Halt Naira’s Decline, Group Urges President Tinubu

President Bola Tinubu has been urged to take immediate action to halt the decline of the Naira.

The Osun Masterminds (TOM), a coalition of civil society organizations, made this call during their July State of the State address in Osogbo on Saturday. They urged President Tinubu to direct fiscal policy stakeholders to boost the Naira’s value by stimulating local production and promoting exportation.

In the address, TOM’s Executive Director, Prof. Wasiu Oyedokun-Alli, criticized the Central Bank of Nigeria (CBN) for not devising innovative strategies to strengthen the currency, noting the persistent rise in the cost of goods.

Oyedokun-Alli stated, “The Federal Government, through the Central Bank of Nigeria, does not seem to have a proper grip on fiscal policies. The value of the Naira has continued to tumble. The free fall and occasional rise of the Naira is sickening and worrisome. The Federal Government must act swiftly to ease the pressure on our people, lest we fall into anarchy.”

TOM called on President Tinubu to immediately order fiscal policy stakeholders to halt the Naira’s slide and work to boost its value through local production and export promotion.

Regarding the new minimum wage, Oyedokun-Alli urged the government to regulate market prices to ensure the wage increase serves its purpose. He stressed that the arrears, due since April 2024, should be paid promptly to avoid a crisis.

“We charge the government to regulate market prices to ensure that the new minimum wage serves its intent and purpose. The arrears should be paid promptly to avoid any crisis. This must be accompanied by pressure on the private sector to implement the minimum wage as well.”

Oyedokun-Alli also called for a renewed commitment to citizen welfare and increased production through human capital development programs.

“Government must re-tune poverty alleviation policies and humanitarian service structures to current realities, ensuring resources are managed effectively. Productivity must be increased through human capital development programs implemented nationwide. Overlooking this risks the failure of poverty eradication and economic growth policies.”