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Tuesday, April 23, 2024

Okupe urges Tinubu to declare economic state of emergency in Nigeria

Doyin Okupe Calls for Bold Measures Including Fuel Price Reduction and Exchange Rate Adjustment

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Doyin Okupe, a former aide to ex-President Goodluck Jonathan, has urged President Bola Tinubu to declare a six-month state of emergency on Nigeria’s economy, proposing the suspension of the 2024 budget implementation amidst mounting economic challenges.

In a statement released on Tuesday, Okupe emphasized the urgent need for decisive action to address the deep-seated issues causing hardship for citizens across the nation.

He advocated for a reduction in the pump price of Premium Motor Spirit to a range between N300 and N400, coupled with an adjustment of the exchange rate to N750 per dollar, as part of comprehensive measures to alleviate economic strains.

Okupe underscored the importance of recalibration to tackle pressing economic concerns, suggesting that a temporary pause in budget execution could provide space for strategic planning and resource reallocation.

Highlighting the exacerbation of economic woes by security threats, he called for robust mobilization of security agencies to quell insecurity, emphasizing its pivotal role in creating a conducive environment for economic recovery.

Okupe also stressed the urgency of halting rampant oil theft, urging the government to employ all available means to safeguard economic resources and foster stability.

To bolster the economy, he proposed a significant increase in oil production capacity to 3 million barrels per day, with a focus on efficient operations by key entities like the Nigerian National Petroleum Company Limited and the Dangote Oil Refinery.

In pursuit of self-sufficiency, Okupe suggested Nigeria should be prepared to quit OPEC if necessary, underscoring the commitment to securing the nation’s economic interests.

Furthermore, he emphasized the need for regulated fuel prices within the N300 to N400 per litre range and maintaining a maximum exchange rate of N750 to $1 to stabilize key economic indicators and restore confidence.

Addressing food security concerns, Okupe recommended massive importation of staple food items, advocating for a comprehensive approach involving all levels of government to contribute to the process.

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