The Guild Of Public Affairs Analysts of Nigeria (GPAAN) has called on Nigerians to braced up as the economic hardship currently experienced in the country is likely to worse.

This was contained in a press statement made available to journalists on Tuesday, November 12 in Abuja.

The statement reads, “The current economic situation under the leadership of President Bola Ahmed Tinubu may likely worsen as sixteen multinational companies exit the country, purportedly due to the harsh operating environment.

“Rising from a recent Zoom meeting on the state of the nation, members of the Guild of Public Affairs Analysts of Nigeria (GPAAN) traced the economic situation to the sudden removal of fuel subsidy by Mister President on his inauguration, on May 29, 2023.

“That was done without palliative measures put in place to cushion the attendant economic hardship fisted on the people.

“Ever since, the situation has been worsened by the sudden exponential increase in the cost of transportation, food prices, hike in electricity tariff, Value Added Tax ( VAT ) and of course, the cumulative rise in inflation rate.

GPAAN noted that the GDP in the country has slowed down by over 10 percent on the average compared to the exponential growth of the population.

“The Association observed that the current economic policies of the Federal Government were anti-people and driven largely by policies dictated by the World Bank and the IMF, leading to mass poverty and crippling operational environment.

“It also noted that the cost of production has skyrocketed to 120 percent in 2024 compared to 2020.

“It is therefore, calling on the government to enact pro-people policies that would attract Foreign Direct Investment (FDI), reduce the cost of Premium Motor Spirit (PMS), generate and distribute steady power and reduce taxes on the citizens.

GPAAN urged the government to focus on massive employment generation for Nigerian youths through the establishment of Farm Settlements across the country.

GPAAN, which is made up of seasoned analysts of diverse professional backgrounds across the country has Ayo Oyoze Baje as the President, Lekan Sote as the Vice President and Victor Anya as the General Secretary. Other prominent members include Achike Chude (PRO), Joseph Amaoru, Steve Aya, Richard Inumah, Sola Adesanwo, Jide Akintunde, Amaechi Ikechukwu, Comfort Coleman, Moyo Oyatogun, Dipo Olayokun, Dr. Ambrose Igboke, Martin Azuwike and Chas Ideho amongst many others.

Of significance is that members of the Executive have also agreed that the Association will meet more regularly to discuss critical issues affecting the country and fashion the best way forward.