The Middle Belt Forum (MBF) has called on President Bola Tinubu to reconsider his economic policies, especially the removal of fuel subsidy and the devaluation of the Naira.
The group expressed deep concerns over the impact of these policies, which they say have worsened the living conditions of many Nigerians.
Dr. Bitrus Pogu, the National President of MBF, spoke in Makurdi over the weekend, urging the government to evaluate the effects of these decisions on everyday Nigerians.
“It does not require an economist to talk about the state of the economy and the wrong economic policies of the Federal Government that have impoverished millions of Nigerians in about 17 months of this government,” he said.
Dr. Pogu argued that the government’s approach to subsidy removal and currency devaluation has placed an enormous financial burden on the population.
He described the policies as damaging, claiming they had drained the limited resources of struggling Nigerians.
“This government has deliberately killed the economy with the sudden removal of petrol subsidy and floating of the Naira,” he remarked.
Since taking office, President Tinubu’s administration has faced a challenging economic landscape.
The abrupt end to fuel subsidies was intended to save government funds, while the floating of the Naira aimed to stabilize the currency.
However, critics argue these measures have had serious consequences for the poor.
Dr. Pogu insisted that these policies have led to sharp increases in the cost of goods and services, affecting the most vulnerable members of society.
“Too much burden has been placed on Nigerians, and their lean resources are still being taken away, either by the removal of subsidy or by the devaluation of the Naira,” he said.
He went on to say that these policies have driven up the prices of basic commodities, leaving many people unable to afford daily necessities.
“The direct impact is on the poor; it is the poor who are suffering from the economic policies,” he noted.
Dr. Pogu suggested that the President should bring in experts to review and adjust the nation’s economic strategies.
He criticized the government for acting hastily and without fully considering the effects of their actions.
“The President needs to get able hands to handle his economic policies rather than doing things haphazardly,” he added.
The MBF leader pointed out that the implementation of the Compressed Natural Gas (CNG) program could have been better planned.
He argued that if the government had rolled out CNG infrastructure nationwide before removing the fuel subsidy, Nigerians would have had a cheaper alternative to petrol.
“For example, rather than suddenly removing fuel subsidy, if he had started the CNG programme first and then made CNG accessible and affordable across the country before removing the subsidy, people would not even go around looking for petrol,” Dr. Pogu explained.
However, he noted that the CNG initiative is currently only available in select areas like Lagos and Obajana, limiting its impact and accessibility for most Nigerians.
He added that the high cost of converting vehicles to CNG has only added to people’s struggles.
“The cost of conversion of cars to use CNG is so astronomical, and it has again created more problems,” he said.
Dr. Pogu further criticized the President’s economic team, suggesting they were not effectively managing the country’s financial challenges.
He expressed hope that President Tinubu would reevaluate these policies to ease the hardship faced by Nigerians.
“We pray that he does a rethink,” Dr. Pogu said.
