Protest: President Tinubu’s broadcast failed to address problems facing Nigerians -Ajadi  

JOSEPH OKWUOFU, Ibadan

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

Ajadi also said that the President’s broadcast fell short of Nigerians’ expectations.

In a release he 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 extravagance spending was not in tandem with the prevailing economic situation in the country.

Ajadi also opined that Nigeria needed urgent improvement in its monetary policies.

He lamented the present economic situation in Nigeria, saying sadly, Nigeria has lost its status as the giant of Africa.

Ajadi also emphasized the need for the Federal Government to focus on shoring up productive sectors of the economy and reducing dependence on extensive importation.

He contends 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, on which Naira’s stability is paramount.

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.

Ajadi further 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 stresses 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 was the worse in West Africa as its Naira has become valueless among its counterparts.

He said Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo which are French-speaking countries, have the same strong money called CFA and Ghana which is an English-speaking country, like Nigeria, also has a very valuable currency than Nigeria, called Cedi.

Speaking on the current exchange rate of African countries, Ajadi said the exchange rate of Naira to Ghana Cedis and 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) made Naira a shame and shambolic nature of Nigeria economy.

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

As a member of the Manufacturers Association of Nigeria and being the gubernatorial candidate of the New Nigeria People’s Party (NNPP) in Ogun State in the last election, Ambassador Ajadi decried the low attitude of government to improve 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.

Labelling the situation a potential national embarrassment, he has 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 prices of commodities, saying it is effectively eroding the purchasing power of the citizens.

He said: “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 favourably with Ghana Cedis and West Africa Coast CFAs. That is the reality we are in now. Anybody still calling Nigeria the giant of Africa is economical with the truth. One Ghanaian Cedi now exchange for almost N106. CFAs too have dumped Naira behind”.

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