By Julius Alabi, Akure
President Bola Ahmed Tinubu has been urged to urgently reverse his economic policies that are pushing millions of Nigerians into hardship
In a statement issued by a Nigerian USA based journalist, Otunba Demola Edward lamented that the swift removal of the fuel subsidy and other economic decisions of Tinubu’s administration have caused unprecedented suffering.
According to him, “I am not happy to predict that things will get worse unless the president reverse his economic policies with well-thought out and common sense approaches.
“Anyone who thinks that Tinubu and his economic advisers know what they are doing should think twice. In addition to petrol subsidy removal, his decision to float the Naira has caused increasing woes for Nigerians.
“Even someone with O level economics should know that floating the Naira would result in economic disaster. You don’t float the currency of an economy with rising inflation, foreign exchange deficit (heavy demand for US dollars and very low demand for the Naira to make cross border transactions) , balance of trade deficit, rising level of insecurity which discourages foreign investment, etc.
“I laugh each time someone defends his economic policies that we would soon reap the benefits. It’s like planting cassava and expecting to harvest maize.
“Have you ever wondered why the USD exchange rate has jumped from around 700 Naira to almost 1,700 Naira within just one year? The fire brigade adjustments they are making will never work. It’s disheartening that those who make these policy decisions will never feel the pain even if the USD exchange rate jumps to 5,000 Naira and a liter of petrol is sold at 20,000 Naira”‘, he added