Group urges FG to halt Nigeria’s economic drift

…Raises alarm over exit of multinational firms

The Guild of Public Affairs Analysts of Nigeria (GPAAN) has urged the Federal Government to take measures to revamp the economy and halt its further drift.

The group said that the advice had become necessary following the escalating suffering in the country and the exit of 16 multinational companies from Nigeria in a short space of time as a result of harsh operating environment.

Rising from a recent meeting on the state of the nation, members of GPAAN traced the economic situation to the sudden removal of fuel subsidy by President Bola Ahmed Tinubu on his inauguration day, May 29, 2023, without well-thought-out buffers.

“The fuel subsidy removal was done without palliative measures put in place to cushion the attendant economic hardship foisted on the people. Ever since, the situation has been worsened by the sudden exponential increase in the cost of transportation, food prices, hike in electricity tariff, Value Added Tax (VAT) and of course, the cumulative rise in inflation rate,” the group said.

GPAAN noted that the gross domestic product (GDP) in the country has slowed down by over 10 percent on the average compared to the exponential growth of the population.

The association alleged that the current economic policies of the Federal Government were anti-people and driven largely by policies dictated by the World Bank and the International Monetary Fund (IMF), “leading to mass poverty and crippling operational environment.”

It also observed that the cost of production has skyrocketed to 120 percent in 2024 compared to what it used to be a year or two ago.

“We are calling on the government to enact pro-people policies that would attract Foreign Direct Investment (FDI), reduce the cost of Premium Motor Spirit (PMS), generate and distribute steady power and reduce taxes on the citizens.

“We also urged the government to focus on massive employment generation for Nigerian youths through the establishment of Farm Settlements across the country,” GPAAN said.

GPAAN, which is made up of seasoned analysts of diverse professional backgrounds across the country, has Ayo Oyoze Baje as the president, Lekan Sote as the vice president, and Victor Anya as the general secretary.

Other prominent members include Achike Chude (PRO), Joseph Amaoru, Steve Aya, Richard Inumah, Sola Adesanwo, Jide Akintunde, Amaechi Ikechukwu, Comfort Coleman, Moyo Oyatogun, Dipo Olayokun, Ambrose Igboke, Martin Azuwike and Chas Ideho, amongst many others.