{"id":132420,"date":"2024-09-28T21:37:51","date_gmt":"2024-09-28T20:37:51","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/hardship-group-demands-end-to-naira-floatation-reversal-of-fuel-subsidy-removal"},"modified":"2024-09-28T22:48:50","modified_gmt":"2024-09-28T21:48:50","slug":"hardship-group-demands-end-to-naira-floatation-reversal-of-fuel-subsidy-removal","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/policy\/hardship-group-demands-end-to-naira-floatation-reversal-of-fuel-subsidy-removal","title":{"rendered":"Hardship: Group demands end to Naira floatation, reversal of fuel subsidy removal"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>A civil society organisation, The Osun Masterminds, TOM, has urged President Bola Tinubu to end the floatation of the Naira and revert to a Central Bank of Nigeria, CBN, guided pricing that will be devoid of corruption and the sharp practices that characterised the apex bank under Godwin Emefiele.<\/p>\n

TOM also demanded a return of subsidy on petrol until a time in the future, when proper structures have been put in place to manage the consequences of total deregulation.<\/p>\n

These demands formed part of the address of TOM\u2019s September State of the State address on Saturday.<\/p>\n

Delivering these demands, the Executive Director of TOM, Prof Wasiu Oyedokun-Alli added that the Federal Government should \u201cput more resources into strategic subsidies for common Nigerians instead of sharing more money to the States, which end up financing the reckless lifestyle of many of the Governors\u201d.<\/p>\n

The group held that before the removal of fuel subsidy on May 29, 2023, the government was expected to follow up with several proactive measures that will keep the possible implications in check.<\/p>\n

\u201cPart of the implications that we foresaw, was rising costs of commodities, due to rising costs of transportation, occasioned by rising costs of petrol. We expected that policies that would counteract these fall-outs would hastily be implemented, to protect Nigerians from the hardship we experience today.<\/p>\n

\u201cTo make matters worse, the Federal Government, through the Central Bank of Nigeria, also decided to float the Naira, leaving it to the whims and caprices of market manipulators, speculators, and hawks. While a market-driven pricing of the Naira would be ideal, the peculiarities of our character as Nigerians, soon negated whatever possible good outcomes we could get.<\/p>\n

\u201cThe Foreign Exchange rate dealt a huge blow on the common man, because Nigeria has remained as export dependent as it always was before the floating of the Naira.<\/p>\n

\u201cIn fact, we dare say that Nigeria\u2019s export dependence has worsened when we compare a 2.4% annual population growth, with a meagre 1.8% Agriculture value growth. This would simply mean that our numbers are increasing faster than our capacity to feed ourselves. This is a reality we are sure the Federal Government is aware of.<\/p>\n

\u201cAnother fact that underscores the direct effect of the Foreign Exchange rate on the average Nigerian, is our heavy dependence on the warring states of Russia and Ukraine, for two major agricultural value chain inputs, that is Fertilizer, and Wheat.<\/p>\n

\u201cSo, while we continue to depend more on the rest of the world to feed us, foreign exchange rates spiraled out of control with currency depreciation increasing import costs, while transportation costs locally, completed the pummeling of Nigerians and our economy,\u201d the group added.<\/p>\n

For More News And Analysis About Nigeria Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. A civil society organisation, The Osun Masterminds, TOM, has urged President Bola Tinubu to end the floatation of the Naira and revert to a Central Bank of Nigeria, CBN, guided pricing that will be devoid of corruption and the sharp practices that characterised the apex bank under Godwin Emefiele. TOM also demanded […]<\/p>\n","protected":false},"author":84,"featured_media":132419,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,14],"tags":[9410,1623,254],"class_list":["post-132420","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-hardship","tag-naira","tag-nigeria"],"yoast_head":"\nHardship: Group demands end to Naira floatation, reversal of fuel subsidy removal - Nigeria<\/title>\n<meta name=\"description\" content=\"A civil society organisation, The Osun Masterminds, TOM, has urged President Bola Tinubu to end the floatation of the Na ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/policy\/hardship-group-demands-end-to-naira-floatation-reversal-of-fuel-subsidy-removal\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hardship: Group demands end to Naira floatation, reversal of fuel subsidy removal\" \/>\n<meta property=\"og:description\" content=\"A civil society organisation, The Osun Masterminds, TOM, has urged President Bola Tinubu to end the floatation of the Na ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/policy\/hardship-group-demands-end-to-naira-floatation-reversal-of-fuel-subsidy-removal\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-28T20:37:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-28T21:48:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/09\/sm_1727547492.457893.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/hardship-group-demands-end-to-naira-floatation-reversal-of-fuel-subsidy-removal#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/hardship-group-demands-end-to-naira-floatation-reversal-of-fuel-subsidy-removal\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Hardship: Group demands end to Naira floatation, reversal of fuel subsidy removal\",\"datePublished\":\"2024-09-28T20:37:51+00:00\",\"dateModified\":\"2024-09-28T21:48:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/hardship-group-demands-end-to-naira-floatation-reversal-of-fuel-subsidy-removal\"},\"wordCount\":469,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/hardship-group-demands-end-to-naira-floatation-reversal-of-fuel-subsidy-removal#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/09\/sm_1727547492.457893.jpg\",\"keywords\":[\"Hardship\",\"naira\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/policy\/hardship-group-demands-end-to-naira-floatation-reversal-of-fuel-subsidy-removal#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/hardship-group-demands-end-to-naira-floatation-reversal-of-fuel-subsidy-removal\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/hardship-group-demands-end-to-naira-floatation-reversal-of-fuel-subsidy-removal\",\"name\":\"Hardship: Group demands end to Naira floatation, reversal of fuel subsidy removal - 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