Youth Party has urged the Federal Government to unveil an economic strategy to address inflation.
It also asked the government to enhance wages and productivity, stimulate growth, and establish safety nets to shield the vulnerable from effects of the economic reforms.
The party, in a statement by National Publicity Secretary, Ayodele Adio, said the burden of the political class’s incompetence should not be borne solely by the people.
It added the Federal Government and subnational governments must demonstrate frugality, eliminate waste, and prosecute those who misappropriated our wealth.
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Youth Party said the inflationary impact of subsidy removal has resulted in decrease in purchasing power and productivity and raised hunger, as seen in the looting of grains in Adamawa State.
The party noted although the country cannot justify spending less than a trillion naira on education and health last year while spending over two trillion naira on fuel subsidy, the subsidy removal could have been planned.
It said to prevent a potential crisis, Federal Government must raising minimum wage to help the poor cope with effects of fuel subsidy removal and increase in fares.
“The burden of the political class’s incompetence should not be borne by the people.
“Governments must demonstrate frugality, eliminate waste, and prosecute those who have stolen our wealth.
“Employers should consider revising pay structures to protect the lower cadre.
“Government should subsidise transportation to lessen impact on the vulnerable.
“This could be achieved when transporters buy fuel at subsidised rate, either through voucher system or exemption from fees, provided they keep fares affordable.
“The government should expedite the transition to compressed natural gas (CNG) by prioritising its neglected Autogas Policy.
“CNG is a cleaner and cheaper fuel, and some companies are already using it successfully to power their fleets. To facilitate this, the government should:
“Establish a legal framework that encourages gas development, subsidise the conversion cost of 10,000 petrol or diesel engines to CNG and ensure the availability of CNG at filling stations
“It is important to note that action is needed not only in Abuja but also in the 36 states of the federation.
“Fortunately, states like Ogun, Edo, Kwara, and Bayelsa have taken steps to provide palliatives, CNG-powered fleets, and salary increases.
“We urge other states to adopt similar initiatives and pursue other beneficial policies that will enhance the living standards of most citizens.
“Lastly, time is of the essence for the palliatives or social safety net measures. Nigerians cannot afford medicine after death.
“The poor are still gasping for breath from the Naira design policy of APC. The poor have to be protected from the vagaries of the free market as it is done everywhere it is practised.”