The Osun State Youth Leader of All Progressive Congress (APC) Olagoke Akinwemimo has appealed to the people of Nigeria particularly the youths in Osun to exercise patience with President Bola Ahmed Tinubu during the current economic challenges.
He said this period call for unity and spirit of oneness as a nation to rescue the country and stabilise socially and economically.
Akinwemimo said President Bola Tinubu recognised the economic challenges that Nigeria is facing and he would not spare any effort to fix the economy and assured the youths that there would be light at the end of the tunnel.
APC state youth leader in statement released in Osogbo Osun State Capital and made available to journalists on Monday morning said the challenges are not new rather a consequence of yesteryears unregulated filtering of the nations by few privileged people.
According to him " I address you today with a heart full of empathy and a mind focused on our collective future. The economic challenges we face as a nation are undeniable, and I understand the frustration and hardship that many of you are experiencing. Your voices are powerful, and your concerns are valid.
"Nigeria is currently grappling with several economic challenges, including high inflation, unemployment, and a volatile foreign exchange market. The inflation rate has been persistently high, affecting the cost of living and making it difficult for many families to afford basic necessities. Additionally, the country faces significant fiscal stress, with limited public investment and difficulty attracting private investments.
"These challenges are however not new to our nation, they are a result of many years of unregulated pilfering of our collective patrimony by a privileged few, which has led our nation to an almost halt. These challenges have indeed hurt our economy and the reparation process, tougher on us all.
"However, I urge you to reconsider the planned protest against the economic hardship in Nigeria which has been tagged #EndBadGovernance. While peaceful protests are a democratic and fundamental right, we must also consider the potential consequences on our fragile economy, resultant arson, looting and loss of irreplaceable lives and livelihood" the statement partly read
He also identified Fiscal Reforms, Momentary Policy Adjustment, Infrastructure Development, Social Protection and economic diversification as as major area of success recorded by President Bola Tinubu.
Akinwemimo added " the government of Asiwaju Bola Ahmed Tinubu is actively working on policies and programs aimed at revitalizing our economy and creating opportunities for all with key steps being taken which includes: Fiscal Reforms by implementing ambitious fiscal reforms to boost non-oil revenue and improve budget execution. This includes measures to enhance tax collection and reduce fiscal deficits.
"Monetary Policy Adjustments by the Central Bank of Nigeria (CBN) by deploying various monetary policy tools to achieve price stability and control inflation. Efforts are being made to align fiscal and monetary policies to stabilize prices and support economic growth.
"Massive Infrastructure development despite limited fiscal space, the government is prioritizing infrastructure development to improve essential services and stimulate economic activities. The allocated infrastructure spending budget for 2024 is ₦1.32 trillion.
"Social protection programs with the New World Bank financing of $2.25 billion which is helping to stabilize the economy and scale up support to the poor and vulnerable which is critical to mitigating the impact of economic challenges on the most affected populations.
"Economic diversification are being intensified beyond oil, with a focus on sectors like ICT, manufacturing, and agriculture. This will create more job opportunities and reduce dependency on oil revenues. These attempts are not just mere expectations, the Federal Government have taken active steps in addressing our immediate grievances with the start of the Household cash transfer scheme to the most vulnerable, the sanctioned release of grains from the national reserve, the student loan scheme which has since begun with many students taking advantage and relieving the stress off their parents, the local government autonomy is also a step towards ensuring that the grassroots enjoy the dividend of democracy. There is also agriculture support which many states are already enjoying with the delivery of agriculture enhancing machineries. The government is also making available some CNG powered buses to all the states in due course to alleviate the pains of rising fuel prices. All these have not affected the increased allocation to state coffers every month and financial support to the state governments to cushion the effects of these hardship on the people" Akinwemimo explained.
READ THE FULL STATEMENT
Press Release
Date: July 29, 2024
From: Office of the Youth Leader, All Progressives Congress (APC), Osun State
To: The Youths of Osun State
________________________________________
Subject: Call for Unity and Patience Amidst Economic Challenges
Dear Youths of Osun State,
I address you today with a heart full of empathy and a mind focused on our collective future. The economic challenges we face as a nation are undeniable, and I understand the frustration and hardship that many of you are experiencing. Your voices are powerful, and your concerns are valid.
Nigeria is currently grappling with several economic challenges, including high inflation, unemployment, and a volatile foreign exchange market. The inflation rate has been persistently high, affecting the cost of living and making it difficult for many families to afford basic necessities. Additionally, the country faces significant fiscal stress, with limited public investment and difficulty attracting private investments.
These challenges are however not new to our nation, they are a result of many years of unregulated pilfering of our collective patrimony by a privileged few, which has led our nation to an almost halt. These challenges have indeed hurt our economy and the reparation process, tougher on us all.
However, I urge you to reconsider the planned protest against the economic hardship in Nigeria which has been tagged #EndBadGovernance. While peaceful protests are a democratic and fundamental right, we must also consider the potential consequences on our fragile economy, resultant arson, looting and loss of irreplaceable lives and livelihood.
We must recognize the current efforts being made by the new government in addressing these humongous challenges and I must say, I do not envy the person of Asiwaju, it must take a lot of courage to take on the challenge of Nigeria at a time like this. The Government of Asiwaju Bola Ahmed Tinubu is actively working on policies and programs aimed at revitalizing our economy and creating opportunities for all with key steps being taken, including:
1. Fiscal Reforms: The government is implementing ambitious fiscal reforms to boost non-oil revenue and improve budget execution. This includes measures to enhance tax collection and reduce fiscal deficits.
2. Monetary Policy Adjustments: The Central Bank of Nigeria (CBN) is deploying various monetary policy tools to achieve price stability and control inflation. Efforts are being made to align fiscal and monetary policies to stabilize prices and support economic growth.
3. Infrastructure Development: Despite limited fiscal space, the government is prioritizing infrastructure development to improve essential services and stimulate economic activities. The allocated infrastructure spending budget for 2024 is ₦1.32 trillion.
4. Social Protection Programs: New World Bank financing of $2.25 billion will help stabilize the economy and scale up support to the poor and vulnerable. Expanding social protection is critical to mitigating the impact of economic challenges on the most affected populations.
5. Economic Diversification: Efforts are being made to diversify the economy beyond oil, with a focus on sectors like ICT, manufacturing, and agriculture. This will create more job opportunities and reduce dependency on oil revenues.
These attempts are not just mere expectations, the Federal Government have taken active steps in addressing our immediate grievances with the start of the Household cash transfer scheme to the most vulnerable, the sanctioned release of grains from the national reserve, the student loan scheme which has since begun with many students taking advantage and relieving the stress off their parents, the local government autonomy is also a step towards ensuring that the grassroots enjoy the dividend of democracy. There is also agriculture support which many states are already enjoying with the delivery of agriculture enhancing machineries. The government is also making available some CNG powered buses to all the states in due course to alleviate the pains of rising fuel prices. All these have not affected the increased allocation to state coffers every month and financial support to the state governments to cushion the effects of these hardship on the people.
Indeed, our country is going through a tough phase, but we can be assured that a brighter future is within reach. The road to recovery may be challenging, but with unity, patience, and perseverance, we can overcome these obstacles. Let us channel our energy into constructive dialogue and collaboration with the government to find sustainable solutions.
Together, we can build a prosperous State and a stronger Nigeria. Your support and understanding during these trying times are crucial for the government. Let us stand together, not in protest, but in solidarity, as we WALK and WORK towards a better tomorrow.
Thank you for your attention and cooperation.
Yours sincerely,
Olagoke Akinwemimo
Youth Leader, All Progressives Congress (APC)
Osun State
________________________________________
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