…..We say no to any increase of tariffs at this very difficult time in the life of the masses.
……This is one increase too many, government is meant to service the interest of the people and not the other way round.
This government is very insensitive. They have no economic plans for the growth of the economy
They do not think about the effect of a lazy policy of solving immediate downstream sectors.
Now the cost of production by local manufacturers is inevitably going to increase, some factories will close up or relocate. Which will further worsen the dollar-naira ratio that Tinubu is using the romance economy to solve.
The government, through NERC, introduced the increase to anti people, anti small businesses and anti social welfare measures which will further push our people into multi-dimensional poverty.
Remember that earlier in the year that the World Bank and IMF came out to ask the Nigerian government to end subsidy on electricity. The introduction of Band A, which covers about 15% of all consumers in Nigeria and which in reality does not exist (because no area or part of Nigeria enjoys anything close to 20 hours of electricity) might not even end there. As time goes on, the government, through NERC will extend the increase to the non Band A customers, the more increasing the burden to the already worsening situation of the masses. This may not be at the rate of 240%, but definitely, there will be an increase on the groaning low income earners. This astronomical increase is unexpected and will likely continue to unleash harsh economic effects on our people.
The effects of the 240% tariff increase on Band A consumers is that it will trigger a cost push inflation whereby the cost of the tariff imposed on the producers of goods and services will be pushed to consumers.
I wonder if Tinubu has economic councils and if he does are they made up of seasoned Political economist and market strategist,? They appears to lack sensitivity and foresight when it comes to economic planning for the nation’s growth and the people’s welfare.
Ameh Peter Yakubu
General Secretary CUPP
