Address Inflation, Implement Comprehensive Economic Strategy, Youth Party Tells Tinubu

Wale Igbintade

Youth Party (YP) has called on the federal government to come up with a comprehensive economic strategy to shield the most vulnerable Nigerians from the effects of the current economic reforms.

The party in a statement signed by its National Publicity Secretary, Ayodele Adio, maintained that the burden of the political class incompetence should not be borne solely by the Nigerian people.

The statement added that the federal government and all subnational governments must demonstrate frugality, eliminate waste, and prosecute those who have misappropriated the commonwealth.

According to the party, the subsidy removal could have been better planned to prevent a potential national crisis, adding that Nigerians cannot afford the ‘medicine after death’ situation.

The party also stressed the need to raise the minimum wage to help the poor cope with the effects of the fuel subsidy removal and the subsequent increase in transportation
costs.

It also called on employers to consider revising their pay structures to protect their lower-level employees from the harsh impact of the fuel subsidy removal.

The statement read: “Two months have passed since President Bola Tinubu declared the removal of petrol subsidy, a decision that has led to a significant inflationary impact on Nigerians. This has resulted in a decrease in purchasing power and productivity, yet the federal government has not presented a comprehensive economic strategy to address inflation, enhance wages and productivity, stimulate economic growth, and establish sufficient safety nets to shield the most vulnerable from the effects of these economic reforms.

“Just a few days ago, in Adamawa State, hundreds of citizens were observed looting private stores and raiding government warehouses for grains.

“This level of poverty and desperation has prompted the Nigerian Labour Congress (NLC) to declare a weeklong strike. While the situation may worsen, much of this hardship could have been mitigated if the president had formulated and initiated an economic plan that could instill confidence in Nigerians.

“Even though the country cannot justify spending less than a trillion on education and health last year while spending over two trillion naira on fuel subsidy, the subsidy removal could have been better planned. To prevent a potential national crisis, the federal government must take several steps.

“First, the burden of the political class incompetence should not be borne solely by the Nigerian people. Therefore, the federal government and all subnational governments must demonstrate frugality, eliminate waste, and prosecute those who have misappropriated our commonwealth.

“The government should subsidise public transportation to lessen the impact on low-income earners and the vulnerable. This could be achieved by allowing public transporters to continue purchasing fuel at a subsidised rate, either through a weekly voucher system or exemption from certain statutory fees, provided they keep transportation costs affordable.”