Fuel Subsidy Removal: Nigeria economy in for a revamp by President Tinubu’s bold steps – CSOs Coalition

A Coalition of Civil Society Organization has appealed to Nigerians that the current harsh economic realities will soon translate to ease for all, given the tough actions taken by the President Bola Tinubu led government to holistically address the situation over two decades into our democratic experience.

In a statement jointly signed by twelve CSOs convener Balogun Hameed of Frontline Socio – Economy Research Centre and Secretary Comrade Alex Omotehinse of Centre for Human and Socio-Economic Right, Nigerians were counseled to persevere a lot more, describing it as a bold step that will soon yield good result.

“As civil trenches, social stakeholders, our Coalition A Coalition of Civil Society Organization has appealed to Nigerians that the current harsh economic realities will soon translate to ease for all, given the tough actions taken by the President Bola Tinubu led government to holistically address the situation over two decades into our democratic experience. notes with grave foresights the pangs and sacrifices of Nigerians as a result of hard biting but inevitable policy reform options of this administration particularly in the Oil and Energy sector, review of the financial sector – the Central Bank and FOREX regime and came to the conclusion that if these reforms are altruistically executed to the latter, there are enormous prospects of prosperities for the country and citizens.

“President Bola Ahmed Tinubu since assumption of office just about three months ago, has been taken some bold steps, in terms of policy initiatives, towards reforming the economic situation and re-positioning the country for greater prosperity.

“No doubt, in a matter of few months, Nigerians would good have cause to commend, praise and celebrate this administration. We, therefore, call on all Nigerians to be prayerful and hopeful.

“Having critically examined some of the policy initiatives, we could see some positive prospects ahead, and that is why we are emphasising them as soothing balm, grease of reliefs to the anxious fate of Nigerian masses that would yield sustainable benefits in no distant time.”

The Coalition noted that there are lot of positive trends the new step taken by government will bring to the economy, which will have direct impact on the citizenry soon, as hundreds of billions of naira will be injected in keys sector of the economy and close to 200,000 jobs will be created and peoples purchasing power increases too.

They maintained that the move to boost Medium Scale Enterprises with 1billion naira loan to 75 established local manufacturing enterprises and the plan to ensure food security through deliberate investment in the agricultural sector where over 200 billion naira is invested into grain production and more, Nigerians will soon have a breath of fresh air.

ALSO READ: Nigeria emerges third best English-speaking nation in Africa

“If these initiatives are monitored to ensure that the intentions and objectives are not compromised, the outcome will largely compensate for whatever the masses may be going through now because of the fuel subsidy reform. This will be so in the sense that while surplus grains are expected to be produced, chain of innovative food processing enterprises are also expected to spring up because of the surplus whole grains.

“The Federal Government’s plans to ease the hard effects of subsidy removal isn’t limited to these, there are plans for palliatives, increment of workers’ salaries and emoluments and other social welfare, safety nets.

“We appeal to the Nigerian to bear with President Tinubu administration on the removal petroleum subsidy and the financial sector reforms and cooperate with the government by persevering through the momentary harsh effects of the reforms. We are hopeful that soon, Nigerans, would all cause to laugh last. May we all live to harvest the benefits of our forbearance and hard work.”

The coalition also chronicled the various benefits that abounds in the new development to include; over 100,000 direct employments with gainful remuneration at minimum monthly pay of close to N100, 000: 00 (One Hundred and Fifty Thousand Naira) per worker for one 12 months, over 100,000 indirect, casual employments with reasonable wages at regular intervals and availability of surplus whole grains and cassava for consumption, and with a high purchasing power by the Nigerian masses.

Adding that there are also emerging chain of food processing and Agro-allied business investment markets; and still many others.