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Abuja, May 12, 2025** – In a bold proclamation aimed at confronting Nigeria’s escalating debt crisis, Otunba Abayomi Odunowo, National Chairman of the Asiwaju Ahmed Tinubu Support Group (AATSG), has called upon the Federal Government to enact urgent measures to stabilize the nation’s economy, asserting that it is time for a radical shift in policy direction.
Nigeria is currently grappling with a staggering debt burden that stands at ₦187 trillion, a figure that threatens the very fabric of the nation’s economy. As inflation spirals upward and foreign investments dwindle, millions of Nigerians are left in despair, feeling the pinch of economic instability in their daily lives. The traditional approaches to economic reform have proven inadequate, leaving room for innovative solutions.
During a policy briefing held in Abuja, Otunba Odunowo expressed his frustration over the existing governance model and its inability to provide tangible solutions to the economic challenges Nigerians face. “At this critical juncture in our nation’s history, what we need is bold, strategic leadership backed by practical solutions. President Bola Ahmed Tinubu has demonstrated an unwavering commitment to economic reforms, and this is the time to consolidate those efforts with innovative ideas that directly touch the lives of Nigerians,” he asserted.
**National Urgent Economic Recovery and Debt Stabilization Policy (NU-ERDSP)**
Odunowo unveiled the comprehensive National Urgent Economic Recovery and Debt Stabilization Policy (NU-ERDSP), which encompasses a series of strategic initiatives aimed at transforming the economy and alleviating the debt strain.
1. **Strict Fiscal Discipline:** The policy advocates for an immediate suspension of non-essential government spending, coupled with the implementation of the long-awaited Oronsaye Report to significantly reduce the cost of governance.
2. **Aggressive Revenue Generation:** The plan emphasizes expanding the tax base without increasing rates, formalizing the informal sector, and recovering looted funds through a Special Presidential Taskforce, ensuring that revenues are maximized from existing resources.
3. **Oil Sector Stabilization:** Recognizing the crucial role of oil in the economy, the policy outlines measures to curb crude oil theft through advanced surveillance techniques and fast-tracking local refinery operations to reduce foreign exchange outflows.
4. **Economic Diversification:** A substantial investment in youth-driven digital skills and agricultural initiatives promises to generate over 2 million new jobs within the next 24 months, thereby stimulating economic growth from the grassroots.
5. **Land Tokenization for Debt Relief:** The centerpiece of the NU-ERDSP is the innovative Nigeria Land-Backed Token (NLBT), designed to unlock billions of dollars in trapped value from government-owned land assets. This initiative is projected to generate over $10 billion in new revenue within two years, allowing Nigeria to monetize its vast land assets and attract local and foreign investments without adding to the national debt.
According to Odunowo, “The proposed land tokenization policy is a game-changer. With proper implementation, Nigeria can monetize its vast land assets, attract both local and foreign investments, and inject immediate funds into the economy without borrowing a single kobo. This is the kind of out-of-the-box thinking required to break free from the cycle of debt.”
Odunowo’s message was clear: the time for mere rhetoric is over. He urged all patriotic Nigerians, policymakers, and stakeholders to rally behind President Tinubu’s administration in delivering these crucial reforms swiftly, emphasizing that Nigerians are hungry for results.
“The time for mere production of statistics and promises is behind us. We have the solutions at our fingertips to secure a brighter economic future for our children, and now is the time to act decisively and responsibly,” he concluded.
**Signed,**
Otunba Abdulfalil Abayomi Odunowo
National Chairman AATSG
Email: nchairman@aatsg.org.ng
Phone: +234-9053535322
Website: www.aatsg.org.ng
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