Call for Re-evaluation of Monetary Policies Amid Skyrocketing Fuel Prices
By Amadin Idahosa
Nigerians in the diaspora, under the umbrella of Nigerian Professionals in Diaspora (NPID), have called for an urgent reassessment of the country’s monetary policies in response to the recent surge in fuel prices.
In a statement released on Thursday, signed by NPID President Dr. Obiora Okereke and Secretary Chief Mrs. Bukola Shonekan, the group expressed deep concern over Nigeria’s economic situation, particularly the recent spike in fuel prices, which has worsened the already challenging economic conditions for millions of Nigerians.
NPID criticized the economic managers of President Bola Ahmed Tinubu’s administration, accusing them of failing to support the President’s vision with competent and effective policies. They cited the poorly implemented floating of the Naira as a prime example.
The group pointed out that, instead of stabilizing the currency and attracting foreign investment, the policy has led to further depreciation of the Naira, resulting in an unstable exchange rate that has driven up the cost of goods and services across the board.
NPID also called for the restructuring of the Nigerian National Petroleum Company Limited’s (NNPCL) debts, which reportedly exceed $6 billion, placing the nation in a precarious position regarding fuel supply.
“We believe that President Tinubu’s vision for Nigeria is clear, but the implementation of his economic policies by his advisers and managers lacks strategic foresight and execution,” NPID stated.
The group urged the President to take immediate action to address the economic challenges facing the country, including reassessing monetary policies, restructuring NNPCL’s debts, and holding economic managers accountable for their actions.
