Nigerian youths, under the aegis of the National Youth Council of Nigeria (NYCN), announced on Thursday that they will stage a 14‑day nationwide protest over the scarcity of fuel and the devaluation of the naira. In a press briefing addressed by Vice President Mukhtar Akoshile on behalf of President Major General Muhammadu Buhari (retd.), the NYCN demanded the dismissal of Central Bank Governor Godwin Emefiele, Minister of State for Petroleum Resources Timipre Sylva, and NNPC Group Managing Director Mele Kyari, citing gross incompetence. The council argued that removing these officials would help prevent further economic collapse.
Akoshile lamented that the key figures responsible for Nigeria’s economy have demonstrated a lack of technical know‑how, steering the country toward “economic doom” unless urgent action is taken. He noted that the protest is scheduled for February 10‑24, 2023. “It is disheartening that those entrusted with overseeing our nation’s economy are relegating sincere efforts to the background,” he said. “Although Nigeria is an oil economy, it now receives no revenue from oil; the NNPC, once a cash cow, has become a drain on resources, turning the state into a rent‑seeking apparatus that enriches a few individuals.”
Akoshile blamed the trio of Emefiele, Sylva, and Kyari for massive leakages from state enterprises, a monstrous oil‑subsidy regime, and dereliction of duty. He posed several questions to illustrate the crisis: How can the drop in oil revenue—from $60 billion in 2011 to $2.9 billion in 2022—be explained, especially when other oil‑producing nations are thriving amid high prices? Why has consumption risen to 66 million litres per day in 2020, and why does debt servicing consume $1.9 billion of the $2.9 billion revenue?
The youth council stressed that Nigerian youths are the direct victims of this economic quagmire. Many businesses have collapsed, investors have fled, and the relentless depreciation of the naira and erratic exchange rates have left millions of young people unemployed. Akoshile criticized the mismanagement of intervention programmes, particularly the Youth Investment Fund, which he claimed has been siphoned off by the CBN governor and the Minister of Finance. “The actual youths in need have never benefited; the beneficiaries are always family, friends, and cronies,” he said, noting that such corruption thwarts efforts to reduce unemployment and empower the youth.
In a call to action, the NYCN reported that over 41,000 youths from all 774 local government areas across 36 states and the Federal Capital Territory have signed the protest petition. “The apex youth constituency is greatly pained,” Akoshile declared, urging all citizens to support the nationwide protest against Emefiele, Sylva, and Kyari from February 10 to February 24, 2023, to relieve the burden of hardship caused by the Ministry of Petroleum, the NNPC, and the Central Bank.
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