Abbas: Recent Stampedes Reminder of Socio-economic Hardship Facing Nigerians

•Says inflation pressing concern despite GDP growth 

•Hints at the passage of tax reform bills

•FG’s non-release of 2024 capital vote fueling economic hardship, group insists

Adedayo Akinwale and Oghenevwede Ohwovoriole in Abuja

The Speaker of the House of Representatives, Hon. Abbas Tajudeen yesterday described recent stampedes in Ibadan, Abuja, and Okija in Anambra State during the distribution of palliative as a stark reminder of the socio-economic hardships facing our citizens

Abbas, who was represented by the Deputy, Hon. Benjamin Kalu, made this known while delivering a speech on the resumption of the House from the yuletide recess.

However, the National Coalition on Accountability and Probity in Governance (NCAPG) blamed the current economic hardship in the country on the federal government’s inability to release funds appropriated for the 2024 capital budget.

The group alleged that this had resulted in significant economic challenges, including stalled projects, increased unemployment, and reduced consumer spending.

Speaking further, the Speaker of the House of Representatives said: “The past year was characterised by moments of progress tempered by significant challenges. Tragic events, such as the stampedes in Ibadan, Abuja, and Okija during the distribution of palliative aid, underline the urgent need for improved planning and safety protocols in humanitarian efforts.

“On behalf of the House, I extend our deepest sympathies to the families and communities affected.

“These incidents serve as a stark reminder of the socio-economic hardships facing our citizens and the imperative for policies that tackle hunger and poverty at their roots.”

According to the Speaker, “Turning to the economy, 2024 presented both difficulties and opportunities. While inflation remains a pressing concern, progress in Gross Domestic Product (GDP) growth and the positive trajectory of economic reforms provide hope for a more stable and prosperous 2025.”

Abbas also mourned the loss of soldiers in Borno State, who paid the ultimate price in the fight against terrorism.

He stressed that their sacrifices exemplified the highest dedication to the nation’s safety and sovereignty.

On behalf of the House, the Speaker extended condolences to the families of the fallen heroes and the Nigerian Armed Forces.

Abbas added: “Similarly, the tragic loss of life in the Gidan Sama and Rumtuwa villages of Sokoto State, resulting from the unintended consequences of military operations, underscores the need for a renewed focus on civilian protection in conflict zones.

“These incidents emphasise the complexities of governance and the necessity for people-centered, comprehensive solutions.

Amidst these challenges, the resilience of our security agencies deserves commendation.

“Their concerted efforts have significantly reduced threats across the country, demonstrating their courage and the growing efficacy of coordinated military operation.”

Abbas stressed that the House remained steadfast in supporting the efforts through legislative measures that enhance security frameworks and address emerging threats.

The Speaker pointed out that the ongoing revival of the Warri and Port Harcourt refineries and increased competition in the oil market have already begun to moderate fuel prices.

He, therefore, called for the swift operationalisation of the Kaduna refinery to alleviate further economic pressures on households and businesses.

Abbas emphasised that the legislative agenda of the House for 2025 prioritises the passage of the Appropriation Bill and the Tax Reform Bills, both of which are pivotal to economic recovery and fiscal stability.

These reforms, the Speaker noted, were essential for broadening the tax base, improving compliance, and reducing dependency on external borrowing.

His words: “The House will ensure that these reforms are equitable and considerate of the needs of all Nigerians, particularly the most vulnerable.”

Abbas said as they engage with the budget and other legislative priorities, they must remain meticulous in their scrutiny, ensuring that every proposal aligns with national objectives and delivers tangible benefits to the citizenry.

He said the planned Citizens’ Town Hall on the budget would further reinforce transparency and inclusivity in our decision-making processes.

The Speaker said the Constitutional Review Committee headed by Kalu continues to make commendable progress, stressing that the extensive consultations and rigorous review of over 350 memoranda demonstrate the depth of public engagement in shaping the nation’s foundational document.

He said the Green Chamber anticipates that the outcomes of this process would address longstanding governance challenges and promote inclusivity, equity, and accountability.

FG’s Non-release of 2024 Capital Vote, Fueling Economic Hardship, Says Group

Meanwhile, the NCAPG has blamed the current economic hardship in the country on the federal government’s inability to release funds appropriated for the 2024 capital budget.

The group alleged that this had resulted in significant economic challenges, including stalled projects, increased unemployment, and reduced consumer spending.

The group expressed concerns over government’s inability to release capital vote to contractors and its ripple effects on the economy at a press conference in Abuja, yesterday.

National Coordinator of NCAPG, Igwe Umanta, who read the text of the press conference, said many businesses, particularly those owed by the government for contracts executed, face severe financial difficulties, including defaulting on loans and laying off workers.

“The federal government’s failure to make capital releases to contractors is at the heart of this economic stagnation.

“Capital projects are crucial drivers of economic activity, and the absence of funding for ongoing and new projects has led to significant setbacks, putting capital release as missing catalyst which is very important to saddle the economy forward.

“Firstly, it is a pitiable realisation that contractors have been unable to complete critical infrastructure projects, from roads to healthcare facilities, which are vital to national development.

“Secondly, it is observed that the lack of liquidity in the economy has limited the purchasing power of citizens, further compounding the challenges of inflation and unemployment,” he said.

He added: “It is indeed acknowledged that the federal government is currently grappling with significant fiscal constraints. However, the federal government must recognise that capital releases are not merely expenditures—they are investments that stimulate economic growth, create jobs, and improve infrastructure.

“Apparently, Nigeria’s economy is presently experiencing significant challenges, exacerbated by limited liquidity, and a lack of substantial capital releases to contractors on projects execution.

 “It is very unfortunate that this worrisome reality has created a ripple effect across various sectors, leading to reduction in economic activity, largely contributing to stalled projects, and creating a surge in the unemployment ratio.

“Realistically right now, Businesses, particularly those owed by the government for contracts executed, are facing dire straits. Many companies which are unable to recover payments are defaulting on loans, thereby leading to mounting debts, layoffs, and, in some cases, closures.”

According to him, “While we recognise and commend the federal government’s efforts to implement policies and reforms aimed at revitalising our economy, it is evident that much more needs to be done to achieve stability and sustainable growth,”

 NCAPG urged the federal government to prioritise economic stability and transparency in governance, and emphasised that government must take immediate action to address the nation’s challenges, including prioritising capital releases to stimulate economic activity and create jobs.

The group also advised the federal government to develop a clear and transparent repayment plan for contractors and businesses owed by the government.