Protest: Tinubu’s Broadcast Failed to Address Nigerians’ Problems – Ajadi

A chieftain of the New Nigeria People’s Party, (NNPP), Ambassador 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.

In a release he issued on Tuesday, Ajadi said that the President’s broadcast fell short of Nigerians’ expectations, describing his 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.

Noting that extravagant spending is not in tandem with the prevailing economic situation in the country, Ajadi said that Nigeria needs urgent improvement in its monetary policies, lamenting however that the present economic situation in Nigeria has lost its status as the ‘Giant of Africa’.

While contending that addressing the root causes of the exchange rate crisis requires a strategic and collaborative approach, Ajadi recommended basic infrastructure provision and introduction of incentives for real sector operators as measures to alleviate production costs and elevate income values, on which Naira’s stability is paramount.

Considering the parlous state of the Naira, which is part of what the masses are protesting against, Ajadi, a member of the Manufacturers Association of Nigeria (MAN), said has led to a surge in prices of commodities. To him, “it is effectively eroding the purchasing power of the citizens.

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 exchanges for almost N106. CFAs too has dumped Naira behind”, Ajadi lamented.

He therefore 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.