That poverty-stricken Nigerians are dying needlessly daily as a result of hunger and depression is no longer news. No thanks to multidimensional poverty, poor mental health and lack of affordable health care ravaging the land.

There is galloping inflation, occasioned by haphazard policies of the Tinubu-led administration; particularly the abrupt removal of fuel subsidy.

To worsen matters, there is widespread and excruciating starvation and hardship which is gradually choking and snuffing life out of many Nigerians.

The situation has deteriorated to an abysmal level that urban and rural poor can no longer afford high prices of foodstuffs and commodities in the market and this is a serious source of concern.

On the other hand, the rich are not finding it easy either, because of mounting requests for assistance from the down-trodden. Worst hit by the economic crisis are household consumables. To eat once a day in most homes today is a luxury.

 All is not well in Nigeria. Yet, the political class enjoying jumbo pay and bogus government allowances have continued to urge the Nigerians to exercise patience, insisting there is “renewed hope”. Alas, what is in existence is hopelessness and hunger in the land.

According to the National Bureau of Statistics (NBS), in Sept., food inflation increased to 32.72 percent from 23.67 percent in the corresponding year, an unfortunate reality largely due to the sudden fuel subsidy removal by President Bola Tinubu. Instructively, Vice President Kashim Shettima admitted during the recent Nigerian Economic Summit in Abuja that some of the economic reforms of the present administration have been painful, though  inevitable.

According to the Vice President, many other nations like Nigeria were experiencing significant economic problems over the past few years.

 “Nigeria’s growth trajectory has been volatile, heavily dependent on oil revenue and unable to create enough jobs to keep pace with our rapidly growing population. As a nation, we must prioritize economic diversification.

“Considering this, the present administration, through the Renewal Hope Agenda has embarked on bold and courageous reforms designed to create an environment that fosters sustainable economic growth and shared prosperity, though painful at the moment. Our focus is on sectors that can offer inclusive and sustainable growth such as agriculture, manufacturing and the digital economy,” he explained.

While commending the Nigerian Economic Summit Group (NESG) for being in the forefront of helping the government by creating a platform for meaningful conversation on the economy, he said the opportunity has made it imperative to halt the catastrophe before it consumes the country.

Despite the fact that the recent figures from the NBS show that inflation fell to 33.40 percent in the month of June, the reality is that inflation is still driving up the prices of essential commodities like food and petrol, thereby exacerbating the hardship and hunger ravaging the urban and rural poor, as small increases in the cost of basic goods and foodstuffs impact negatively on low-income families.

Although records show that food inflation has slightly decreased to 39.53 percent from 40.87 percent, as a result of harvesting period, the slight reduction has not translated into lower prices in the market.

Nigerians are of the common view that the avoidable economic downturn in the country, owes much to the unprecedented devaluation of the naira – a direct consequence of high inflation – which has reduced low-income families to unimaginable levels of desperation and destitution; to the extent that those caught up in this web are now sacrificing essential needs like their children’s education and often times healthcare just to live from hand to mouth.

It is fair to state categorically that the removal of fuel subsidy has really brought about untold hardship to millions of Nigerians because fuel price hike has driven up the prices of goods and services throughout the country.

Despite the monumental corruption in the oil sector vis-a-vis the so-called subsidy regime, the greatest victims of subsidy removal are the masses. This is because fuel is the essential ingredient that drives and revolves round most activities in the country, ranging from transportation, small and medium scale enterprises, petty businesses, technology and tourism.

During the campaign to remove the subsidy, the issue that elicited a lot of concern was federal government’s inability to identify and penalize those benefiting from the fraud called fuel subsidy.

No matter the level of corruption in the oil industry, the Nigerian Midstream and Downstream Regulatory Authority (NMDPRA), the drivers of the reforms in the sector in collaboration with Nigerian National Petroleum Company Limited (NNPCL), should have been able to stop the payment of subsidies to the faceless importers of petroleum products and channel the resources into the provision of infrastructure and employment for the benefit of the people, rather than outright removal of the subsidy, a move which has dealt a major blow to the nation’s economy.

Halting the hardship in the country and reviving an economy which is contending with high fiscal deficits, low Gross Domestic Product (GDP) and high inflation are as complex and challenging as fighting corruption in a nation like Nigeria. But it can be achieved if the government becomes more strategic and intentional in its game plan to reverse the ugly trend.

If there is (political) will, there must be a way. The popular refrain among government officials is that Nigeria is not the only country passing through economic hardship. That is not far from the truth but mouthing such excuses without marshaling any action plan for sustainable economic growth could be suicidal.

The federal government has consistently appealed to Nigerians to tighten-up their belts and they have complied and are still complying. Surprisingly, top government officials are not practising what they are preaching, whereas more than a 100 million Nigerians living in extreme poverty are subjected to unbearable austerity measures.

A government that fails to encourage and promote transparency and accountability does not have the legal and moral justification to urge people to continue tightening-up their belts. There is an urgent and compelling need for the federal government to implement the much orchestrated fiscal discipline by reducing non-essential government spending and improving the effectiveness of public infrastructure, security and welfare of the citizenry.

Unless and until the government stops its unnecessary lip service of insisting that Nigeria is on the path to progress and urgently reduces its over reliance on oil exports and promote other critical sectors like agriculture, manufacturing and technology, the much needed economic revival would remain nothing but a dream.

Again, Small and Medium-sized Enterprises (SMEAs) must receive the support of government as this would foster entrepreneurship and innovation. But without power such expectations are impossible. Sadly, the crisis in the power sector is not going away. Instead, the growing challenge has overwhelmed the present administration just as those before it.

DAILY ASSET strongly believes that addressing inflation, the fallout of which is the untold hardship Nigerians are experiencing today, requires a frontal and comprehensive approach from the federal government rather than the lopsided reforms that encourage wasteful spending to the detriment of the masses.

For instance, government cannot overhaul and fix its moribund refineries which have gulped over $25 billion in the last 27 years but can unilaterally jack up prices of petroleum products, the way it did under subsidy removal.

Similarly government must not arbitrarily raise cost of electricity and other taxes without addressing epileptic power supply and other associated challenges.

There must be a complex balance of pragmatism and sustained commitment to promote, sustain and consolidate economic stability, growth and productivity.

The move to reform the Nigeria Auditor General Ordinance Act of 1956 by the National Assembly has been ongoing for over a decade. Though there were significant developments, the bill got stuck at the bi-camera lawmaking chambers where it has continued to undergo series of reviews before it will be transmitted to the president for assent.

Crafted to re-enact the Audit Act, the bill, introduced in the House of Representatives in 2014, has two significant provisions – the independence of the Office of the Auditor General for the Federation (OAuGF) and the establishment of the Federal Audit Service Commission and other matters related thereto.

The passage of the bill shall not only make the OAuGF to be financially independent but shall also grant it administrative autonomy to have powers to recruit, promote and discipline their staff.

 It will also empower the OAuGF to carry out audits on all government Ministries, Departments and Agencies (MDAs) and hold them accountable for their stewardship in the use of public resources.

Additionally, it will pave the way for the establishment of the Federal Audit Service Commission which shall be responsible for handling all matters of recruitment, promotion and discipline of members of staff of the office and the Audit Commission.

When the colonial government established the Audit Ordinance Act of 1956, the instrument provided for the position of the Director of Audit. It was meant to provide for adequate and appropriate checks and balances in the colonial financial system.

But for the first time, the 1999 Constitution of Nigeria (as amended), provided for the Office of the Auditor-General for the Federation and the appointment thereof.

With endemic corruption in the country and the continued outcry for stronger institutions to help sanitise the public financial sector, by entrenching the principles of accountability and transparency to prevent and curb corruption, it is imperative and absolutely necessary to advance the course of the 1999 Constitution by way of providing for a robust Audit Act that will make clear and unambiguous provisions required to effectively carry out the mandate of the office.

Recognizing the job of auditors in ensuring that public officials and institutions are held to account is undeniably one of the toughest jobs in government, experts have considered the Audit Bill as a powerful instrument to address issues of poor governance, wastes, inefficiency, lack of accountability and transparency in the public sector.

Therefore, when passed and passed by the president, the bill will also give a stronger backing to the fight against corruption as it guarantees and safeguards operational independence of the OAuGF as a Supreme Audit Institution(SAI).

Additionally, once the bill is passed into law, the Auditor-General shall be vested with more powers to inquire into, examine, investigate and report as he considers necessary on the expenditure of public monies and money advanced or granted to a private organization or body in which the Federal Government has controlling interest.

The financial and administrative independence which the Audit Law will bestow on the office, will complement the legal independence it already enjoys by virtue of Section 85 of the 1999 Constitution (as amended). The administrative autonomy will enable the OAuGF to attract quality human capital at competitive standards for improved efficiency; as recruitment of members of staff will now be conducted professionally by the Federal Audit Service Commission with improved remuneration packages that will challenge them to discharge their duties effectively and professionally too.

Internationally, the OAuGF shall be placed at par with other Supreme Audit Institutions (SAIs). Resultantly, the office shall be accorded more respect and recognition as a credible source of independent and objective insight and guidance to support beneficial change in the public sector. This will also enable those charged with public sector governance to discharge their responsibilities in responding to audit findings and recommendations and taking appropriate corrective actions.

When MDAs fail or delay the submission of their accounts and records or Audited Accounts to the OAuGF without sanctions, it affects timely preparation of the OAuGF Annual Audit Report to the National Assembly as envisaged by the Constitution of Nigeria (as amended) and as a result, the information contained in the report lose its capacity to influence decisions.

DAILY ASSET is of the view that aside from the passage of the bill, the OAuGF should be placed on first line charge. It must be adequately funded to enable it to effectively audit the 1023 MDAs and over 123 embassies and foreign missions.

Also, the government must ensure adequate provision of accommodation for auditors for effective discharge of their assignments. Auditors on oversight assignment should not reside in the same office with the MDAs they audit for a fair and balanced audit report.

Finally, the task of fighting corruption and blocking wastes in systems is a huge challenge that requires all hands on deck hence the need for inter-agency collaboration, cooperation and sharing of vital information between public institutions charged with responsibilities of fighting corruption.

Critical stakeholders in the agriculture sector have persistently warned that the relentless wave of attacks against farmers in Nigeria by cattle pastoralists, bandits and kidnappers could further contribute to the nation’s economic woes. Already, there is unprecedented shortfall in food supplies.

This unfortunate trend threatens to push Nigeria deeper into a devastating hunger crisis. Increasing attacks on farmers across parts of the country have led to displacement of farmers, market disruptions and loss of livelihoods. In particular, food basket states like Benue, Niger, Kaduna, Borno, Plateau, Kogi and farming communities are being relegated and dehumanised to camps as Internally Displaced Persons (IDPs), thereby worsening the food crisis in the country.Bandits, kidnappers and other dare-devil armed groups have been killing farmers in their hundreds while others are kidnapped and made to buy their lives with millions of naira, thus forcing many farmers to abandon their farms.To worsen the situation, there are devastating floods in many parts of the country which have claimed dozens of lives and have washed away thousands of hectares of cultivated farmlands. This has exacerbated the plight of farmers. The climate change crisis is more likely to push many more people into hunger because of the flooding and unpredictable rainfall pattern, far more severe than in previous years will further compound the food crisis.Last year, the UN estimated that more than 25 million people in Nigeria could face food insecurity this year, a 47 percent increase from the 17 million people who were already at risk of going hungry – mainly due to the ongoing insecurity, protracted conflicts, and the projected rise in food prices.In addition, an estimated 2million children under the age of five in the northeastern states of Borno, Adamawa, and Yobe are likely to be pushed into acute malnutrition while about 700,000 will face life threatening starvation.Also, in the 2023 Global Hunger Index, Nigeria ranked 109th out of the 125 countries with food shortage with a score of 28.3 in the 2023 Global Hunger Index. Thus, Nigeria has a level of hunger that is serious.Already, the food crisis, insecurity and corruption have reached an alarming rate which triggered a 10-day protest across the country last month.DAILY ASSET is of the view that for the Tinubu administration to get Nigeria out of the woods, it must redouble efforts to tame the rising spate of insecurity in the country.That the nation’s armed forces must urgently embrace technology and involve new strategies to restore security for the displaced farming communities to resume full farming activities.Additionally, the federal and state governments should explore the possibility of tackling unemployment, poverty and inequality.Also, the porous borders have to be strengthened to prevent the influx of undesirable elements through increased surveillance by security agencies.The complex challenges facing Nigeria can only be tamed through the implementation of workable strategies, commitment and cooperation among all stakeholders.