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•Say subsidy removal suffocating citizens
By Merit Ibe and Adanna Nnamani (Abuja)
Nigeria’s Organised Private Sector (OPS) at the weekend joined other stakeholders in the economy to take a swipe at the economic policies of the Bola Tinubu administration, blaming it for the rising cost of living across the country.
In their separate reactions to the outcry by the Afenefere, the Yoruba socio-cultural group alongside other ethnic nationalities on the spate of rising cost of living, the OPS said lives of the ordinary Nigerians has become brutish and tougher than anticipated particularly following the removal of fuel subsidy and harmo
According to them, the policies have taken a huge toll on the people, stressing that the government needs take more drastic steps to stop the slide into hopelessness by Nigerians and in deed organised businesses.
They therefore urged the government take action to mitigate the rising inflation and address the high cost of living. More importantly, they called on the Tinubu government to conclude all palliative measures, to provide some immediate respite to both individual and corporate citizens.”
Frank Onyebu, chairman, Manufacturers Association of Nigeria (MAN), Apapa branch lamented that the economic reality unraveling everyday in Nigeria remains harsh and that everyone is feeling the heat. “The government is taking a lot of very hard, and sometimes, very harsh decisions. I doubt if there’s anyone living in this country who doesn’t feel the pinch of the present moment. So I agree with the Afenifere leader on that”.
I also agree that there is a need to look into the cost of governance. It’s not enough to tell everyone else to brace up for hard times. The government has to take the lead. The government has to lead by example. There’s need to drastically cut the cost of governance.
There’s no way the people will fully understand what the government is saying until the government takes certain actions to curtail all sorts of extravagance. There’s no way people will be happy to put up with suffering when officials are appropriating billions of Naira for their welfare and appointing thousands of assistants.
The amount of money being allotted for the renovation of certain government facilities is more than enough to construct highways, schools and mega hospitals. It doesn’t make sense.
Like I said, the government needs to lead by example. I expect every official, from the National Assembly to the Executive, to realise the precarious situation this country is currently in. What should be occupying their minds right now should be how to get this country out of the current mess. There’s an urgent need to drastically cut the cost of governance. That includes cutting the size and structure of government. They should also all be thinking about employment creation initiatives, because with the present level of unemployment, I have to warn that this country is almost at the edge of the precipice.
For its part, the Nigeria’s Employers Consultative Association (NECA) expressed concerns over the nation’s rising inflation and huge debt ratio which has continued to impact negatively on organised business, weaken the economy and hinder National development.
NECA while reviewing the nation’s economic performance at its 66th Annual General Meeting in Lagos last week stated that inflation rate, exchange rate and interest rates which share a triadic association were critical to investment determination of the country and that the recent statistics were not encouraging for investors and businesses.
The President of NECA, Taiwo Adeniyi, stated that “these factors coupled with certain faulty policy implementation have discouraged inflow of foreign investment and further dampen domestic investments. In addition, there is the continued desertion of key government assets with potential to improve the treasury coffers.”
Meanwhile Pensioners in the nation have lamented President Bola Tinubu’s recent fuel subsidy removal, saying it is taking a severe toll on them.
The retirees, under the platform of the Federal Parastatals and Private Sector Pensioners Association of Nigeria (FEPPPAN), applauded the government for its efforts to improve the economy but argued that there was a need to mitigate the effects of the subsidy removal, particularly for the senior citizens.
To enable them to keep up with the country’s current economic realities, the union pleaded with the federal government to begin upward reviews of their pensions.
Additionally, FEPPPAN made a case for its members’ inclusion in the National Health Insurance Scheme with other workers.
The union stated these in a communique which was issued after its National Executive Council (NEC) meeting held recently in Abuja. The document was signed by FEPPPAN Acting President-General, Babaji Magaji, General Secretary, Franklin Erinle and National Public Relations Officer, Jonathan Iyoo.
