Afenifere Lists Five Steps Tinubu Should Take To Prevent Economic Collapse

The pan-Yoruba socio-political organisation, Afenifere, has listed five steps President Bola Tinubu should take to prevent the country from collapsing socially and economically.

In a statement on Sunday signed by its spokesman, Jare Ajayi, Afenifere said the current economic situation in the country needs far-reaching and deep-rooted steps for it to be ameliorated. 

The organisation said Tinubu can save the country from socio-economic collapse by first seeking debt relief from the nation’s major creditors and then reducing the size of government at all levels.

Afenifere also called on the president to block areas of leakages of public resources and embark on policies or programmes that are capable of engaging millions of unemployed youths.

The organization also asked President Tinubu to ensure that the security and safety of lives and properties in the country become paramount.

The statement reads: “The first step is to see debt relief from our major creditors. Another step is to drastically reduce the size of government at all levels. The third is to block areas of leakages of public resources, especially finance.

“Fourth is to embark on policies or programmes that are capable of engaging millions of unemployed people, old and young, in the country.

“The fifth step is to ensure that security and safety of lives and properties become permanent features in the Nigeria firmament.”

Afenifere said the five steps suggested would have to be pursued simultaneously for the inherent benefits to be harnessed effectively and promptly. 

It added: “At the moment, Nigeria’s debt profile is so huge that it is spending about 97 percent of its revenue to service the debts according to many official sources including the Debt Management Office (DMO), federal budget office, ministry of finance and the World Bank.

“It can be recalled that when the World Bank disclosed that Nigeria spent 96.3 per cent of its revenue to service its debt in 2022, the then minister of finance, Zainab Ahmed objected, said it was ‘only’ 80.6 per cent. 

“If a person earns N100 and has to use N80.5 of it to service his or her debts, how would N19.5 be enough to take care of feeding, transport, health, education, care for the family etc.”

Afenifere warned that very soon there may be no more funds for the provision of social services and infrastructure, urging the president to embark on diplomatic shuttles to get debt forgiveness from the nation’s creditors.

Afenifere added that there is an urgent need to drastically cut down on the emolument of public officials, especially political office holders and wage a serious war against corrupt officers.

The group said it is only by doing the three things listed above that the foreign countries would listen to the Tinubu government for debt forgiveness.