Halt slide of the Naira — Group to President Tinubu

President Bola Tinubu has been urged to immediately halt the slide of the country’s currency, the Naira.

President Tinubu was also urged to immediately give marching orders to the fiscal policy stakeholders in the country to work assiduously to boost the Naira’s value through stimulation of local production and promotion of exportation.

This call was made by The Osun Masterminds, TOM, a coalition of civil society organisations, in the July State of the State address on Saturday in Osogbo.

In the address by its Executive Director, Prof Wasiu Oyedokun-Alli, he averred that the Central Bank of Nigeria, CBN, has not come up with innovative ways to stem the tide and strengthen the currency even as the value of the Naira continued to stumble.

Oyedokun-Alli said, “What the average person sees is a persistent rise in the cost of goods in a manner that makes life hard for the masses. What is happening however, is that the Federal Government, through the Central Bank of Nigeria, does not seem to have a proper grip on fiscal policies as of today.

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“The value of the Naira has continued to tumble, while the CBN has not come up with innovative ways to stem the tide and strengthen the currency. The free fall and occasional rise of the Naira is currently sickening and worrisome. Prices of commodities have skyrocketed in the markets, and the Federal Government must quicken its thoughts to ease the pressure on our dear people, lest we fall into anarchy.

“We call on President Bola Ahmed Tinubu to immediately give marching orders to the fiscal policy stakeholders in the country, to map out ways by which the slide of the Naira can be halted in the immediate, while working assiduously to boost its value through stimulation of Local production and promotion of exportation.”

On the new minimum wage, Oyedokun-Alli also charged the government to find smart ways to regulate market prices of goods and services to ensure it served its intent and purpose.

Taking note that the minimum wage should have been effected since April, 2024, Prof Oyedokun-Alli also called on the government to ensure the arrears of the civil servants is paid as soon as possible in order to avert a crisis.

“We charge the government to find smart ways to regulate market prices of goods and services, to ensure that the new minimum wage serves its intent and purpose, so that the civil servants of this country do not receive the minimum wage with one hand and lose same through the high cost of goods and service as may be occasioned by the payment of the new minimum wage.

“We take note that the new minimum wage should have been in place since April, and as such, the crisis must be averted by ensuring that the arrears is paid as soon as possible even, when it is not yet demanded.

“This must be followed up with pressure on the private sector to also implement minimum wage, in order to achieve an all-encompassing uplift to the living conditions of the citizenry.”

While calling on the government to renew its commitment to the welfare of the citizens, Oyedokun-Alli called for increased production through human capital development programmes that will be implemented across the nooks and crannies of the country.

“Government must also return to the drawing board to re-tune our poverty alleviation policies, as well as our humanitarian service structures. Aside from the reign of corruption in the management of resources allocated for those programmes and policies, we must also tune them to current realities, so that we do not continue to pay lip service to poverty eradication.

“It is also important that productivity is increased across the board, through human capital development programmes that will be implemented across the nooks and crannies of the country. If this is overlooked, the nation runs the risk of never truly succeeding with policies that target poverty eradication and economic growth.”