ActionAid seeks permanent solutions to naira, fuel crises

The ActionAid Nigeria (AAN) on Monday in Abuja urged the Central Bank of Nigeria and the Federal Government to proffer permanent solutions to the raging naira and fuel scarcity crises in the country. AAN Country Director, Ene Obi, said Nigerians were going through multiple issues which had been compounded by government agencies. She said actions […]

The ActionAid Nigeria (AAN) on Monday in Abuja urged the Central Bank of Nigeria and the Federal Government to proffer permanent solutions to the raging naira and fuel scarcity crises in the country.

AAN Country Director, Ene Obi, said Nigerians were going through multiple issues which had been compounded by government agencies.

She said actions and inactions of any sector of the economy could affect the coming 2023 general elections.

“It is also pertinent to note that within the last one week, there have been protests in Jos, Benin, and Enugu over fuel scarcity, and in Lagos, Ondo, and Ibadan over scarcity of the naira notes and more are seemingly coming up.

“As we approach a change in administration across all levels (excluding some state governors), it’s important to know that the actions and inactions of any sector at this time will affect the economy and the 2023 general elections, which will in turn impact the citizenry.

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“Protracted fuel scarcity has been lingering in Nigeria since January 2022 and the independent oil marketers have said the current crisis rocking the petroleum sector is far from over.”

Obi said the CBN’s intention on the redesign and introduction of the new naira note was applaudable as it was reducing cash within the system and promoting a cash-less economy. 

“Expectedly, billions of hoarded cash are now coming back into the banking system, and this has a possibility of controlling inflation.”