A former aide to ex-President Goodluck Jonathan, Doyin Okupe, has advised President Bola Tinubu to declare a six-month state of emergency on Nigeria’s economy and suspend the implementation of the 2024 budget.
He also advised Tinubu to reduce the pump price of Premium Motor Spirit to between N300 and N400, while bringing the exchange rate to N750 per dollar.
These and others measures, Okupe said, would provide the government the needed space, needed strategic planning and resource reallocation.
The According recalls that fuel was selling below N200 per litre until May 29, 2023 when Tinubu announced an end to the subsidy regime during his inaugural speech.
This, coupled with the floating of the naira, has since had its toll on the economy, inflicting hardship on the masses.
The government has rolled out palliatives to cushion the effects of these economic decisions on the masses, but it appears the situation keeps deteriorating as the cost of food items keeps rising.
In a statement on Tuesday, Okupe urged Tinubu to take decisive action in response to the ongoing economic challenges facing Nigeria, causing a surge in the cost of living for citizens.
“In these critical times, a six-month state of emergency in the economic sector is paramount to address the deep-seated issues affecting our nation,” he said.
While emphasising the need for a recalibration to tackle the pressing economic concerns, he said, “A temporary pause in the budget execution can provide the space needed for strategic planning and resource reallocation.”
Speaking on the security threats which he said had exacerbated the economic woes, Okupe called for the mobilisation of the Army and other security agencies, emphasising the importance of quelling insecurity to create a conducive environment for economic recovery.
On the rampant oil theft plaguing the nation, Okupe urged the President to employ all available means to halt the illicit activity adding that “stopping oil theft is crucial for safeguarding our economic resources and fostering stability.”
To boost the economy, he recommended a significant increase in oil production capacity to 3 million barrels per day, with a specific focus on efficient operations by the Nigerian National Petroleum Company Limited and the Dangote Oil Refinery to produce 50 million litres of petrol daily.
“In pursuit of self-sufficiency, Nigeria should be prepared to quit OPEC if necessary,” he stated, underlining the commitment to securing the nation’s economic interests.
The former Labour Party Publicity Secretary also emphasised “the need to regulate fuel prices, aiming for a range of N300 to N400 per litre and maintaining a maximum exchange rate of N750 to $1,” adding that, “Stabilising these key economic indicators is crucial for restoring confidence and affordability.”
In a bid to address food security concerns, he recommended massive importation of staple food items, advocating a comprehensive approach involving all tiers of government to contribute and participate in the process.
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