Nigerian professionals abroad express concern about rising fuel prices, poor economic management, and other issues

Concern over the deteriorating economic conditions in Nigeria has grown, according to the Nigerian Professionals in Diaspora (NPID), especially in light of the recent spike in fuel prices and the mishandling of important economic initiatives.

The leaders of the organization praised President Bola Ahmed Tinubu for his dedication to guiding the nation toward prosperity in a statement they released, but they also chastised his economic managers for not doing more to effectively support his agenda.

Fuel crisis, queue

Dr. Obiora Okereke, President of the NPID, emphasized the detrimental impact of the current economic strategy, specifically pointing to the poorly implemented floating of the Naira as a major factor in the currency’s continued depreciation.

“Instead of stabilizing the Naira and attracting foreign investment, this policy has further weakened the currency, driving up the cost of goods and services and creating unbearable inflation for the Nigerian people,” Okereke said.

The NPID highlighted that the growing gap between the official exchange rate and the black market rate has severely diminished the purchasing power of ordinary Nigerians, who are already struggling with escalating prices.

Chief Mrs. Bukola Shonekan, Secretary of NPID, called for urgent reforms, stating, “This policy failure has created untold hardship. We need a reassessment of our monetary policies before things get worse.”

Additionally, the group raised concerns about the increasing debts of the Nigerian National Petroleum Company Limited (NNPCL), which currently exceed $6 billion.

The group noted that this mounting debt has led international suppliers to refuse to provide fuel on credit, contributing to the recent spike in fuel prices and further disrupting the nation’s fuel supply.

“The debt crisis at NNPCL has put us in a precarious position regarding fuel supply. If we don’t act quickly, fuel prices will continue to soar, adding to the already overwhelming challenges faced by Nigerians,” Dr. Okereke added.

The NPID, however outlined three key areas that need immediate attention, saying:

“Reassessing monetary policies: The group emphasized that the current approach to floating the Naira is unsustainable and urged for a more calculated strategy to stabilize the exchange rate and manage foreign reserves.

Fuel Station

Restructuring NNPCL’s debts: They called for a clear debt restructuring plan to restore confidence in Nigeria’s ability to honor its international commitments and ensure a steady fuel supply at reasonable prices.

“Accountability for economic managers: The NPID urged President Tinubu to hold his economic advisers accountable for the ineffective policies currently in place and to appoint a more competent team to guide the country out of its economic difficulties.

“Despite these concerns, the NPID reaffirmed its support for President Tinubu’s administration but warned that immediate corrective measures are necessary to prevent further deterioration of the nation’s economy. “Nigeria has the potential to rise again, but it requires sound economic policies and a capable team to deliver results for the people,” Chief Mrs. Shonekan concluded.