A socio-political group, The Collective Movement (TCM), has advised the Federal Government to jettison any harmful economic policies to reduce the present tension in Nigeria.
TCM stated that the recent hike in petroleum prices from N568 to over N855 per liter is poised to cause severe damage to Nigeria’s economy.
Since the Bola Tinubu administration came into office last year, it is believed that Nigerians have not breathed sigh of relief contrary to the campaign promises of the ruling All Progressives Congress.
In a statement on Thursday, the group’s Director of Media, Mazi Edwin Nwachukwu quoted the National Youth Leader, Mr. Muhammad Safeeyan, as saying that the direct impact of the increase is alarming, with transport fares skyrocketing to the detriment of the citizenry.
Safeeyan explained that the higher fuel prices will continue to lead to increased prices of goods and services, saying that the average Nigerian’s cost of living has risen astronomically as household budgets are strained by increased expenses on transportation and goods among others especially now the schools have resumed.
‘’The fuel price increase has hindered economic growth, as higher production costs and reduced consumer spending has resulted in decreased economic activity across the country”, the youth leader said.
According to him, a journey that once cost N2,000 to N3,000 now demands as much as N10,000, thus causing undue hardship and pains to an already burdened Nigerian populace.
Safeeyan noted that beyond transportation, this has a cascading effect on the cost of commodities, thereby making necessities even more unaffordable for the average Nigerian, while frowning at the increase in VAT from 7.5 per cent to 10 per cent, which he said is a step in the wrong direction.
He said: ‘’All Nigerians must reject this move, as it adds more strain on a collapsing economy. Our local investors are already struggling, with many businesses closing down due to mounting losses instead of turning profits.
”The economic policies introduced by the current administration, led by President Bola Ahmed Tinubu, are doing more harm than good, leaving the nation in a state of confusion and uncertainty. If this trend continues, survival beyond 2027 will be questionable.
‘’I call on the president to immediately reverse the fuel price increase. With the establishment of local refineries where we trade our crude oil in Naira and receive the refined product in return, there is no justification for selling petroleum to Nigerians at an exorbitant cost.
‘’The price of fuel should be able to reflect this new reality and be made affordable for all citizens’’.
Similarly, the youth leader urged President Tinubu to caution security agencies against the mindless manner in which they conduct their operations, especially the arrest of some individuals without formal instruments.
‘’Their actions negate the principle of ideal democracy, thereby falling short of the expectations of many citizens. Again, it looks like the country is experiencing an authoritarian government following their daily conduct.”, he said.
TCM said that the dividends of democracy whereby people are able to feed their families, send their children to schools and enjoy freedom of expression are uppermost in the minds of the Nigerian people especially this time.
“Government should be circumspect and realise that, the primary duty of every government is to create enabling environment for citizens well-being to thrive, ultimately”, it said.
