Adeleke Urges FG, States to Prioritise Production, Job Creation Amid Rising Cost of Living

Osun State Governor, Ademola Adeleke, has urged the Federal Government and state governments to prioritise policies that boost production, support businesses and create jobs as part of efforts to ease the rising cost of living.

 

Adeleke made the call on Tuesday in Ilesa during the second Distinguished Public Lecture Series of the University of Ilesa, delivered by the President of the Institute of Chartered Accountants of Nigeria (ICAN), Queensley Seghosime.

 

Represented by the Commissioner for Finance, Olusola Ogungbile, the governor said governments must ensure that public funds were spent responsibly, stressing that borrowing, where necessary, should be directed towards development projects and improved citizens’ welfare.

 

He also identified security as a critical factor in economic recovery, warning that insecurity on farms, roads and in markets could undermine production, discourage investment and weaken economic growth.

 

“Governments at all levels must therefore remain focused on policies that encourage production, support enterprise, create jobs and improve the welfare of the people.

 

“Security is not merely a matter of protecting lives and property; it is also essential to economic growth and national stability,” Adeleke said.

 

The governor said the country’s challenges had further highlighted the need for good governance, urging public institutions to remain transparent, accountable and responsive to citizens’ needs.

 

In her lecture, titled ‘Accounting for Economic Resilience: Addressing Inflation, Fiscal Sustainability, Insecurity and Governance Challenges in Nigeria’, Seghosime said economic reforms would only be meaningful when Nigerians experienced tangible improvements in their homes and businesses.

 

Represented by ICAN’s First Deputy Vice-President, Dr Oye Akinsulire, she said Nigeria had reached a critical stage where difficult reforms introduced in recent years were aimed at restoring macroeconomic stability.

 

She, however, cautioned that economic stabilisation should not be treated as an end in itself, insisting that its benefits must translate into better living standards.

 

According to her, the success of economic reforms should be measured by whether households experience relief from financial pressures and businesses gain greater confidence to plan and operate.

 

“Economic stability becomes meaningful when citizens experience greater purchasing power, businesses can plan with greater confidence and households can begin to rebuild their standard of living,” she said.

 

Seghosime said Nigeria must address the structural factors driving inflation by improving agricultural productivity, energy supply, transportation and storage, while strengthening domestic production and maintaining credible monetary and fiscal policies.

 

She added that recurring challenges involving inflation, fiscal pressure and exchange-rate volatility underscored the need for the country to build economic resilience during periods of favourable economic conditions.

 

Earlier, the Vice-Chancellor of the University of Ilesa, Professor Taiwo Asaolu, said the lecture series was established to commemorate the institution’s Founders’ Day.

 

Meanwhile, the Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji, has offered to partner with Nigerian tertiary institutions to develop them into innovation incubators capable of providing solutions to real-world challenges.

 

Adedeji made the offer while delivering the university’s 2025 Distinguished Lecture, titled ‘Economic Resilience in an Era of Dwindling Revenue’.

 

He discussed Nigeria’s economic challenges and outlined measures adopted by the tax agency under his leadership, including automation and digitisation, expansion and modernisation of the tax base, collaboration with state governments on tax harmonisation, and institutional reforms aimed at building public trust.