Fuel Prices And Inflation: Nigerians Urge Tinubu To Act Now

Fuel Prices And Inflation: Nigerians Urge Tinubu To Act Now

As the world prepares to welcome the New Year, various stakeholders in Nigeria’s key sectors—including manufacturing, education, security, local government unions, and the Ijaw National Congress—are urging President Bola Tinubu to prioritize economic enhancement in 2025…READ MORE…

Addressing the challenges faced in 2024, which they described as “challenging” and “difficult,” these groups expressed hope for a brighter future for Nigerians in the upcoming year.

Segun Ajayi-Kadir, the Director-General of the Manufacturers Association of Nigeria, highlighted the need for significant reforms to boost growth in the underperforming manufacturing sector. He emphasized the importance of fully implementing fiscal and tax policy reforms, which he hopes the National Assembly will approve soon.

Furthermore, he stressed that the Central Bank of Nigeria must stabilize interest rates and fulfill the N2.4 billion forex forwards owed to manufacturers. Ajayi-Kadir remarked, “We anticipate an expansion of the government’s credit facility. The N75 billion already disbursed is just a starting point; we are looking forward to the N1 trillion promised under the stabilization plan to ease access to credit.”

He urged the government to implement strategies to combat inflation, particularly by reducing logistics costs, and to enhance coordination between fiscal and monetary policies for sustainable growth.

Prof. Emmanuel Osodeke, President of the Academic Staff Union of Universities, called on the Federal Government to focus on creating a favorable educational environment in 2025. He argued that young Nigerians must have access to quality, debt-free education, unlike previous generations who benefited from free education and bursaries.

Osodeke insisted that the Tertiary Education Trust Fund (TETFUND) should not be transformed into a loan scheme and advocated for cuts to excessive government spending, criticizing the frequency of official travel abroad.

Mohammed Abubakar, Secretary-General of the Association of Local Governments of Nigeria, urged President Tinubu to initiate local government autonomy in 2025, stressing the need for immediate implementation to alleviate grassroots hardships.

He stated, “We appreciate Mr. President for granting financial autonomy to local governments, but we need swift action to ensure that citizens at the grassroots feel the government’s impact. Increased funding at the local level would help alleviate the hardships currently faced.”

Akeem Ambali, National President of the Nigeria Union of Local Government Employees, echoed the importance of implementing local government autonomy for genuine national development, urging that funding for local governments be activated promptly.

Dr. Kabir Adamu, a security consultant and CEO of Beacon Consulting, emphasized the need for the President to prioritize the safety and security of Nigerians, in line with constitutional mandates.

Meanwhile, National Publicity Secretary Ezonebi Oyakemeagbegha painted a grim picture of Nigeria’s economic situation in 2024, labeling it a year of considerable hardship and sacrifice for the population.

He called on President Tinubu to tackle the rising fuel costs, advocating for a reduction in petrol prices to “N416 per litre,” arguing that Nigeria has the resources to make fuel more affordable. He also highlighted the need for measures to stabilize the naira’s exchange rate for better competitiveness against the dollar.

Oyakemeagbegha further emphasized that improving the power supply would significantly aid small businesses, reducing interruptions to their operations, and suggested that international oil companies should relocate their headquarters closer to their resource extraction sites.

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