Afenifere, the pan-Yoruba socio-political organisation, has
advised President Bola Tinubu to take five-pronged approaches to prevent the
country from “total socio-economic dislocation”.
In a statement signed by Jare Ajayi, national publicity
secretary of the group, Afenifere said the current economic situation in the
country needs far-reaching and deep-rooted steps for it to be ameliorated.
The organisation said Tinubu should seek debt relief from
“our major creditors”.
“Another step is to drastically reduce the size of
government at all levels. The third is to block areas of leakages of public
resources, especially finance. Fourth is to embark on policies or programmes
that are capable of engaging millions of unemployed people, old and young, in
the country,” the statement reads.
“The fifth step is to
ensure that security and safety of lives and properties become permanent
features in the Nigeria firmament.”
Afenifere said the five steps suggested would have to be
pursued simultaneously for the inherent benefits to be harnessed effectively
and promptly.
“At the moment, Nigeria’s debt profile is so huge that it is
spending about 97 percent of its revenue to service the debts according to many
official sources including the Debt Management Office (DMO), federal budget
office, ministry of finance and the World Bank,” the group said.
“It can be recalled
that when the World Bank disclosed that Nigeria spent 96.3 per cent of its
revenue to service its debt in 2022, the then minister of finance, Zainab Ahmed
objected, said it was ‘only’ 80.6 per cent.
“If a person earns N100 and has to use N80.5 of it to
service his or her debts, how would N19.5 be enough to take care of feeding,
transport, health, education, care for the family etc.”
Afenifere warned that very soon there may be no more funds
for the provision of social services and infrastructure.
To prevent possible social chaos in this respect, the group
said Tinubu needs to embark on diplomatic shuttles “to get debt forgiveness
from our creditors”.
Afenifere added that there is an urgent need to drastically
cut down on the emolument of public officials, especially political office
holders — block the holes through which public funds leak — and wage a serious
war against corrupt officers (in or out of office).
“It is only by doing these three things that those we
approach for debt forgiveness would listen to us,” Afenifere said.
‘RESUSCITATE MORIBUND
INDUSTRIES’
The organisation also tasked the Tinubu administration to
resuscitate moribund industries in the country.
“Doing so will create
employment, reduce crimes, boost the nation’s economy, strengthen the naira and
earn the country foreign exchange. Government should refrain from increasing
taxes and fees for now but explore ways of enhancing productivity and reducing
pains,” Afenifere said.
The group commended Tinubu for the decision to review the
N8,000 palliative meant to cushion the effect of petrol subsidy removal.
“Palliatives, to be
really helpful and effective should be welfare-enhancing in nature and not be
in the form of unregulated cash dole-out. Such money should rather be
channelled towards the things that cash is used for,” Afenifere said.
Afenifere stressed the need for the President to prevail on
electricity distribution companies to stop their attempts to increase tariffs
for now.
“The Discos must not
be allowed to deepen the miseries of hapless Nigerians. Similarly, recent hikes
in school fees across the country should be rescinded so as to prevent more
hardship for the people and a higher number of school drop-outs,” the group
said.
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