The pan-Nigerian Social Welfarists group, Afenifere has urged Nigeria’s government to rethink its economic policies, citing high inflation and increased poverty as major concerns affecting citizens.

In a release signed by Afenifere’s Publicity Secretary, Prince Justice Faloye, the group warned that if the Federal Government does not change its current economic policies during the first year of its scorecard review, the ongoing economic turbulence may persist.

It claimed it would further impoverish the citizens in the following years.

The group advised President Bola Tinubu’s administration to pay heed to the yearning of the masses and alleviate their plight.

It stated that the economy had experienced severe turbulence in the one-year administration of Tinubu.

Afenifere called for a better understanding of the economy to stop the alarming rate of inflation, devaluation, increasing unemployment, homelessness, and poverty.

Afenifere emphasised that those policies were crowding out the productive sectors of the economy from much-needed loans.

According to the group, hikes in interest rates are not effective in curbing inflation for the twin reasons that whatever loans are withheld from the private sector by the restrictive policies are flowing to the government, which is spending recklessly and pumping the same funds right back into the markets.