CITIZENS COMPASS – A Coalition of Civil Society Organisations has called on Nigerians to have patience with President Bola Tinubu over his economic policies saying though the policies look painful now but that the end results will bring positive developments.
In a release signed by Balogun Hameed, Convener, Frontline Socio – Economy Research Centre and Motehinse Alex , Secretary , Network Alliance for Global Challenge on behalf of others which include, Good Governance for the Masses; Centre for Human Rights Advocacy; Lawyers
Without Borders, Abuja; Youth Initiative Agenda for Democratic Process; Southwest People Parliamentary Agenda and Yoruba Youth Assembly, the group appeal to Nigerians to bear with President Tinubu administration on the removal of petroleum subsidy and the financial sector reforms and cooperate with the government by persevering through the momentary harsh effects of the reforms, adding ,”We are hopeful that soon, Nigerians, would all have cause to laugh” .
The Coalition said President Bola Ahmed Tinubu since assumption of office just about three months ago, has been taking some bold steps, in terms of policy initiatives towards reforming the economic situation and re-positioning the country for greater prosperity.
It said for more than two decades, succeeding administrations at the helms of affairs in the country have been shying away from taking bold
steps to tackle myriads of economic challenges confronting the nation, thus leaving sordid trails of policy summersaults, dis-incentives of foreign investors, astounding, systemic corruption, de-industrialisation, and humongous debt profile.
The Coalition said “As civil trenches, social stakeholders, our Coalition notes with grave foresight, the pangs and sacrifices of Nigerians as a result of hard biting but inevitable policy reform options of this administration particularly in the Oil and Energy sector, review of the Financial sector – the Central Bank and FOREX
regime and came to the conclusion that if these reforms are altruistically executed to the letter, there are enormous prospects of prosperities for the country and citizens.
“No doubt, in a matter of few months, Nigerians would have good cause to commend, praise and celebrate this administration. We, therefore, call on all Nigerians to be prayerful and hopeful.
“Having critically examined some of the policy initiatives, we could see some positive prospects ahead, and that is why we are emphasising them as soothing balm, grease of reliefs to the anxious fate of Nigerian masses that would yield sustainable benefits in no distant
time”.
The Coalition also commended the Federal Government over his planned palliatives to cushion the effects of the subsidy removal which include, boost to Medium Scale Enterprises, through an initiative to offer a loan facility of N1billion each to 75 established local manufacturing enterprises at a single digit (9%) interest rate for a
maximum tenure of 60 months is a very considerate measure to enable local investors survive the austere effects of the removal of fuel subsidy”.
It said “what makes this initiative very interesting is the single digit interest rate and the 60 months (5years) tenure. We are hopeful that if local investors can access this facility, those enterprises will not only get stronger in the process of utilizing the loans, but in turn, will also stabilize our national economy, as there will particularly be more items and commodities for local consumption, and probably materials for exportation. With exportation of local materials, this would earn more foreign exchange for our ailing economy.
“The proposal for cultivation of 150, 000 hectares of farmland for the production of rice and maize with a support facility of N50b for each grain, is another notable policy that is sure to secure surplus of whole grains for the Nigerian masses. What this simply means is that
N100billion is going to be invested for cultivation of the two whole grains. This is a project that can generate huge number of employments.
“In the same token, the President also projected another N50bn each for cultivation of 100,000 hectares of farmland for wheat and cassava.
“This simply means another proposed investment of N100billion for the cultivation of both wheat and cassava. Combining the projected investments in the cultivation of rice, maize, wheat, and cassava, we would be having a total investment of N200billion for the cultivation
of 250,000 hectares of farmland. This can best be described as macro-mega whole grains investments.
“If these initiatives are monitored to ensure that the intentions and objectives are not compromised, the outcome will largely compensate for whatever the masses may be going through now because of the fuel
subsidy reform. This will be so in the sense that while surplus grains are expected to be produced, chain of innovative food processing enterprises is also expected to spring up because of the surplus whole grains”.
