Fuel scarcity: Experts disagree with Tinubu’s economic policies 

From Okwe Obi, Abuja 

Experts have disagreed with the economic policies of President Bola Tinubu before the lingering fuel crisis.

 While expressing concerns over the state of the economy and escalating fuel prices compounding the hardship of Nigerians despite the recent protest, the experts under the aegis of Coalition Of Civil Society Organisations (CCSOs), said Tinubu must act now to avert disintegration.

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

 National Coordinator of the group, Ibrahim Mohammed, in a statement yesterday, pointed out that the plight of Nigerians was worsening and their patience wearing off following the deteriorating economy.

 He said: “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 stabilising 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.”

Mohammed, 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 totaling 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,” he said claimed.