CNG Expresses Deep Concern Over Nigeria’s Economic Hardship

Folalumi Alaran in Abuja

The Coalition of Northern Groups (CNG) has expressed profound concern regarding Nigeria’s current economic challenges, warning of potential instability if urgent measures are not taken.

In a statement signed by National Coordinator Comrade Jamilu Aliyu Charachi, the CNG highlighted several critical issues contributing to the nation’s economic difficulties. The coalition cited data from the Nigeria Bureau of Statistics, indicating that 133 million Nigerians live in multidimensional poverty, and 20 million people, primarily the youth, are either unemployed or underemployed.

The CNG pointed out that inflation has risen significantly, reaching 34.19%, while food inflation has surged to 40.66%. These figures represent the highest increases recorded in decades. Additionally, the coalition noted the steep rise in electricity tariffs without corresponding improvements in power supply, along with multiple national power grid collapses.

The depreciation of the naira and the increase in interest rates were also major concerns. The naira has fallen from ₦463 to ₦1,573 to the dollar, and the interest rate has risen from 18.5% to around 30%, which, according to the CNG, has adversely affected investments and economic growth.

The CNG criticized the government’s economic policies, describing them as anti-people and detrimental to the nation’s well being. They called on President Tinubu to reassess his economic advisers and their policies, which the CNG believes have exacerbated poverty, unemployment, and inequality.

Regarding the removal of fuel subsidies, which has led to a significant increase in petrol prices, the CNG urged the government to explore alternative funding mechanisms for the new national minimum wage. They suggested reducing wasteful expenditure, tackling corruption, and increasing taxes on luxury goods.

The CNG warned of a looming revolt if the government fails to address the root causes of the economic crisis, including rising fuel prices, escalating food costs, and high governance expenses. They emphasized the need for comprehensive and humane policies to alleviate the suffering of Nigerians.

In conclusion, the CNG called on President Tinubu to demonstrate political will and compassion in addressing the nation’s economic challenges. They expressed hope that the government would take decisive action to improve the living conditions of all Nigerians.