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Fuel Crisis: 1000 CSOs Berate Tinubu’s Economic Team, Urge Immediate Reconstitution

Published

2 weeks ago

September 8, 2024

About 1000 Civil Society Organizations, CSOs, under the auspices of Coalition Of Civil Society Organisations, CCSOs, on Saturday Faults President Bola Ahmed Tinubu’s Economic Team and called for immediate reconstitution.

Expressing deep concern and worry over the state of the economy and escalating fuel prices compounding the hardship of Nigerians despite the recent protest, the groups said Tinubu must act now to avert disintegration.

The groups said the current situation across the country has cast doubt on the competence of the Tinubu economic team and called for urgent review.

The CCSOs in a statement signed by its National Coordinator, Mallam Ibrahim Mohammed, pointed out that the plight of Nigerians is sinking low and their patience is wearing off following the deteriorating economy.

The statement reads in part, “The Coalition of Civil Society Organisations (CSOs) is deeply concerned about the deteriorating state of the Nigerian economy, which is becoming increasingly unbearable for millions of citizens.

“It is evident that the recent hike in fuel prices and the unstable exchange rate are the direct results of economic mismanagement by those responsible for overseeing our nation’s financial policies. The ripple effects of these failures are being felt in every household across the country, worsening poverty and crippling economic activity.

“The floating of the Naira, which was initially sold to Nigerians as a means of stabilizing our currency, has done little to prevent the continued devaluation of the Naira. In fact, the exchange rate disparity has widened significantly, with the Naira losing value daily, impacting the cost of living, basic commodities, and inflation.

“While this policy was expected to ease foreign exchange pressure, it has instead deepened economic challenges due to poor implementation and lack of strategic foresight.”

The coalition also expressed concern over what it described as death trap of indebtedness of the Nigerian National Petroleum Company Limited, NNPCL, which also they claimed had slowed down importation of Premium Motor Spirit, PMS, hence the current shortage of PMS across the country.

“Of equal concern is the precarious position of the Nigerian National Petroleum Company Limited (NNPCL), which finds itself in a debt trap, with global suppliers of petroleum products losing confidence in Nigeria’s ability to honour its obligations.

“Reports have shown that NNPCL has accrued debts totalling over $6 billion, causing petrol supply shortages. International suppliers are now reluctant to continue providing fuel on credit, exacerbating supply chain issues and pushing up the price of petrol at the pump”, they claimed.

The CSOs also asserted that, “We hold the managers of the Nigerian economy responsible for these disturbing developments. Their inability to provide sound policies and long-term solutions has left the nation in this predicament.

“It is clear that there is no cohesive strategy to address the rising debt, the growing imbalance in the foreign exchange market, or the country’s heavy reliance on importation for petrol supply. The recent hike in fuel prices reflects the collapse of responsible economic management and accountability.

“Nigerians are left to bear the brunt of these failures. Businesses are shutting down, transportation costs have skyrocketed, and citizens are spending an increasingly larger percentage of their income on basic necessities. This state of affairs is unacceptable.”

The group therefore placed some demands; Immediate intervention from the government: There needs to be a comprehensive and transparent plan to stabilize the Naira, restore confidence in the petroleum supply chain, and negotiate a restructuring of NNPC’s debts to ensure continuous fuel supply.

“Accountability for economic mismanagement: Those responsible for the reckless management of our foreign exchange policies and NNPC’s debts must be held accountable. The government must also disclose its plan to mitigate the rising fuel costs and economic burden on Nigerians.

“A return to sound financial policy: The floating of the Naira has proven ineffective under current conditions. We call for a re-evaluation of monetary and fiscal policies to stabilize the economy, reduce inflation, and attract foreign investment.

“In conclusion, the Coalition of Civil Society Organisations reiterates that without immediate corrective measures, the economic situation will continue to deteriorate, leading to further hardship for the average Nigerian. The government must act decisively and responsibly to reverse this downward spiral”, they added.

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RMRDC: Making Giant Strides Under Prof. Nnanyelugo Martins Ike-Muonso

Published

6 hours ago

September 19, 2024

The Gleamer

By Joel Ajayi

As we embark on a journey, we always pray for an able, experienced, and courageous driver, pilot, or sailor depending on the means of transportation.

This is because the captain will have enough experience and boldness to navigate out of turbulence and to bring all the passengers and crew to the intended destination.

Interestingly, these fine qualities of ability, experience, boldness, and many more, abound in the man, Prof. Nnanyelugo Martins Ike-Muonso, who we all are pleased was appointed the Raw Materials Research and Development Council, RMRDC, the Director General/CEO by President Bola Ahmed Tinubu a few months ago. This is because he has brought his knowledge, ability, experience, and doggedness to bear in carrying out his assignment in charge of the Council.

The RMRDC, operating under the Federal Ministry of Innovation, Science, and Technology, is pivotal in driving Nigeria’s industrial growth by optimizing local raw materials exploitation, development, and utilization. RMRDC, ab initio, was conceived as a child of necessity when Nigeria was reeling from the throes of global recession and plummeting crude oil prices.

Without an iota of doubt, today, the council is experiencing a transformation with massive innovation in raw material exploitation, development, and utilization, supporting business and industrial growth, and contributing to Nigeria’s economic prosperity.

Speaking during a press briefing on Tuesday, in Abuja to commemorate his 100 days in office, he said the council is laying a solid foundation through numerous innovations that will further enhance growth in the country.

According to him, “In the past 100 days, my strategic pursuits have been to lay solid foundations for enduring success in these goals.

“Upon assuming this position, I set five crucial deliverables which include, refocusing the Council as a premier research institution; Strengthening the Council’s productivity and operational efficiency; and Significantly improving the staff welfare to be the best in the class of similar organizations.

“Others include, Boosting the Council’s visibility and instituting remarkable culture change that encourages ownership and productivity as well as Strengthening and deepening the Council’s place in the international arena.”While speaking on his Achievements so far, the DG revealed further: “My first task, therefore, was to implement a strategic goal-setting for the Council’s staff to define and set out clear objectives and targets to be achieved by the Council within a specified period towards refocusing on this historical mandate. We unleashed five significant initiatives in that regard.

“The nationwide raw material data collection exercise that focused on technical and investment information to drive our mission forward.

“The restructuring and renaming of the former Technology Innovation Complex (TIC), at the Obasanjo Space Center at Airport Road, Abuja, to a Research and Demonstration Plants Complex (RDPC). This complex will be Africa’s first center of excellence in raw material research, featuring state-of-the-art laboratories, technology development workshops, and proof of concept demonstrations.

“We have reactivated the Council’s Journal and repositioned it internationally. The repositioned Journal of Raw Material Research (JORMAR) will host RMRDC’s researchers’ publications, which are crucial in promoting awareness, facilitating knowledge sharing, and informing stakeholders about the opportunities and challenges in Nigeria’s raw materials sector. “The collaboration with universities and academies will strengthen our capacity for conducting market-guided research, ensuring sustained workforce training while deepening our orientation in science.

“The council has reformulated a new template for all our research proposals to ensure and sustain a clear departure from the old culture of blue-sky and deliberately endless research.”Speaking further, Prof Nwanyelugo Martins Ike-Muonso stated that Staff welfare remains a top priority as an issue of unpaid salaries is settled as well as set up a comprehensive welfare program. “Similarly, we established the RMRDC Training School to sustainably build our staff and stakeholders’ capacity to further the staff welfare improvement goal.

“We are committed to openness, inclusiveness, and performance management and have initiated steps to continuously improve staff ownership, orchestrate transformative culture change, boost our corporate visibility, and enhance.

“To further strengthen our visibility and communication strategies, we are upgrading our media infrastructure, which includes the launch of the RMRDC online media platform, The RMRDC TV Online.

“Additionally, we are working hard to effectively enhance the intellectual property and patent portfolio of RMRDC from its current 40 to approximately 200 new patents within the next 24 months. This proactive approach secures valuable IP assets and positions the Council as a leader in innovation within the raw materials sector, contributing to Nigeria’s overall economic growth.“As well as launching an e-registration and certification portal to enhance transparency in the raw materials sector,” DG revealed.

He however reaffirmed his commitment to reshape the future of research, technology, and innovation, driving Nigeria towards an industrially vibrant and technologically resilient economy.

“As I mark 100 days in office, I boldly say that the Council is on the verge of rewriting its history.

“I believe that in no distant future, RMRDC will play a leading role in enhancing raw materials’ development to boost raw materials’ industrial trial processing and attain sustainable industrial growth in Nigeria.

The DG, however, applauded the Minister of Innovation, Science, and Technology, Chief Uche Geoffrey Nnaji, for his unwavering support and mentorship, saying the Minister’s leadership has been instrumental in the progress made so far.

In his opening remarks, the Directorate of Corporate Affairs, Mr Chucks Ngaha commended the hard-working DG who has weathered the storm further to put the Council on the ladder of more prosperity.

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