Fuel Crisis: 1000 CSOs Call for Immediate Reconstitution of Tinubu’s Economic Team

Folalumi Alaran in Abuja

A coalition of about 1000 Civil Society Organizations (CSOs), under the banner of the Coalition of Civil Society Organisations (CCSOs), has expressed concern over Nigeria’s economic situation, attributing the country’s challenges to the performance of President Bola Ahmed Tinubu’s economic team. The group is urging an immediate reconstitution of the team to address the escalating hardship Nigerians are facing, particularly due to rising fuel prices.

The CCSOs, in a statement signed by its National Coordinator, Mallam Ibrahim Mohammed, highlighted the increasing difficulties citizens are encountering, worsened by economic mismanagement. They warned that failure to take immediate action could lead to severe consequences.

“The Coalition of Civil Society Organisations (CSOs) is deeply concerned about the deteriorating state of the Nigerian economy, which is becoming increasingly unbearable for millions of citizens,” the statement read.

The coalition pointed to the fuel price hikes and instability in the exchange rate, which they argue are symptoms of ineffective economic management. According to the group, these issues have had severe impacts on households, escalating poverty, and hindering economic activity.

“The floating of the Naira, which was initially sold to Nigerians as a means of stabilizing our currency, has done little to prevent the continued devaluation of the Naira,” the statement continued. “The exchange rate disparity has widened significantly, with the Naira losing value daily, impacting the cost of living, basic commodities, and inflation.”

The coalition also raised concerns about the Nigerian National Petroleum Company Limited’s (NNPCL) growing indebtedness, claiming it is contributing to fuel shortages.

“Of equal concern is the precarious position of the Nigerian National Petroleum Company Limited (NNPCL), which finds itself in a debt trap, with global suppliers of petroleum products losing confidence in Nigeria’s ability to honour its obligations,” the group claimed. They cited reports indicating that NNPCL has accrued debts of over $6 billion, resulting in reluctance from international suppliers to continue providing fuel on credit.

The CCSOs held those managing Nigeria’s economy accountable for the current situation, criticizing the absence of a coherent strategy to address the country’s economic challenges, including its reliance on fuel importation.

“Nigerians are left to bear the brunt of these failures,” the group said, noting that businesses are closing, transportation costs are rising, and citizens are spending a larger share of their income on basic necessities.

In response to the crisis, the coalition laid out several demands: a government intervention to stabilize the Naira and address the fuel supply chain, accountability for economic mismanagement, and a reassessment of current financial policies.

“In conclusion, the Coalition of Civil Society Organisations reiterates that without immediate corrective measures, the economic situation will continue to deteriorate, leading to further hardship for the average Nigerian. The government must act decisively and responsibly to reverse this downward spiral,” the statement added.