By Henry Uche
Nigerian Institute of Management (Chartered) has charged the Federal Government led by President Bola Ahmed Tinubu, to take urgent steps to forestall possible economic crisis by mitigating the harsh effects of the latest increase in the pump price of premium motor spirit on both the economy and Nigerians.
In a statement issued by the President and Chairman of Council of the Institute, Dr. (Mrs.) Christiana Atako and signed by the Registrar/Chief Executive, Mrs. Taiwo Olusesi, the Institute expressed worries at the harsh effect of the latest phase of subsidy removal. Dr Atako drew attention to the long queues that have resurfaced in Nigeria and the attendant consequences on Nigerians whose cost of living is shrinking by the day.
Speaking further, Dr. Atako opined that “in as much as the Institute supports the current efforts by the Federal Government to kick-start the nation’s weak economy and put it on a good footing, NIM as an organization committed to promoting good governance and sound management practices, believes that government should do everything within its power to give the nation’s economic policies a human face.”
NIM President urged the Federal Government to continue working with the greater interest of Nigerians at heart by taking more proactive measures that would impact the welfare and wellbeing of the citizenry especially by addressing fuel scarcity and hunger in the land as well as tackling the myriad of economic issues facing the country.
“The Institute concedes that though the decision to remove fuel subsidy has come with some pains, it is a necessary step towards the nation’s economic stability as it will help to curb the mismanagement of scarce resources, reduce corruption in the oil sector, and ensure that the benefits of government spending are felt by all Nigerians” Atako stressed.
The statement revealed further that since the removal of subsidy is a difficult decision with a significant impact on the masses, it is essential that the Federal Government implements measures to mitigate its effects on the most vulnerable members of society. She listed the measures to include: Providing a safety tax net for those who would be most impacted by the subsidy removal. This could include greater government intervention in agricultural produce, public transportation and employment programmes for the youths.
She enjoined Nigerians to be patient with the Federal Government, calling for more understanding as the Institute believes that the nation would soon turn the bend and start reaping the benefits of present sacrifices.
