A chieftain of New Nigeria People’s Party (NNPP) Ambassador Olufemi Ajadi Oguntoyinbo has called on President Bola Ahmed Tinubu to urgently rise up and prevent further depreciation of naira.
Oguntoyinbo noted that further depreciation of naira will have negative consequences on the country and the people.
He then advised the federal government under the leadership of Tinubu to address the situation.
The NNPP chieftain made these declarations via a statement made available to journalists on Saturday.
Oguntoyinbo while speaking lamented the present economic situation in Nigeria.
He added that the exchange rate of Naira to Ghana Cedis and CFA currency of eight independent states in West Africa which make up the West African Economic and Monetary Union makes Naira a shame and shambolic nature of Nigeria economy.
He said years ago, Nigeria was proudly touted as the Giant of Africa but Nigeria has lost that envious position as it can no longer be regarded as giant of Africa but a miniature.
He then urged the Federal Government to swiftly address the situation so as to alleviate the hardships faced by the citizens.
Oguntoyinbo said, “The parlous state of the Naira has led to a surge in prices of commodities, it is eroding the purchasing power of the citizens.
“As prices soar, the Nigerian people find themselves grappling with increased financial strain. From an entrepreneurial standpoint, sustaining production becomes a formidable challenge, prompting manufacturers to pass on additional costs to consumers.
“The Federal Government should focus on shoring up productive sectors of the economy, reducing dependence on extensive importation. Addressing the causes of the exchange rate crisis requires a strategic and collaborative approach.
“Basic infrastructure provision and the introduction of incentives for real sector operators are among the measures to alleviate production costs and elevate income values, on which Naira’s stability is paramount.
“The unpredictability and volatility of the exchange rate pose obstacles to effective business planning and investment decisions within the industrial sector.
“The government and business leaders in Nigeria as well as our academia must stand up now and let’s do whatever we need to do to improve our economy. We cannot continue like this. All hands must be on deck to rescue our economy”.
