Adaobi Rhema Oguejiofor
BudgIT, a civic-tech organization that is leading the advocacy for transparency, accountability, and effective service delivery in Nigeria, has requested for the immediate release of a transparency and accountability plan in order to guarantee President Bola Ahmed Tinubu’s promises concerning the nation’s current economic crisis.
President Bola Ahmed Tinubu, while addressing the nation recently, had among other key issues, said that a budget of N75 billion will be assigned from the period of July 2023 to March 2024 in order to support 75 promising manufacturing enterprises with N1 billion credit each at a 9 percent interest rate for up to 60 months for long-term loans and 12 months for working capital.
He added that there are plans to stabilize staple food prices by releasing about 200,000 metric tonnes of grains and 225,000 metric tonnes of fertilizer and inputs to farmers.
According to him, the plan also includes the introduction of affordable Compressed Natural Gas (CNG) fueled buses through a N100 billion investment, and a collaboration with labor unions to establish a new national minimum wage.
These promises indicate a significant effort to navigate the complexities of the economic crisis from the fuel subsidy removal and mitigate the impact on the Nigerian populace; however, their successful execution is contingent upon transparent planning and accountability mechanisms.
According to BudgIT, the fuel subsidy removal, which caused a 335 percent increase in fuel prices from the original N184 per liter to N617 per liter in less than two months, has adversely affected and forced the living conditions of many citizens to deteriorate drastically.
BudgIT also stated that the situation has increased the cost of goods and services and strained the already fragile economy leaving many Nigerians to now struggle to afford necessities while the country faces an economic crisis.
As a result, the Company made a request that a comprehensive register and accountability plan detailing the distribution of the 200,000 metric tonnes of grains, 225,000 metric tonnes of fertilizer, and seedlings to ensure these resources are fairly and equitably distributed.
The Organization said that a transparent method for qualifying beneficiaries must be established and made public in order to prevent the resources from ending in the hands of politically connected individuals.