Address inflation, implement comprehensive economic strategy, YP tasks FG

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The Youth Party (YP), has called on the Federal Government to come up with a comprehensive economic strategy to address inflation, enhance wages and productivity, stimulate economic growth and establish sufficient safety nets to shield the most vulnerable from the effects of the current economic reforms.

The party in a statement maintained that the burden of incompetence of the political class should not be borne solely by the Nigerian people, adding that the federal government and all subnational governments must demonstrate frugality, eliminate waste and prosecute those who have misappropriated our commonwealth

“Two months have passed since President Bola Tinubu declared the removal of petrol subsidy, a decision that has led to a significant inflationary impact on Nigerians. This has resulted in a decrease in purchasing power and productivity, yet the federal government has not presented a comprehensive economic strategy to address inflation, enhance wages and productivity, stimulate economic growth, and establish sufficient safety nets to shield the most vulnerable from the effects of these economic reforms.

“Just a few days ago, in Adamawa state, hundreds of citizens were observed looting private stores and raiding government warehouses for grains. This level of poverty and desperation has prompted the Nigerian Labour Congress to declare a weeklong strike. While the situation may worsen, much of this hardship could have been mitigated if the President had formulated and initiated an economic plan that could instil confidence in Nigerians.

“Even though the country cannot justify spending less than a trillion on education and health last year while spending over two trillion on fuel subsidy, the subsidy removal could have been better planned. To prevent a potential national crisis, the federal government must take several steps.

“First, the burden of the political class’s incompetence should not be borne solely by the Nigerian people. Therefore, the federal government and all subnational Governments must demonstrate frugality, eliminate waste, and prosecute those who have misappropriated our commonwealth,” YPP said.

The party also stressed the need to raise the minimum wage to help the poor cope with the effects of the fuel subsidy removal and the subsequent increase in transportation costs.

“The government should subsidize public transportation to lessen the impact on low-income earners and the vulnerable. This could be achieved by allowing public transporters to continue purchasing fuel at a subsidized rate, either through a weekly voucher system or exemption from certain statutory fees, provided they keep transportation costs affordable

“The government should expedite the transition to compressed natural gas (CNG) by prioritizing its neglected Autogas Policy. CNG is a cleaner and cheaper fuel, and some companies are already using it successfully to power their fleets. To facilitate this, the government should:

“Establish a legal framework that encourages gas development ii, Subsidize the conversion cost of 10,000 petrol or diesel engines to CNG iii, Ensure the availability of CNG at filling stations

“It is important to note that action is needed not only in Abuja but also in the 36 states of the federation. Fortunately, states like Ogun, Edo, Kwara, and Bayelsa have taken steps to provide palliatives, CNG-powered fleets, and salary increases. We urge other states to adopt similar initiatives and pursue other beneficial policies that will enhance the living standards of most citizens.

“Lastly, time is of the essence for the palliatives or social safety net measures. Nigerians cannot afford medicine after death. The poor are still gasping for breath from the Naira design policy of APC. The poor have to be protected from the vagaries of the free market as it is done everywhere it is practiced,” it added.

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