Planned Protest: Group calls for patience with Tinubu

By Nnamdi Okosieme

Ahead of the nationwide protests being planned to deplore hunger and bad governance in the country, a group, the Independent Media and Policy Initiative(IMPI), has called on organizers of the protest to have a rethink against the background of efforts being made by the President Bola Tinubu administration to pull the Nigerian economy out of the woods.

The group at a press conference on Tuesday in Abuja presided over by its Chairman, Niyi Akinsiju, said although every Nigerian has the right to protest, planners of the forthcoming protest should take cognizance of ongoing refirms instituted by the Tinubu to reposition Nigeria for economic prosperity.

“Those who want to protest have the right to protest, but this must be done in the appropriate context. A protest should be anchored on substantive rationale or reasons that are achievable. Based on this, we appeal for patience so as not to disrupt the gathering momentum being built in the nation’s economic sphere that may be counterproductive.

“For us, the policies being implemented are enablers of an enhanced economic drive that will ensure broader prosperity and wealth creation for all Nigerians. However, as the President had noted variously, to accomplish the envisaged era of economic growth and prosperity, therefore, there is a need for all Nigerians to commit to this vision as it evolves”, Akinsiju said.

Akinsiju said though the reforms may be slow and painful but it is certain that as a people, Nigerians will witness the upcoming period of economic upsurge and prosperity.

“It is gratifying to note that the policies have begun to show initial capacity to redress the challenges they were conceived to address. In this regard, we note the impressive reduction in the national debt profile, which had fallen in dollar terms from 108 billion to 91 billion. What is obvious is that the wasteful regime of fuel subsidy contributed in no small measure to this huge debt accumulated over the years.

“Remarkably, the government accomplished this feat under a 14-month period. Interestingly, this impressive reduction in national debt profile now reflects in the hitherto worrisome debt service-to-revenue ratio, which has now dropped from 97% in the first half of 2023 to 68% in 2024”, Akinsiju noted.

He said the healthy fiscal environment is apparently helped by the increase in the quantum of crude oil production, from 1.28 million barrels per day in April 2024 to 1.61 million barrels per day as of July 23,2024; the first time in 42 months.

Connected to this, he said, is the vast improvement in the balance of the nation’s foreign reserve, which increased from $32.29 billion in April 2024 to $37.05 billion in July 18, 2024.

“Remarkably, between June 30 and July 18 the external reserves rose from $34.70 billion to $37.05 billion — indicating an increase of $2.35 billion in about 18 days. This foreign reserve balance covers 11 months imports, another indication of a stabilizing economy.

“In other sectors of the economy, beginning with power, we are encouraged by the quantum leap in power generation and transmission. The sector recorded a number of interventions through policies and actions by the federal government. It was a remarkable feat when 700 megawatts of electricity were added to the national grid with the commissioning of the Zungeru Hydro- Electric Power Station in Niger State”, Akinsiju stated.

He added that the power sector also recorded the commissioning of two substations in Kebbi and Ajah in Lagos to consolidate the nation’s electricity distribution capacity. He said this has led to a considerable improvement in power supply across the country.

The group commended President Tinubu for the payment of the historical N3.3 trillion Naira debt owed the power sector, which for years, crippled the nation’s capacity to generate, transmit and distribute the required electricity, and unfortunately subjected the populace to the agony of endless power outages.

“We are aware of the federal government policy to democratize ownership and operations of the power sector to private entrepreneurs under the regulation of sub-national governments. We are very optimistic that the national electricity supply will be further enhanced if the current initiative to transfer ownership and management of power assets to private entities succeeds under the regulatory supervision of the States”, Akinsiju said.