The Coalition for Civil Society Groups for Transparency and Accountability (CCSGTA) has landed the economic reforms of President Bola Ahmed Tinubu, barely seven months after assuming office as the President of the Federal Republic of Nigeria.
The group particularly cited the deregulation of the petroleum downstream sector and the floating of the foreign exchange among other reforms as very pivotal policies and strategies whose impact would reverse the current economic downturn of the country despite their far reaching and dire consequences on the short term livelihood of the citizenry at the moment.
In a communiqué released at the end of a two-day civil Society roundtable on the impact of the economic reforms of the Tinubu administration and signed by Comrade Danesi Momoh, Convener and National Coordinator, Empowerment for Unemployed Youth Initiative (EUYI); Amb. Solomon Adodo, Co-convener and Leader, Rising Up for a United Nigeria (RUN); Comrade Igwe Ude-Umanta, Coalition Programme Director and Executive Director, Guardians of Democracy and Development Initiative (GoDDI) and Barr. Ibrahim Ahmed, Partners for Legislative Agenda in Nigeria (PLAN), the group noted that “even though there is an understandable public outcry, frustration and tension in the face of the falling purchasing power of the naira, geometric inflation and weak financial capacity of most Nigerian families, all hope is not lost and there’s certainly light at the end of the tunnel.”
According to the communiqué, “Whereas the reality of the economic policies of the Tinubu administration is painful, it is necessary and unavoidable to save Nigeria from total collapse and to have the prospect of a revived working economy. All things being equal, a recovery is imminent and progressive.
“Similarly, the imminent full take-off of the Dangote and Port Harcourt Refineries will mark a bold step in addressing stability in the prices of petroleum prices and also mitigate the forex challenges thereby encouraging more investments.
“On the issue of tax reforms and revenue generation, the reforms are in the right direction. What is needed is full implementation, and ensuring appropriate sanctions where infringements occur, especially for both those bent on perpetuating the crimes of multiple taxation and the tax Invaders.”
The Coalition also chided those who feel the removal of fuel subsidy should automatically bring an end to borrowing, adding: “What is important is responsible borrowing and good debt management especially as experts are unanimous that under this administration, our debt profile is stable and its management is top notch.”
