A socio-political group, The Collective Movement (TCM), has advised the Federal Government to scrap any harmful economic policies to reduce the present tension among Nigerians.
TCM stated that the recent hike in petroleum prices from N568 to N855 per litre was poised to severely damage Nigeria’s economy.
The impression out there is that since this regime came on stream, Nigerians have not breathed a sigh of relief, contrary to what it said it would do for the people.
The group’s Director of Media, Mazi Edwin Nwachukwu, in a statement yesterday, quoted the National Youth Leader of TCM, Mr Muhammad Safeeyan, as saying that the direct impact of the increase is alarming, with transport fares skyrocketing to the detriment of the citizenry.
Safeeyan explained that the higher fuel prices will continue to lead to increased prices of goods and services, saying that the average Nigerian’s cost of living has risen astronomically as household budgets are strained by increased expenses on transportation and goods, among others, especially now the schools have resumed.
“The fuel price increase has hindered economic growth, as higher production costs and reduced consumer spending have resulted in decreased economic activity across the country,” the youth leader said.
According to him, a journey that once cost N2,000 to N3,000 now demands as much as N10,000, thus causing undue hardship and pain to an already burdened Nigerian populace.
Safeeyan noted that, beyond transportation, this has a cascading effect on the cost of commodities, making necessities even more unaffordable for the average Nigerian.
He frowned at the increase in VAT from 7.5% to 10%, which he said was a step in the wrong direction.
“All Nigerians must reject this move, as it adds more strain on a collapsing economy. Our local investors are already struggling, with many businesses closing down due to mounting losses instead of turning profits.
“The economic policies introduced by the current administration, led by President Bola Ahmed Tinubu, are doing more harm than good, leaving the nation confused and uncertain. If this trend continues, survival beyond 2027 will be questionable.
“I call on the President to immediately reverse the fuel price increase. With the establishment of local refineries where we trade our crude oil in Naira and receive the refined product in return, there is no justification for selling petroleum to Nigerians at an exorbitant cost. The price of fuel should be able to reflect this new reality and be made affordable for all citizens.”
Similarly, the youth leader urged President Tinubu to caution security agencies against the mindless manner in which they conduct their operations, especially the arrest of some individuals without formal instruments.
“Their actions negate the principle of ideal democracy, thereby falling short of the expectations of many citizens. Again, it looks like the country is experiencing an authoritarian government following their daily conduct,” he added.
