Nigerians in the diaspora, represented by the Nigerian Professionals in Diaspora (NPID), have called for an urgent reassessment of the Federal Government’s monetary policies following the recent increase in fuel prices. In a statement issued by NPID President Dr. Obiora Okereke and Secretary Bukola Shonekan, the group expressed deep concern over the state of Nigeria’s economy, particularly how the fuel price hike has worsened the already challenging economic conditions for millions of Nigerians.
Dr. Okereke criticized the economic management under President Bola Ahmed Tinubu’s administration, arguing that the current policies lack the competency and effectiveness needed to support the President’s vision. He pointed to the poorly implemented floating of the Naira as a significant misstep, noting that rather than stabilizing the currency and attracting foreign investment, the policy has led to further depreciation of the Naira. This depreciation has resulted in an unstable exchange rate, which in turn has driven up the cost of goods and services nationwide.
Additionally, Okereke called for the restructuring of the Nigerian National Petroleum Company Limited (NNPCL) debts, emphasizing that effective management of these financial obligations is crucial for economic stability.
“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,” Okereke stated.
