Nigeria’s Grim Period Not Over Yet, Poverty Levels Set to Soar, Warns ActionAid Nigeria

Nigeria is facing a grim period with soaring inflation, fluctuating foreign exchange regime, escalating security challenges, electricity shutdown, and pervasive corruption, according to a statement by the Board of Directors of ActionAid Nigeria.

The situation is dire, and poverty levels are projected to increase, raising concerns among citizens and organizations.

ActionAid Nigeria has made several recommendations to the federal government, including implementing robust monetary and fiscal policies to combat inflation, especially soaring food prices.

The government should reevaluate subsidy policies on essential commodities like gasoline and electricity to mitigate the adverse impact on the cost of living and ensure equitable distribution of resources.

The review of budget allocations is also essential, ensuring sufficient funding for critical sectors such as health, agriculture, security, and education while minimizing expenditures on debt servicing and expanding social welfare programs.

Given the recent increase in the interest rate by the Central Bank of Nigeria’s Monetary Policy Committee to 24.75%, ActionAid Nigeria urges the federal government and the Central Bank to take immediate action to mitigate the adverse effects on small and medium-scale enterprises (SMEs).

This includes providing alternative funding sources or financial support schemes for SMEs to access affordable loans.

The alarming trend of mass kidnappings, particularly targeting students, internally displaced persons (IDPs), and ordinary citizens, with ransom demands reaching into the millions of naira, is a cause for concern.

ActionAid Nigeria demands that the federal and state governments allocate substantial resources and manpower to bolster security forces and intelligence capabilities.

The Board of Directors strongly condemns the allegations of budget padding and mismanagement of public funds within the Senate and the Ministry of Humanitarian Affairs.

ActionAid Nigeria calls for the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices Commission (ICPC) to expedite their inquiries into these matters, ensuring that all individuals found culpable are held fully accountable under the law.

ActionAid Nigeria applauds the recent anti-corruption efforts of the EFCC, but calls for continued support and adherence to sound monetary policies, transparency, and accountability in the financial sector.

The recent appreciation of the Nigerian Naira against the US dollar reflects the success of collaborative efforts and strategic interventions by the Central Bank of Nigeria (CBN) to stabilize and strengthen the national currency.

The recurrent breakdowns of the national power grid, coupled with the recent approval by the Nigerian Electricity Regulatory Commission (NERC) to increase electricity tariffs for customers, is unacceptable.

ActionAid Nigeria demands comprehensive reforms within the energy sector to address the persistent challenges faced by Nigerians, enhancing electricity generation, transmission, and distribution capacities to mitigate power shortages.

ActionAid Nigeria commends the readiness to implement the Orosanye report and white paper.

The President’s administration must follow through with the implementation of the recommendations in the report and the white paper, demonstrating commitment to cutting down on executive profligacy and holding representatives in the National Assembly accountable for their financial recklessness.

The Board of Directors condemned in strong terms the ambush and killing of 17 military personnel in Okouma, Delta state. ActionAid Nigeria calls for swift and thorough action to bring the perpetrators of the ambush and murder to justice.

Civil society organizations (CSOs) are urged to amplify their voices and advocate more for accountability, transparency, and social justice in response to the pressing issues in Nigeria.

The grim period in Nigeria is not over yet, and the challenges faced by the country are significant.

ActionAid Nigeria’s recommendations aim to address these challenges and ensure a better future for all Nigerians.