A chieftain of the New Nigeria People’s Party (NNPP), Ambassador Olufemi Ajadi Oguntoyinbo, has lamented that despite uninterrupted 26 years of democratic rule in Nigeria, the country still struggles with infrastructure decay and a weakened currency.
Oguntoyinbo therefore called on President Bola Tinubu – led Federal Government to urgently formulate policies that will improve the Naira’s rating with other countries’ currency as well as taking a decisive action to improve infrastructure facilities in the country.
The NNPP chieftain made these declarations in a statement issued to mark this year’s edition of Democracy Day which falls on Thursday, copies of which were made available to newsmen.
June 12 was picked as a Democracy Day by former President Muhammadu Buhari in honour of Late MKO Abiola, who won June 12, 1993 presidential election, which was aclaimed as the most free and fair presidential election in Nigeria but annulled by former head of military rule, Gen Ibrahim Babangida (Rtd).
According to him, the present economic situation in Nigeria has shown sadly that Nigeria has lost its status as the Giant of Africa.
He said that democracy all over the World brings developments to the people but wondered why successive democratic governments in the country have made Nigeria worse than they met it.
He averred 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 (UEMOA; Union Économique et Monétaire Ouest Africaine) reflects the shambolic nature of Nigeria economy.
He expressed deep concern over the negative impacts of the dwindling value of the Naira on various sectors of the economy.
He urged the Federal Government to swiftly address the issue to alleviate the hardships faced by 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”.