…says Nigerians facing one of the worst economic crises in recent history.
Former Governorship candidate in Anambra State, Chief Imoyeto Ikeotuonye has taken a critical look at the level of hardship many Nigerians suffer and called on the Federal Government to remedy the situation without further delay, iNews Times reports.
Chief Ikeotuonye who contested the Governorship of Anamabra State some years back said by all indicators, that Nigerians are facing one of the worst economic crises in recent history.
He noted that what the masses experience now is spiraling inflation where the naira continues to lose value, and the cost of living becoming unbearable for millions.
According to Chief Ikeotuonye from the urban unemployed to rural farmers, the economic hardship is biting hard, adding that it is clear that urgent and strategic intervention by the Federal Government is not just necessary, but overdue.
“While government officials talk of long-term reforms, what is needed now is a two-track approach: short-term relief for immediate survival and long-term restructuring for future resilience.
“First, the government must quickly implement direct support to the most vulnerable. Conditional Cash Transfers (CCTs), if expanded and properly managed, can offer immediate lifelines.
“Food insecurity, which now plagues millions of households, demands swift action. Subsidized food distribution, price stabilization for farm produce, and support for small holder farmers are essential to ensure Nigerians can at least feed themselves.
“Energy costs, particularly for transportation and cooking, are another pressure point. Blanket subsidies are inefficient and have historically benefitted the wrong people.
“However, targeted subsidies for public transport and cooking gas could ease the burden on the poor without overwhelming the national budget, “Chief Ikeotuonye said.
He insisted that the government must also aggressively tackle unemployment, especially among Nigerian youth.
The Nnewi-born politician called for mass public works programmes, fixing roads, cleaning up cities, maintaining infrastructure which he said could provide short-term jobs especially for the youths and inject cash into local economies to cushion hardship.
He said government should simultaneously support Small and Medium Enterprises (SMEs) with low-interest loans and tax relief, particularly in productive sectors like agriculture, local manufacturing, and technology.
On the macroeconomic front, he is of the opinion that stabilizing the naira and curbing inflation should be a top priority for the government. He said the Central Bank of Nigeria (CBN) must be allowed to function independently, with clear communication and consistent policy actions to build investor confidence and address speculative attacks on the currency.
“A stronger naira means cheaper imports and less pressure on household budgets.
“Longer term, Nigeria must wean itself off its dangerous overreliance on crude oil. The country’s economic foundation needs a reset.
“We need bold investment in infrastructure like power, roads, broadband and a renewed focus on sectors that can employ millions in agriculture, mining, digital services, and local manufacturing. Economic diversification is not a slogan; it’s a necessity for survival.
“Most importantly, corruption remains the elephant in the room. Public trust is eroded every time funds meant for the poor are siphoned by the powerful. The government must be transparent and ruthless in blocking leakages. Every naira must count.
“Economic hardship is not just a statistical figure; it is the hungry child, the jobless graduate, the frustrated market woman. The Federal Government must act with the urgency this crisis demands. The time for talk is over; Nigerians need action, and they need it now, “Chief Ikeotuonye concluded.
