Tinubu’s policies key to economic growth – Group

The Independent Media and Policy Initiative, says the policies being implemented by the President Bola Tinubu-led administration will enhanced economic drive and ensure broader prosperity and wealth creation for Nigerians.

Mr Niyi Akinsiju Chairman of the group gave the assurance at a news conference on Tuesday in Abuja, while calling on Nigerians to be patient with the government instead of embarking on a protest.

He said the news conference was to speak on the country’s prevailing situation, especially as it related to agitations by some Nigerians, who were threatening to protest high cost of living.

“We are well aware of Nigeria’s skyrocketing year-on-year inflation figure standing at 34.19 per cent in June 2024.

“This figure is primarily driven by surging food prices, which culminated in higher food inflation at 40.87 per cent in the month.

“The increase in inflation rate may have been aggravated by the depreciation of the Nigerian currency on the back of the harmonisation 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,” he explained.

Akinsiju said that the aggregate impact on the cost of goods and services truly reflected a disruption on the quality of life of the average Nigerian.

He said while this was true, President Tinubu had at different times, admonished 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 term from 108 billion to 91 billion; government accomplished this feat in 14 months.

“What is obvious is that the wasteful regime of fuel subsidy contributed in no small measure to this huge debt accumulated over the years,” he said.

Akinsiju commended the president for the payment of the historical N3.3 trillion Naira debt owed the power sector.

He noted that the debt for years, crippled the nation’s capacity to generate, transmit and distribute the required electricity, and subjected the populace to the agony of endless power outages.

He also commended government’s policy to democratise ownership and operations of the power sector to private entrepreneurs under the regulation of sub-national governments.

He expressed optimism that the national electricity supply would be further enhanced if the current initiative to transfer ownership and management of power assets to private entities succeeded under the regulatory supervision of states.

He said it was unfortunate that while the Federal Government through various programmes and policies was doing everything possible to positively impact the lives of Nigerians, state governments was not complimenting its efforts.

“We are, however, compelled by prevailing circumstances to register our displeasure over the inability of the sub-nationals to complement the efforts of the Federal Government in boosting agriculture.

“We, therefore call on State Governors and Local Government administrators to utilise 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,” Akinsiju said.

He added that to accomplish the envisaged era of economic growth and prosperity, there was a need for Nigerians to commit to the vision and Renewed Hope Agenda of government 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.

“Those who want to protest have the right to protest, but this must be done in the appropriate context. A protest should be anchored on substantive rationale or reasons that are achievable.

“Based on this, we appeal for patience so as not to disrupt the gathering momentum being built in the nation’s economic sphere that may be counterproductive”Akinsiju said.