The Coalition Of Civil Society Organisations, (CCSOs) on Saturday berated President Bola Ahmed Tinubu’s economic team and called for immediate reconstitution.

Expressing deep concern and worry over the state of the economy and escalating fuel prices compounding the hardship of Nigerians despite the recent protest, the groups said Tinubu must act now to avert disintegration.

The groups said the current situation across the country has cast doubt on the competence of the Tinubu economic team and called for urgent review.

The Coalition in a statement signed by its National Coordinator, Mallam Ibrahim Mohammed, pointed out that the plight of Nigerians is sinking low and their patience is wearing off following the deteriorating economy.

The coalition said it is deeply concerned about the deteriorating state of the Nigerian economy, which is becoming increasingly unbearable for millions of citizens.

“It is evident that the recent hike in fuel prices and the unstable exchange rate are the direct results of economic mismanagement by those responsible for overseeing our nation’s financial policies.

“The ripple effects of these failures are being felt in every household across the country, worsening poverty and crippling economic activity.

“The floating of the Naira, which was initially sold to Nigerians as a means of stabilizing our currency, has done little to prevent the continued devaluation of the Naira. In fact, the exchange rate disparity has widened significantly, with the Naira losing value daily, impacting the cost of living, basic commodities, and inflation.

“While this policy was expected to ease foreign exchange pressure, it has instead deepened economic challenges due to poor implementation and lack of strategic foresight.”

The coalition further expressed concern over what it described as death trap of indebtedness of the Nigerian National Petroleum Company Limited, (NNPCL) which also they claimed had slowed down importation of Premium Motor Spirit (PMS) hence the current shortage of PMS across the country.

“Of equal concern is the precarious position of the NNPCL which finds itself in a debt trap, with global suppliers of petroleum products losing confidence in Nigeria’s ability to honour its obligations.

“Reports have shown that NNPCL has accrued debts totalling over $6 billion, causing petrol supply shortages. International suppliers are now reluctant to continue providing fuel on credit, exacerbating supply chain issues and pushing up the price of petrol at the pump”, they claimed.

The group further asserted: “We hold the managers of the Nigerian economy responsible for these disturbing developments. Their inability to provide sound policies and long-term solutions has left the nation in this predicament.

“It is clear that there is no cohesive strategy to address the rising debt, the growing imbalance in the foreign exchange market, or the country’s heavy reliance on importation for petrol supply.

“The recent hike in fuel prices reflects the collapse of responsible economic management and accountability.

“Nigerians are left to bear the brunt of these failures. Businesses are shutting down, transportation costs have skyrocketed, and citizens are spending an increasingly larger percentage of their income on basic necessities. This state of affairs is unacceptable.”

The coalition stressed the need for a comprehensive and transparent plan to stabilize the Naira, restore confidence in the petroleum supply chain, and negotiate a restructuring of NNPC’s debts to ensure continuous fuel supply.

According to the group, those responsible for the reckless management of th the country’s foreign exchange policies and NNPC’s debts must be held accountable, urging the government to disclose its plan to mitigate the rising fuel costs and economic burden on Nigerians.

It called for a re-evaluation of monetary and fiscal policies to stabilize the economy, reduce inflation, and attract foreign investment.

The group added: CCSOs reiterates that without immediate corrective measures, the economic situation will continue to deteriorate, leading to further hardship for the average Nigerian. The government must act decisively and responsibly to reverse this downward spiral.”