The Middle Belt Forum has called on President Bola Tinubu to reconsider his economic policies, asserting that the removal of petrol subsidies and the floating of the Naira have severely impacted Nigerians, particularly the most vulnerable.
The National President of the MBF, Dr. Bitrus Pogu, speaking in Makurdi over the weekend, voiced concern over the effects of these policies.
“It does not require an economist to talk about the state of the economy and the wrong economic policies of the Federal government that have impoverished millions of Nigerians in about 17 months of this government,” he said.
Dr. Pogu argued that the administration’s economic approach has been detrimental.
“The fact is that this government just deliberately killed the economy with the sudden removal of petrol subsidy and floating of the Naira. By the reason of these policies, too much burden has been placed on Nigerians, and therefore the lean resources they have is still being taken away either by the removal of subsidy or by the devaluation of the Naira,” he explained.
He highlighted the inflationary pressures on essential goods and services, emphasizing the toll on lower-income Nigerians.
“Both actions have impacted negatively on the cost of products, and the direct impact is on the poor; because it is the poor that are suffering from the economic policies,” Pogu added.
The MBF leader urged the President to seek more capable economic advisers and adopt a more strategic approach to policy implementation.
“The President needs to get able hands to handle his economic policies rather than doing things haphazardly,” he said.
He cited compressed natural gas as an example of a missed opportunity for smoother reform.
“For example, rather than suddenly removing fuel subsidy, if he had started the CNG programme first and then made CNG accessible and affordable across the country before removing the subsidy, people would not even go around looking for petrol, they would be using CNG,” he noted.
Dr. Pogu criticized the timing and limited availability of the CNG initiative, which he said has only benefited select locations.
“After killing the economy for over a year and a half, then he started bringing the CNG thing, and it is only having impact maybe in Lagos and Obajana, and it is now getting out of reach because it is found only in a few places,” he said.
He also pointed out that the high cost of converting vehicles to use CNG has compounded the economic strain for many Nigerians.
“The cost of conversion of cars to use CNG is so astronomical, and it has again created more problems. So members of his economic team are not doing a good job, and we pray that he does a rethink,” Dr. Pogu concluded.
