Maryam Aminu
The Chairman of the Independent Media and Policy Initiative (IMIPI), Chief Niyi Akinsiju has addressed the pressing economic issues facing Nigeria, including the escalating inflation and the public outcry over the high cost of living.
Chief Akinsiju made the assertion during a press briefing held on Tuesday, July 30, 2024 in Abuja
He called for patience and contextual understanding of the government’s ongoing economic reforms.
Chief Akinsiju acknowledged Nigeria’s soaring year-on-year inflation rate, which stood at 34.199% in June 2024, with food inflation reaching 40.87%.
He attributed this rise to the harmonization of foreign exchange windows and the removal of fuel subsidies, policies
Despite the immediate hardships, Chief Akinsiju highlighted the positive impacts of these reforms.
He pointed to the significant reduction in Nigeria’s national debt from $108 billion to $91 billion, and the subsequent drop in the debt service-to-revenue ratio from 97% in the first half of 2023 to 68% in 2024.
“This fiscal improvement reflects the government’s strategic management and the end of the wasteful fuel subsidy regime.” He said
He acknowledged that the oil production has also seen a boost, increasing from 1.28 million barrels per day in April 2024 to 1.61 million barrels per day by July 2024, the highest in 42 months.
“This increase has contributed to the growth of Nigeria’s foreign reserves, which climbed from $32.29 billion in April to $37.05 billion by mid-July 2024.” He said
In the power sector, Chief Akinsiju commended the commissioning of the Zungeru Hydro-Electric Power Station and new substations in Kebbi and Lagos, which have significantly improved electricity generation and distribution.
He also praised the government’s payment of N3.3 trillion owed to the power sector, which had previously hindered its capacity to function efficiently.
The Chairman also drew attention to advancements in education and employment, mentioning the Nigerian Education Loan Fund (NELFUND) and the employment of 30,000 fellows from the 3 Million Technical Talents programme.
Chief Akinsiju noted the federal government’s support for agriculture, which has generated N309 billion into the economy in one year and attracted $20 billion in foreign investment commitments.
Chief Akinsiju expressed disappointment with sub-national governments for not fully supporting federal efforts in agriculture, urging them to utilize increased allocations to boost food production.
In transportation, he praised the reopening of the Lagos-Kano railway line, emphasizing its historical significance and contribution to national unity.
He further urged Nigerians to be patient and supportive of the ongoing reforms, acknowledging the right to protest but appealing for these to be conducted constructively.
He emphasized the long-term benefits of the policies being implemented, predicting a future of economic growth and prosperity.
“Those who want to protest have the right to protest, but this must be in the appropriate context,” he said.
“A protest should be anchored on substantial rationale or reasons that are achievable. Based on this, we appeal for patience so as not to disrupt the gathering momentum being built in the nation’s economic sphere.” He said
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