During the commencement of the 2024 First Plenary Assembly of the Catholic Bishops Conference of Nigeria (CBCN), President Lucius Ugorji expressed strong concerns about the adverse impact of the current administration’s reform agenda on the citizens. Ugorji highlighted the challenges faced by Nigerians, attributing them to the withdrawal of fuel subsidies and the unification of the foreign exchange market, which led to increased petroleum product prices and a significant decline in the value of the naira.
In his address, Ugorji asserted that the government’s economic reforms had plunged millions of Nigerians into grinding poverty, unprecedented suffering, and untold hardship. He pointed out that inflation, exacerbated by these reforms, made it difficult for the average Nigerian to afford essential commodities like food items and medication. The bishop also noted the alarming increase in the number of poor people resorting to begging, emphasizing that Nigeria ranked as the world’s second-largest poor population after India, with over 80 million citizens living below the poverty line of two dollars a day.
Despite calls for more sacrifices from the populace, Ugorji expressed the expectation of seeing a significant reduction in the cost of running the government at all levels. On the issue of insecurity, he criticized the persistent challenges faced by communities despite monthly allocations for security votes. Kidnappings for ransom and escalating violence across the country further underscored the grim security situation.
Archbishop Daniel Okoh of the Christian Association Nigeria echoed similar concerns, emphasizing the severity of insecurity, runaway inflation, and hunger in the nation. He anticipated a thorough discussion of these issues during the plenary session.
Responding to these concerns, the Secretary to the Government of the Federation, Senator George Akume, sought encouragement from the bishops, highlighting the administration’s strategic policies aimed at economic transformation, security enhancement, food production, infrastructure development, social services improvement, economic diversification, and governance efficiency.
The Governor of the Central Bank of Nigeria, Dr. Olayemi Cardoso, addressed the high inflation rate, attributing it to excess liquidity in the market. He expressed optimism about the positive outcome of the federal government’s efforts, including the removal of fuel subsidies, and highlighted recent inflows into the market. Cardoso assured that critical decisions would be made during the upcoming Monetary Policy Committee meeting to make the economy more investor-friendly and address ongoing economic challenges.
