Nigeria’s Naira Crisis: Civil Society Group Urges Immediate Action
A coalition of civil society organizations, The Osun Masterminds (TOM), has called on President Bola Tinubu to take immediate action to halt the slide of Nigeria’s currency, the Naira. The group, led by Executive Director Prof Wasiu Oyedokun-Alli, made the appeal in a July State of the State address in Osogbo.
According to Oyedokun-Alli, the Central Bank of Nigeria (CBN) has not come up with innovative ways to stem the tide and strengthen the currency, despite the value of the Naira continuing to stumble. He lamented that the average person is facing a persistent rise in the cost of goods, making life hard for the masses.
The group urged President Tinubu to give marching orders to fiscal policy stakeholders to work assiduously to boost the Naira’s value through stimulation of local production and promotion of exportation. Oyedokun-Alli also called on the government to find smart ways to regulate market prices of goods and services to ensure the new minimum wage serves its intended purpose.
The minimum wage, which should have been implemented since April 2024, has not been paid, and the group warned that the crisis must be averted by ensuring the arrears are paid as soon as possible. Oyedokun-Alli also called for increased production through human capital development programs and for the government to return to the drawing board to re-tune poverty alleviation policies and humanitarian service structures.
The group’s demands come as Nigeria’s economy faces significant challenges, including a depreciating currency and rising inflation. The Naira has continued to tumble, with prices of commodities skyrocketing in the markets. The government has been under pressure to address the crisis and ensure the welfare of its citizens.
In conclusion, the Osun Masterminds’ call for immediate action to address the Naira crisis and implement the new minimum wage is a timely reminder of the need for urgent solutions to Nigeria’s economic challenges. The government must take heed of these demands and work towards stabilizing the economy and improving the living conditions of its citizens.
