Nigerians in the diaspora, represented by the Nigerian Professionals in Diaspora, are calling for an urgent review of the country’s monetary policies in response to the recent increase in fuel prices.
In a statement signed by NPID President, Obiora Okereke, and Secretary, Bukola Shonekan, the group expressed concern over the current state of Nigeria’s economy, particularly the recent spike in fuel prices, which has exacerbated the already challenging economic conditions for millions of Nigerians.
The group blamed the economic managers of President Bola Tinubu’s administration for failing to support the President’s vision with competent and effective policies, citing the poorly implemented floating of the Naira as a glaring example.
NPID noted that instead of stabilising the currency and attracting foreign investment, the policy has resulted in further depreciation of the Naira, leading to an unstable exchange rate that has driven up the cost of goods and services across the board.
The group also called for the restructuring of the Nigerian National Petroleum Company Limited debts, reportedly exceeding $6 billion, which has put 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 is lacking in strategic foresight and execution,” NPID said.
The group called on the President to take swift action to tackle the country’s economic challenges by reassessing monetary policies, restructuring NNPC’s debts and holding economic managers accountable for their decisions.
