy Initiative (IMPI) said the planned Nationwide protest may be counterproductive, called on organizers of the protest to have a rethink of the plan, so as not to disrupt the gathering momentum being built in the nation’s economic sphere,
IMPI said although those who want to protest have the right to protest, but it must be done in the appropriate context.The group said protest should be anchored on substantive rationale or reasons that are achievable.
Independent Media & Policy Initiative led by Niyi Akinsiju ,stated this during a World Press Conference with Theme “Peace and Stability:Recipe for Economic Growth and Development in Nigeria” held in Abuja on Tuesday.
The while highlighting some of the economic policies of immediate past administration led by Former President Muhammadu Buhari,commended President Bola Ahmed Tinubu administration’s policies and urged Nigerians to give the government a chance to succeed.
IMPI noted that some of the economic challenges facing the nation,, stated that President Tinubu has put immediate measures in place to address the challenges
The group therefore appealed for patience, enjoined promoters of the planned Protest to channel their energy on how to support the government at all levels for a better Nigeria.
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The text of the press conference read in part;
“In consideration of the prevailing situation in the country, especially as it relates to agitations by some concerned Nigerians who are threatening to protest high cost of living, we have deemed it appropriate to engage the public space principally for the purpose of putting the larger socio-economic issues in context.
“We are well aware of Nigeria’s skyrocketing year-on-year inflation figure standing at 34.19% in June 2024. This figure is primarily driven by surging food prices, which culminated in higher food inflation at 40.87% in the month.
“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 the 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.
“It is gratifying to note that the policies have begun to show initial capacity to redress the challenges they were conceived to address. In this regard, we note the impressive reduction in the national debt profile, which had fallen in dollar terms from 108 billion to 91 billion. What is obvious is that the wasteful regime of fuel subsidy contributed in no small measure to this huge debt accumulated over the years.
“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.
“This is in addition to the N7.3trillion Ways and Means obligation paid back to the Central Bank of Nigeria by the federal government within a year of the Tinubu administration. Also remarkable is that the budget deficit has fallen from 6.1% to 4.4%, a clear indication of strategic fiscal management.
“The healthy fiscal environment is apparently helped by the increase in the quantum of crude oil production, from 1.28 million barrels per day in April 2024 to 1.61 million barrels per day as of July 23,2024; the first time in 42 months.
“Connected to this, is the vast improvement in the balance of the nation’s foreign reserve which increased from $32.29 billion in April 2024 to $37.05 billion in July 18, 2024.
“Remarkably, between June 30 and July 18 the external reserves rose from $34.70 billion to $37.05 billion — indicating an increase of $2.35 billion in about 18 days. This foreign reserve balance covers 11 months imports, another indication of a stabilizing economy.
“In other sectors of the economy, beginning with power, we are encouraged by the quantum leap in power generation and transmission. The sector recorded a number of interventions through policies and actions by the federal government. It was a remarkable feat when 700 megawatts of electricity were added to the national grid with the commissioning of the Zungeru Hydro- Electric Power Station in Niger State.
“In addition, the power sector also recorded the commissioning of two substations in Kebbi and Ajah in Lagos to consolidate the nation’s electricity distribution capacity. This has led to a considerable improvement in power supply across the country.
“We also commend the President for the payment of the historical N3.3 trillion Naira debt owed the power sector, which for years, crippled the nation’s capacity to generate, transmit and distribute the required electricity, and unfortunately subjected the populace to the agony of endless power outages.
“We are aware of the federal government policy to democratize ownership and operations of the power sector to private entrepreneurs under the regulation of sub-national governments. We are very optimistic that the national electricity supply will be further enhanced if the current initiative to transfer ownership and management of power assets to private entities succeeds under the regulatory supervision of the States.
“We have observed an evolving paradigm in the nation’s economic template, going by the recent announcement of employment opportunity for 30,000 fellows that have graduated from cohort 1 of the ongoing 3 Million Technical Talents programme under the Ministry of Communications, Innovation, and Digital Economy. This is indicative of an economy that is producing digital talents for both domestic and global engagement.
“Meanwhile, it is on record that the federal government has distributed 60,452metric tons of improved seeds, 887,255metric tons of seedlings, 138 value kits, 501,726 liters of agrochemicals, 62,328.5metric tons of inorganic fertilizers, 1,000kg fungicide, and 33,200 equipment to famers across different value chains to enhance agricultural production.
“This flurry of President Tinubu interventions in agriculture, has at the last count, successfully generated a total of N309bn into the economy in one year, suggesting a resurrection of exporting activities in the agriculture sector. On aggregate, the recent waiver of import duties and tax on food importation will make food abundantly available and affordable locally.
“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, and to reinvent Nigeria’s pride of place as the agricultural giant of Africa.
” Besides, 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.
“We are, however, compelled by to register our displeasure over the slowness of the sub-nationals to complement the efforts of the federal government in boosting agriculture. We applaud state governors who are investing in agriculture. We urge 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 their various allocations from FAAC, to support the exemplary efforts of the federal government towards massive food production.
“On transportation, the reopening of the Lagos-Kano railway line is considered another milestone in the effort by the federal government to prosper the national economy. This is best appreciated within the context of the contributions of the Lagos-Kano railway line to the economic, social, political, and cultural development of Nigeria. The facilitation of social and cultural integration between and among various ethnic groups along the Lagos-Kano railway route was legendary and also contributed immensely to the cementing of national unity. We commend the president for the landmark achievement.
” In the education sector, the establishment of Nigerian Education Loan Fund (NELFUND) may indeed be the game changer to facilitate access to education. Impressively, within a short period of its establishment, applicants have started receiving credits for school fees and upkeep. This is revolutionary, and all Nigerians must applaud this.
“Gentlemen of the Press, let us not forget that the federal government only few days ago, opened the portal for a reinvigorated National Youth Investment Fund (NYIF) to be administered by the Ministry of Youth Development. It was a N75bn funding initiative for young business owners which former President Muhammadu Buhari introduced in 2020 but the Tinubu administration has now expanded it by about 50% to N110bn in order to accommodate more beneficiaries among the youth demography.
“We note the pragmatic approach adopted by the Tinubu Administration to resolve the age long contradiction inherent in Nigeria’s federal system. This is evident in the President’s decision to approach the Supreme Court concerning the financial autonomy for the 774 local governments. This, for us, is an exemplar of wisdom and goodwill.
“We therefore call on State Governors to wholeheartedly embrace the judgment of the Supreme Court and also cooperate with the federal government in ensuring disbursement of funds.
“And if there are still doubts about the sincerity of the federal government to make things work, the cabinet approval of President Tinubu’s proposal to ease the operation of the single largest private sector initiative in the country should clear everything.
“The lifeline handed to Dangote and other Refineries that will see them getting crude oil from NNPCL in naira, underlines the President’s pro-business mindset at a time many people were worried about the damage the rift in the petroleum industry could inflict on Nigeria’s quest for improved Foreign Direct Investments (FDI).
“We consider 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. This will also reflect on the pump price of petrol.
“From the foregoing, it is obvious that the 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.
“By our own understanding, it may be slow, it may be painful, but it is certain that as a people, we will witness this upcoming period of economic upsurge and prosperity”.
