The Coalition of Northern Groups (CNG) has knocked the monetary policy committee of the Central Bank of Nigeria (CBN), describing it as the worst since Nigeria’s return to civil rule in 1999.
Briefing newsmen on Friday in Abuja, Comrade Jamilu Aliyu Charanchi, National Coordinator of CNG, said in response to the current hardship facing Nigerians, the government “appears” to be adopting a trial-and-error approach to the economy.
This, Charanchi said, had resulted in further deterioration and exposing people to avoidable hardship.
Quoting data from the National Bureau of Statistics (NBS) and others, he said over the past year, key economic indices had worsened with no solutions in sight.
He said: “Empirical data from NBS and others reveals that over the past year, key economic indices have worsened with no definitive and evidence-based solutions in sight.
“In this dire situation, instead of providing relief, the Monetary Policy Committee (MPC) announced an increase in interest rates, which will further devastate the economy and diminish the prospects for job creation.
“The outcome of the MPC economic policies is a clear manifestation that President Tinubu’s economic team is the worst since Nigeria’s return to civil rule in 1999.
“The team lacks coordination, focus, foresight, and a clear understanding of the workings of the Nigerian economy. The anti-people policies of the government only enabled the few elites to primitively acquire wealth, while the vast majority of citizens continue to languish in deep poverty.”