The Coalition of Northern Groups (CNG) has criticized the monetary policy committee of the Central Bank of Nigeria (CBN), labeling it the worst since Nigeria’s return to civilian rule in 1999.

Speaking to journalists in Abuja on Friday, Comrade Jamilu Aliyu Charanchi, the National Coordinator of CNG, expressed concerns over the government’s apparent trial-and-error approach to the economy in response to the current hardship facing Nigerians. He argued that this approach has led to further economic deterioration and unnecessary suffering for the populace.

Citing data from the National Bureau of Statistics (NBS) and other sources, Charanchi noted that key economic indicators have worsened over the past year, with no effective solutions in sight.

He stated, “Empirical data from NBS and others reveal that over the past year, key economic indices have worsened with no definitive and evidence-based solutions in sight. In this dire situation, instead of providing relief, the Monetary Policy Committee (MPC) announced an increase in interest rates, which will further devastate the economy and diminish the prospects for job creation.”

Charanchi further criticized President Tinubu’s economic team, describing it as the worst since 1999 due to its lack of coordination, focus, foresight, and understanding of the Nigerian economy. He claimed that the government’s policies benefit only a few elites, while the majority of citizens continue to suffer in deep poverty.