Economy

Food subsidy, security and job creation top demands of Nigerians from Tinubu in 2024

Published

4 months ago

January 7, 2024

Nigerians are optimistic that the hardship experienced in 2023 will not continue in the new year. Recall that despite the high optimism due to the change in government, their expectations were not met as there were worsening economic realities that left many Nigerians poorer in 2023.

However, as the New Year is here already, they have renewed their expectations from the government under President Bola Ahmed Tinubu’s administration. The rising cost of living and increasing rate of insecurity in the country topped the lists of their expectations.

Some Nigerians who spoke with Business Day and Independent highlighted the areas they want Tinubu’s administration to give priority in 2024.

They desire to see good governance from leaders at all levels and policies that are masses-driven and that can be felt by ordinary Nigerians.

Many also want a more diversified economy,and increased investments in sectors such as agriculture, manufacturing, technology, and renewable energy, which could create employment opportunities and enhance prosperity across various industries.

For Chris Finebone, the immediate past Commissioner of Information and Communications, Rivers State, the Federal Government should rethink the forex policy and the role of the Nigerian National Petroleum Corporation (NNPC).

“I believe that our present situation that leaves NNPC to do what it likes with forex inflow should be discontinued. It is not working and cannot work. The CBN should receive and manage all inflows of forex directly by itself, the way it was before,” Finebone, an Opobo crown chief and economic thinker, said.

My-ACE China, CEO, Construction & Housing Mayor Limited, is asking the government to boost oil exportation and security in 2024.

“There are three fundamentals the Federal Government must fix to boost the economy on a long-term basis. Fixing security will liberate Nigeria, attract investors and also boost diaspora remittances.

“Providing basic welfare, including infrastructure and wages is crucial in 2024. The government seems to trail behind, while some private sector groups, especially some banks have done 100 percent upward review of wages already,” he said.

The third demand from the real estate guru is the urgent need to improve efficiency in oil export in order to generate more forex to supply to the economy equitably. “It will help to stabilize the economy this year,” he insisted.

Professor John Ebhomien, a chieftain of the All Progressives Congress (APC), said that the priorities for President Tinubu should be to put in place appropriate mechanisms for implementation of government’s policies and programmes.

Ebhomien, a former World Bank/IMF economist, stated: “There must be probity and accountability at all levels of governance.

“President Bola Ahmed Tinubu’s new year message to Nigerians has ‘Renewed Hope’ for economic growth and sustainable development.

“A critical study of Mr. President message shows his desire to uplift the standard of living, create employment for our youths, ensure security of lives and properties, provide living wage for workers, create enabling environment for business and investment to thrive, reduce inflation, fight corruption, exchange rates reductions and other policies that would help propel the economy into an enviable levels.”

Uche Aniche, a startup strategist, urged the government to make local manufacturing a priority in 2024.

“The government should prioritize production factors and incentivise local manufacturing as a way to create new and safeguard existing jobs, prop up the currency, and arrest and cushion the impact of inflation. A situation where local manufacturers are shutting down or relocating production to other neighboring countries will not augur well for Nigeria.

“Following China’s example, it is possible to ramp up local production both for local consumption and for export. It requires sincerity of purpose in dealing with the root issues including insecurity,” Aniche said.

Fyneface Dumnamene, executive director, Youths and Environmental Advocacy Centre (YEAC), wants the government to boost oil production and issue modular refinery licenses.

“In the next six months, the government should give attention to addressing issues in the oil and gas sector to make the economy better. It should ensure that the Port Harcourt Refinery, said to have been mechanically completed, is fully operational with a full capacity of 60,000 barrels per day.

“The government should also issue modular refinery licenses to willing investors and provide an enabling environment including guaranteed feed stock for their operation. This will help in addressing the crisis in the energy sector with a view to crashing the price of premium motor spirit (PMS) and other petroleum products to improve economic activities and better the economy, ”Dumnamene said.

Making more demands, Dumnamene said that the federal government should also ensure the availability and accessibility of grants and loans with single digit interest rate for Nigerians, especially those engaged or willing to go into small and medium scale enterprises to boost local businesses and economic activities that will better the economy.

On security, he said that the government should focus on improving security of lives and properties to protect individual citizens and businesses to thrive and attract both local and foreign investments.

“For me, the prices of essential commodities are too high. Whatever policies you are doing in Abuja should impact lives positively.

“It is so sad. I could not afford to buy a bag of rice this yuletide, because of the cost. Tinubu must check the astronomical rise in food prices this year”, Eno Essang said.

Emmanuel Udofia, the immediate past primate of the African Church, told BusinessDay that the government should look inward at those things that affect the lives of the citizens positively. “It is true that the budget has been passed but I believe there are areas that the government can look into that affect the entire populace of Nigeria positively”.