Idris: Tinubu Determined to Provide Succour, Revamp Economy

*NLC: His policies inflicting injuries on Nigerians 

*We have moved from N700 to N1,350/$1

Onyebuchi Ezigbo and Adedayo Akinwale in Abuja

Minister of Information and National Orientation, Mohammed Idris, has assured Nigerians that the vision of President Bola Tinubu was to provide succour for Nigerians, revamp the economy, and return the country to prosperity.
Idris gave the assurance yesterday in Abuja at the 21st edition of the Daily Trust Dialogue and Presentation of African of the Year Award, with the theme, ”Tinubu’s Economic Reforms: Gainers and Losers.

The minister appealed to Nigerians to give Tinubu more time to plan and realise his dream for the country.    
But Nigeria Labour Congress (NLC) said the administration’s policies, such as fuel subsidy removal, naira devaluation, and floating of the foreign exchange market, among others, had brought untold hardship on Nigerians.

Idris said some of the palliative measures initiated by the federal government were being implemented, despite initial constraints. He noted that the governors now got about 50 per cent more of what they were getting from the federal government to equally tackle the effects of the fuel subsidy removal.
The minister stated, “The N35, 000 wage award, I know that there were some technical disruptions in the way they were implemented, but I can tell you that the president is committed to ensuring that every kobo meant for the wage award is paid to entitled federal workers. The federal government has insisted that it has made a commitment.

“There was also the issue of the palliatives that we talked about. Now, because fuel subsidy almost went away abruptly, there was the need to cushion that effect in the short time. Government is not saying every economic policy will be an emergency one or the one driven by palliative.
“What it sought to address was important that people have an immediate cushion to what was happening before a long term solution was proffered. So, it’s not all gloomy; it’s not all emergency.
“Of course, if you have an immediate shock, it is important that you have a first aid before a long term solution is being proffered and that is being done jointly with labour itself.”

Idris stressed that when the federal government was making the wage award or providing some succour, it did not stop at the federal level. He disclosed that every state of the federation was involved because they know where the population reside and all the governors were invited.”
He added, “Today, no governor is not getting an addition of not less than 50 per cent of what he used to get.  So, let us also ask the governors what they are doing with those funds.

“It is not only the federal government, the state governments are there. When the federal government gave money for the immediate purchase of grains, it didn’t do it itself, it handed it over to the state governors.
“Monies were given to them, assorted fertilisers were also bought. These were all done by the governors. The approach of Bola Ahmed Tinubu is that of inclusivity.”
The information minister said, “It is important to know the vision of President Tinubu to provide succour to Nigerians and revamp this economy, to return Nigeria to the prosperity.

“I am not saying that seven months is a short time but seven months is not enough cycle for a woman to deliver a pregnancy. So, let’s give the federal government a chance, the president is desirous of making life better for Nigerians.”
However, organised labour and other concerned stakeholders disagreed on the consequences of the economic policies of the Tinubu administration.
President of NLC, Joseph Ajaero, lamented that the first three economic policies of the Tinubu administration had inflicted injuries on Nigerians, putting them through a lot of pains.

Ajaero said the situation was getting worse and it would continue to worsen until there was a policy reversal.
He pointed out that the working class and average Nigerians were the losers in the so-called reforms, as indicated in the theme of the dialogue.
He stated, “I am here representing the losers. Tinubu administration, driven by neo-liberal principles, as dictated to it by its two chief priests, or do we call them the twin altars – the World Bank and the International Monetary Fund (IMF) – embarked on a series of economic reforms upon assuming office in May 2023.

“Some of this administration’s key economic decisions since inauguration could be summed up in the following: hike in the price of petrol, devaluation of the naira, freeing the foreign exchange market to merge all the windows, fiscal expansion, and increasing the debt stock through more borrowings
“Each time they want to remove subsidy, they will tell you it is to save more money. What are you saving money for? They are borrowing more money, who will pay it? Each time they want to justify subsidy removal, they will tell you, it is to save money. Companies are closing down everyday.

“They are talking about privatisation. 99 per cent of privatised companies have disappeared. And we are sustaining it. You sold your house for N2 million and you give the buyers N10 million to repair it. That is prodigal economy.”
Ajaero added, “It took Buhari eight years to move from N260 to a dollar to N700. In only a short time, we have moved from N700 to N1, 350. It is the masses that are suffering and we are the losers.

“The fact is that inflation weakens the value of every domestic currency and as this happens, since we are still importing refined products, the fabled landing cost is pushed upwards then another lust for further PMS price hike is generated.”
On her part, former Director-General of the Abuja Chamber of Commerce and Industry (ACCI), Dr Victoria Akai, also said the policies of the present administration were aimed at repositioning the economy.
Akai stressed that one of the effects of the policies was the biting inflation and called for immediate action to tame it. She identified the removal of Nigeria’s foreign currency controls as another move that led to adverse impact on the naira.