•Tinubu and protesters
The Coalition of Northern Groups (CNG) has warned President Bola Ahmed Tinubu, to take proactive measures to address the economic doldrums and current harsh economic realities confronting Nigerians, noting that revolution looms in Nigeria.
Comrade Jamilu Aliyu Charanchi, National Coordinator of CNG, who gave the warning at a media briefing yesterday, said “symptoms of revolt loom large in the horizon,” reports Saturday Independent.
Charanchi said today that life has become highly unbearable for the overwhelming majority of citizens, adding that “the suffering of Nigerians is palpable across every stratum.
“The CNG holds the present and previous governments responsible for creating this dire situation for Nigerians.”
“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.
“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 ostentations.”
The Coalition of Northern Groups said that Tinubu’s Economic Team is the worst since the inception of Nigeria’s civil rule in 1999.
Charanchi said the economic team of President Tinubu 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 elite to primitively acquire wealth, while the vast majority of citizens continue to languish in deep poverty.”
He lamented that in responding to the current hardship facing Nigerians, Tinubu-led government “appears to be adopting a trial-and-error approach to the economy, resulting in further deterioration and further exposing people to avoidable hardship.”
According to Charanchi, “The CNG has critically reviewed the current situation in Nigeria and strongly cautions against the looming precipitous collapse of the nation.
“We are deeply concerned about the general economic atmosphere, which portends imminent danger. It is, therefore, imperative to address the escalating hardship that has permeated every segment of Nigerian society.
“Current economic indices and data from the Nigeria Bureau of Statistics (NBS) paint an ugly picture of our reality, as it confirms that 133 million Nigerians are already living in multidimensional poverty, while 20 million people, mostly young within the bracket of productive age, are either completely unemployed or underemployed.
“People are increasingly losing hope about the government’s economic policies and institutions of governance. This poses a great danger to our dear country.
“The CNG has observed that inflation has created horrible and traumatic economic consequences.
“It has led to huge losses on investments, disruption of business activities, an increase in poverty, and unemployment.
“This is in addition to the social consequences created by insecurity, such as displacement of communities, loss of lives and properties, and psychological trauma.
“It is no longer news that pervasive hardship across the country has eroded trust in the present government, and it’s exponentially threatening national unity, peace, and security.
“It is also worrisome that Nigeria’s overall inflation has risen to 34.19% from 22.41%, a steep 52.6% increase, while food inflation has surged from 24.82% to 40.66%, a 64% increase within a year—the highest recorded in decades.
“Disturbingly, despite no increase recorded in electricity generation or renewal of transmission equipment, the electricity tariff has skyrocketed by an average of ₦71.59 to ₦225 which signifies a substantial rise of over 200%, in the electricity course for band A with no corresponding increase in power supply and distribution.
“In the past six months, we have already experienced multiple national power grid collapses, including the most recent one which occurred on Saturday, July 6, 2024. This is detrimental to our development and industrialization drive.
“In the same vein, the ill-conceived floating of the naira has led to its depreciation from ₦463 to a dollar to ₦1,573, a stunning 240% drop.
“This has caused a sharp decline in the Purchasing Managers’ Index (PMI) from 53.2 points to 52.1 points, indicating an unhealthy trend in the private sector.
“Empirical data from NBS and others reveals that over the past year, key economic indices have worsened with no definitive and evidence-based solutions in sight.
“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 the prospects for job creation.”
The CNG, therefore, called on Tinubu to reassess his economic advisers/tax regime committees whose misguided counsel has led to policies prioritising personal interests over national well-being, entrenching poverty, unemployment, inequality and insecurity.
