The leadership of Youth Party Nigeria (YPN) on Friday urged the Federal Government to review some of its monetary policies with a view to addressing rising inflation and alleviating the sufferings of Nigerians.
Tomiwa Aladekomo, national chairman of the party, made the call in a statement issued to journalists in Benin City.
Aladekomo, who expressed disappointment over the alleged mismanagement of the nation’s economy by the Federal Government, noted that the country’s economic policies have continued to drive inflation and unemployment, thereby inflicting pain and hardship on citizens.
He also said all the indices of social and economic development in the country, including the worsening security situation, were negative indications that the APC-led government has failed to deliver real dividends of democracy to citizens of the country.
While calling for urgent measures towards reforming key sectors of the Nigerian economy, he urged the Federal Government to step up efforts to tackle insecurity which has negatively impacted on the economy.
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The party’s national chairman, who was reacting to the March 2021 Consumer Price Index report released by the National Bureau of Statistics (NBS) on Thursday, said the data revealed Nigeria’s inflation rate has continued to rise.
He said the Consumer Price Index (CPI) which measures inflation increased to 18.17 percent (year-on-year) in March.
According to him, the new data from the NBS is a clear indication that the nation is heading towards a severe economic crisis under the President Muhammadu Buhari-led APC government.
“We are charging the Federal Government to support macroeconomic policies that will drive growth, deliberate policy of investing in infrastructure, among others, to ease the means of doing business in the country,” Aladekomo said.
“While many Nigerians are struggling to stay alive, we continue to receive news of rising inflation with unemployment rate growing at frightening dimensions; insecurity is worsening, the cost of transportation has quadrupled.
“In addition to the continued decline in domestic and direct foreign direct investments, all due to the uncertainty created by the Federal Government’s management of the socio-economic issues. We must act now before the situation worsens,” he said.
