Your Reforms Have Eroded Purchasing Power Of New N70,000 Minimum Wage, University Of Ibadan Political Science Alumni Association Tells Tinubu
The group in a communique issued on Nigeria’s 2025 Outlook titled: “A Gamble Or A Guaranteed Win?” said their call aims to address the country’s uncertain outlook in 2025 and create a brighter future for its citizens.
The Alumni Association of the Department of Political Science, University of Ibadan, has called on President Bola Tinubu’s administration to implement measures that promote economic inclusion, reduce inequality, and improve living standards.
The group in a communique issued on Nigeria’s 2025 Outlook titled: “A Gamble Or A Guaranteed Win?” said their call aims to address the country’s uncertain outlook in 2025 and create a brighter future for its citizens.
In the communique jointly signed by the Chairman and Secretary, Ajinde Oluwashakin and Bolaji Olumide Akeem respectively, the Alumni Association observed that Nigeria’s 2025 outlook raises critical questions about the country’s future.
It reads, “As Nigerians bid farewell to the tumultuous year 2024, many people are left wondering what 2025 holds. Since May 2023, the economic reforms, being implemented by President Bola Tinubu administration, have taken a toll on the economy. The reforms have widened the poverty gap and eroded the purchasing power of the new minimum wage (N70,000.00, as approved by the government).
“Analysts predict economic growth resurgence in 2025, but it’s uncertain whether the benefits will trickle down to vulnerable segments who are in majority.”
The Alumni Association of the Department of Political Science, University of Ibadan, has called on President Bola Tinubu’s administration to implement measures that promote economic inclusion, reduce inequality, and improve living standards.
The group in a communique issued on Nigeria’s 2025 Outlook titled: “A Gamble Or A Guaranteed Win?” said their call aims to address the country’s uncertain outlook in 2025 and create a brighter future for its citizens.
In the communique jointly signed by the Chairman and Secretary, Ajinde Oluwashakin and Bolaji Olumide Akeem respectively, the Alumni Association observed that Nigeria’s 2025 outlook raises critical questions about the country’s future.
It reads, “As Nigerians bid farewell to the tumultuous year 2024, many people are left wondering what 2025 holds. Since May 2023, the economic reforms, being implemented by President Bola Tinubu administration, have taken a toll on the economy. The reforms have widened the poverty gap and eroded the purchasing power of the new minimum wage (N70,000.00, as approved by the government).
“Analysts predict economic growth resurgence in 2025, but it’s uncertain whether the benefits will trickle down to vulnerable segments who are in majority.”
To navigate the uncertainties the 2025 pose, the group made nine recommendations it described as crucial for Nigeria’s economic growth and development and alleviation of widespread suffering.
On fiscal responsibility and debt management, the association recommended that the government should prioritize fiscal discipline and prudent debt management to ensure the sustainability of public finances.
“This can be achieved through transparent budgeting, reducing non-essential expenditures, and exploring innovative financing mechanisms to lessen the debt burden,” it said.
On economic diversification and job creation, the Alumni advised the administration to focus “on diversifying the economy beyond oil dependency and promoting sectors with high growth potential, such as agriculture, manufacturing, and technology.”
On the infrastructure development, the group explained that enhancing critical infrastructure, such as roads, power, and transportation networks, is crucial for economic development and improving the quality of life for Nigerians.
“The government should prioritize infrastructure projects that have a high impact on productivity, connectivity, and regional development,” it said.
On its social welfare programmes, the association stated that implementing effective social safety nets and support programmes for vulnerable populations can help reduce poverty and inequality.
“Targeted interventions, such as cash transfers, food assistance, and healthcare subsidies, can provide immediate relief to those most in need. For greater impact, there is need to make these enduring rather than temporary measures,” it said.
The group urged the government to invest in education and healthcare, adding that investing in human capital through improved access to quality education and healthcare services is essential for long-term development.
It urged the government to prioritize funding for education and healthcare infrastructure, training for healthcare workers, and initiatives to increase school enrolment and retention rates.
It urged the Central Bank of Nigeria (CBN) to reassess its monetary policy to balance inflation control with economic growth. It noted that this can be achieved by adopting a more flexible exchange rate regime, reducing interest rates, and implementing policies to boost credit access for small and medium-sized enterprises (SMEs).
To navigate the uncertainties the 2025 pose, the group made nine recommendations it described as crucial for Nigeria’s economic growth and development and alleviation of widespread suffering.
On fiscal responsibility and debt management, the association recommended that the government should prioritize fiscal discipline and prudent debt management to ensure the sustainability of public finances.
“This can be achieved through transparent budgeting, reducing non-essential expenditures, and exploring innovative financing mechanisms to lessen the debt burden,” it said.
On economic diversification and job creation, the Alumni advised the administration to focus “on diversifying the economy beyond oil dependency and promoting sectors with high growth potential, such as agriculture, manufacturing, and technology.”
On the infrastructure development, the group explained that enhancing critical infrastructure, such as roads, power, and transportation networks, is crucial for economic development and improving the quality of life for Nigerians.
“The government should prioritize infrastructure projects that have a high impact on productivity, connectivity, and regional development,” it said.
On its social welfare programmes, the association stated that implementing effective social safety nets and support programmes for vulnerable populations can help reduce poverty and inequality.
“Targeted interventions, such as cash transfers, food assistance, and healthcare subsidies, can provide immediate relief to those most in need. For greater impact, there is need to make these enduring rather than temporary measures,” it said.
The group urged the government to invest in education and healthcare, adding that investing in human capital through improved access to quality education and healthcare services is essential for long-term development.
It urged the government to prioritize funding for education and healthcare infrastructure, training for healthcare workers, and initiatives to increase school enrolment and retention rates.
It urged the Central Bank of Nigeria (CBN) to reassess its monetary policy to balance inflation control with economic growth. It noted that this can be achieved by adopting a more flexible exchange rate regime, reducing interest rates, and implementing policies to boost credit access for small and medium-sized enterprises (SMEs).
