Economic and financial experts have listed what the Bola Tinubu administration should do immediately to bring to an end the on-going nationwide protests.... CLICK TO READ THE FULL NEWS HERE▶▶
In separate chats with Saturday Sun, the experts recommended that the government subsidise cost of food items, reduce the cost of governance, and ensure greater transparency in the distribution of palliatives, among other measures, to alleviate citizens’ concerns and prevent further damage.
The 10-day planned protest which began on Thursday, primarily against rising cost of living and hunger, has escalated to violence, destruction of property and loss of lives in many parts of the nation.
An economist and development expert, Aliyu ilias, said: “I think first and foremost, President Bola Tinubu should address the country. He should come up with a template of what he wants to achieve in the next one year, especially the provision of CNG. Most people are shouting hunger. It is because of the cost of transportation. If he cannot bring back fuel subsidies, he must make sure that a workable template for CNG buses is in place and all the state governors must come out and explain what they will use the money from federal government allocations to do.
“Tinubu should also rejig his cabinet by reappointing a minister of Humanitarian Affairs and also removing ministers that are not functioning well. There must be a correct template to serve Nigeria. If not, this will turn into a revolution and there is nothing he would be able to do about it.”
Prof. Femi Saibu, a lecturer in the Department of Economics at the University of Lagos, said that it is not enough for the government to simply provide palliatives; it must also ensure that these resources reach those who genuinely need them.
Saibu pointed out the existing gap between government expenditures and their actual impact on the populace, noting that it is important to flush out political intermediaries who continue to hijack public interventions for their own gain.
According to him, “It is like the more the government spends, the more the people complain of poverty or hardship. So it means the middlemen between the masses and the government are actually not allowing those things to trickle down. The Federal Government pays state governments billions of naira to alleviate the sufferings of people. Most of these people hold on to these monies while people are feeling pains and the government is having empty purses.”
He further advocated for more investment in basic infrastructure that will help improve the lives of citizens.
“Rather than giving cash to people, the government should provide basic things that people need. For instance, the government should spend heavily on health facilities, spend heavily on education, and invest directly in agriculture.
“Today the government said it has paid a lot of money to people as palliatives, but we have not seen anybody claiming they got the money. They said they gave each state several millions of bags of rice. Have you seen the bag of rice in anybody’s house?”
The economist advised the federal government to devise a new means of doing things. He said the federal government should use leaders of local communities to reach the people instead of state governors. On his part, Economic Consultant at Dynamo Consulting, Brume Nikoro asked elected leaders to cut down government wastage. He recommended empowering small scale Industries and start-ups with interest free loans and encouraging the Agricultural and Technology industries with programmes and initiatives.
In his view, lawyer and rights activist, Kabiru Akingboolu said the police authorities should ensure their personnel handle protests with civility.
He emphasized that the current widespread hardship across the country calls for a government response that goes beyond mere rhetoric.
According to Akingboolu, the government must address the nation with concrete actions to alleviate economic difficulties and prevent further unrest. He said government should also invest significantly in agriculture to boost food production. He also cautioned that prolonged protests could escalate, referencing the #EndSARS movement as a lesson in managing civil unrest.
In support, lawyer and rights activist Maduka Onwukeme added, “The government should address the protesters’ key concerns, particularly the issues of widespread hunger and inflation. Meeting these demands could lead many genuine protesters to leave the streets. Hunger fuels unrest, and negotiating with a hungry population is impractical. Effective measures to tackle these issues are crucial.”
Northern elders in a press statement signed by Prof Usman Yusuf, Hajia Najatu Muhammad, Mallam Salihu Lukman; and Dr. Umar Ardo, said the government should be pragmatic in its approach to the resolution of the crisis to amicably resolve and mitigate the risks associated with mass protests.
The elders asked the government to identify and directly engage with the youth leaders and protesters to understand and address their grievances.
They told the government to sincerely address the demands of the protesters by implementing meaningful reforms, demonstrating goodwill and a commitment to change by investing in youth development programmes, education, innovation, entrepreneurship initiatives,as well as implement policies that would enhance general economic development of the country.
They further urged the government to improve governance by enhancing transparency, accountability, and inclusivity in governance against personalised leadership, tackling corruption and ensuring equal opportunities for all citizens.
Political and economic analyst, Mustapha Hussain Olarewaju noted that while the government claims to have removed fuel subsidies, the estimated landing cost of petrol exceeds N1, 000, indicating that subsidies persist under different names.
“The floating exchange rate is driving costs higher, leading to widespread inflation,” Olarewaju stated.
He called for stabilization of fuel prices to alleviate the financial burden on citizens, as the current situation reflects a cost-push inflation scenario rather than a demand-driven one.
Olarewaju, criticised the Central Bank of Nigeria’s (CBN) recent monetary policies, particularly the increase of the monetary policy rate (MPR) to 26.25%. He argued that this approach targets demand reduction rather than addressing the root causes of inflation.
Olarewaju emphasised that to combat cost-push inflation effectively, the government should increase expenditure to stimulate productive activities instead of tightening monetary policy.
