The Nigerian Professionals in Diaspora (NPID) have voiced serious concerns over the worsening economic situation in Nigeria, particularly following the recent hike in fuel prices and what they describe as the poor handling of key economic policies.
In a statement from the group’s leadership, they recognized President Bola Ahmed Tinubu’s dedication to leading the country towards prosperity but criticized his economic team for not effectively supporting his vision. Dr. Obiora Okereke, President of NPID, emphasized the harmful impact of the current economic strategy, particularly the poorly executed floating of the Naira, which has resulted in the currency’s ongoing depreciation.
“Instead of stabilizing the Naira and attracting foreign investment, this policy has further weakened the currency, driving up the cost of goods and services and creating unbearable inflation for the Nigerian people,” Okereke noted.
The NPID also highlighted the growing disparity between the official exchange rate and the black market rate, which has significantly reduced the purchasing power of ordinary Nigerians, already struggling with rising prices. Chief Mrs. Bukola Shonekan, Secretary of NPID, called for immediate reforms, stating that the current monetary policies have created severe hardship and need to be reassessed before the situation worsens.
Additionally, the group expressed concern over the increasing debt of the Nigerian National Petroleum Company Limited (NNPCL), which has exceeded $6 billion. This mounting debt has led international suppliers to refuse to provide fuel on credit, contributing to the recent fuel price hikes and further disrupting the nation’s fuel supply.
Dr. Okereke warned, “The debt crisis at NNPCL has put us in a precarious position regarding fuel supply. If we don’t act quickly, fuel prices will continue to soar, adding to the already overwhelming challenges faced by Nigerians.”
The NPID outlined three critical areas requiring immediate attention:
- Reassessing Monetary Policies: The group urged for a more calculated approach to stabilize the exchange rate and manage foreign reserves, emphasizing that the current method of floating the Naira is unsustainable.
- Restructuring NNPCL’s Debts: They called for a clear debt restructuring plan to restore confidence in Nigeria’s ability to honor its international commitments and ensure a stable fuel supply at reasonable prices.
- Accountability for Economic Managers: The NPID urged President Tinubu to hold his economic advisers accountable for the ineffective policies currently in place and to appoint a more competent team to guide the country out of its economic challenges.
Despite these concerns, the NPID reaffirmed its support for President Tinubu’s administration but stressed that immediate corrective actions are necessary to prevent further deterioration of the nation’s economy. Chief Mrs. Shonekan concluded, “Nigeria has the potential to rise again, but it requires sound economic policies and a capable team to deliver results for the people.”