A former aide to ex-President Goodluck Jonathan, Doyin Okupe, has called on President Bola Tinubu to declare a six-month state of emergency on Nigeria’s economy and suspend the implementation of the 2024 budget.
Okupe, who dished the advise in a statement, on Tuesday, appealed to Tinubu to also reduce the pump price of Premium Motor Spirit, commonly known as fuel, to between N300 and N400, while bringing the exchange rate to N750 per dollar.
His appeal was in the spirit of reducing the hardship faced by Nigerians.
Fuel price was selling at N200 per litre when Tinubu came to power on May 29, 2023, but with his pronouncement on the removal of fuel subsidy, the pump price rose to over N700.
This was added to the floating of the Naira which had compounded the economic woes of Nigerians.
“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 noted.
“A temporary pause in the budget execution can provide the space needed for strategic planning and resource reallocation.”
Okupe also called for the mobilisation of the Army and other security agencies,
He noted that security was needed in order to pave the way for economic recovery.
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Okupe urged Tinubu 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.”
He also 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,
He 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.”
On food security, 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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