Tinubu’s broadcast failed to address problems facing Nigerians — Ajadi

A chieftain of the New Nigeria People’s Party (NNPP), Ambassador Olufemi Ajadi Oguntoyinbo, has lamented that President Bola Tinubu’s broadcast last Sunday on the current national protests failed to address the demands of the protesters and the problems being encountered by Nigerians.

Ajadi also stated that the President’s broadcast fell short of Nigerians’ expectations. In a statement issued on Tuesday, Ajadi described the President’s attitude as insensitive to the average Nigerian’s plight.

He particularly highlighted the allocation of N21 billion for the renovation of the Vice-President’s residence and another N70 billion expenditure on luxury SUVs for National Assembly members as examples of fiscal irresponsibility.

He said the extravagant spending is not in line with the prevailing economic situation in the country. Ajadi also posited that Nigeria needs urgent improvement in its monetary policies. He lamented the present economic situation in Nigeria, saying that sadly, Nigeria has lost its status as the Giant of Africa.

Ambassador Ajadi also emphasized the need for the Federal Government to focus on bolstering productive sectors of the economy and reducing dependence on extensive importation. He contended that addressing the root causes of the exchange rate crisis requires a strategic and collaborative approach.

Basic infrastructure provision and the introduction of incentives for real sector operators are among his recommended measures to alleviate production costs and elevate income values, which are paramount to the Naira’s stability.

He pointed to challenges in sourcing raw materials by industrialists and maintaining production schedules, saying these difficulties lead to the fluctuating exchange rate and insufficient infrastructure. Ambassador Ajadi called on economic planners to develop sustainable policies to stabilize the Naira rate and contain inflation, saying this is underscored by recent data reflecting a decline in industrial output during periods of intense currency fluctuations.

He stressed the importance of a well-defined and consistently applied exchange rate policy, urging collaboration between the Federal Government, economic experts, and industry leaders to foster economic stability, attract foreign investments, and revitalize Nigeria’s industrial sector.

Ajadi said Nigeria’s economic system is the worst in West Africa, as its Naira has become valueless compared to its counterparts.

He pointed out that Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo, which are French-speaking countries, have a strong currency called the CFA. Additionally, Ghana, an English-speaking country like Nigeria, has a more valuable currency called the Cedi.

Speaking on the current exchange rate of African countries, Ajadi said the exchange rate of the Naira to Ghanaian Cedis and the CFA currency of eight independent states in West Africa, which make up the West African Economic and Monetary Union (UEMOA; Union Économique et Monétaire Ouest Africaine), highlights the shameful and shambolic nature of Nigeria’s economy.

He said years ago, Nigeria was proudly touted as the Giant of Africa; however, Nigeria presently has lost that envious position and can no longer be regarded as the Giant of Africa but rather a miniature.

As a member of the Manufacturers Association of Nigeria and the gubernatorial candidate of the New Nigeria People’s Party (NNPP) in Ogun State in the last election, Ambassador Ajadi decried the government’s lackadaisical attitude towards improving the nation’s economy.

He expressed deep concern over the negative impacts of the dwindling value of the Naira on various sectors of the economy. Labeling the situation a potential national embarrassment, he urged the Federal Government to swiftly address the issue to alleviate the hardships faced by the citizens.

The parlous state of the Naira, according to Ambassador Ajadi, has led to a surge in the prices of commodities, effectively eroding the purchasing power of the citizens. According to him, “As prices soar, the Nigerian people find themselves grappling with increased financial strain. From an entrepreneurial standpoint, sustaining production becomes a formidable challenge, prompting manufacturers to pass on additional costs to consumers.

“I am very sad that Nigeria’s currency can no longer compare favorably with Ghanaian Cedis and West African CFA Francs. That is the reality we are in now. Anyone still calling Nigeria the Giant of Africa is being economical with the truth. One Ghanaian Cedi now exchanges for almost N106. The CFA Franc has also surpassed the Naira.”