From Tony Osauzo, Benin
The Federal Government has been admonished to step up efforts to tackle insecurity, review some of its monetary policies and take urgent measures towards reforming key sectors of the nation’s economy to fight rising inflation and alleviate the sufferings of Nigerians.
Youth Party Nigeria, gave the advice in a statement issued by its Chairman, Tomiwa Aladekomo, in reaction to the March 2021 Consumer Price Index/Inflation Report released by the National Bureau of Statistics (NBS) on Thursday.
The Party expressed disappointment over the mismanagement of the economy by the Federal Government which it noted has continued to drive inflation and unemployment, thereby inflicting pain and hardship on citizens.
It noted that the data from the NBS, revealed that Nigeria’s inflation rate has continued to rise as the Consumer Price Index (CPI) which measures inflation increased to 18.17 per cent (year-on-year) in March; the highest reported in four years, since April 2017.
Besides, it observed that the new data is a clear indication that the nation is heading towards a severe economic crisis under the President Muhammadu Buhari-led APC government.
The YPN, while urging the government to support macro-economic policies that will drive growth, called for a deliberate policy of investing in infrastructure, among others, to ease the means of doing business in the country.
It pointed out that the APC-led government has failed to deliver real dividends of democracy to citizens of the country, adding that all indices of social and economic development in the country, including the worsening security situation, were in the negative.
“While many Nigerians are struggling to stay alive, we continue to receive news of rising inflation with unemployment rate growing at frightening dimensions; insecurity is worsening, the cost of transportation has quadrupled, plus the continued decline in domestic and direct foreign investments, all due to the uncertainty created by Federal Government’s management of the socioeconomic issues.
“We must act now before the situation worsens”, the Party said.