Be patient, hardships ‘ll give way for prosperous, equitable, inclusive economy – Tinubu
The Nigeria Employers’ Consultative Association has urged the Federal Government to address agitations by Nigerians over the rising cost of living in the country.
The employers’ body said that it was imperative for the government to take urgent and deliberate actions to mitigate the persistent rise in inflation in order to check what it called “fast-accelerating cost of living in the country.
Such actions, NECA noted, may include price stability mechanisms, periodic feedback on the progress of the ongoing work at the refineries, reversal of the value-added tax on diesel and suspension of the planned upward review of electricity tariff.
The Director General of NECA, Adewale-Smatt Oyerinde, who communicated the position of the association via a statement obtained by The Point, said the current situation in the country was also taking a toll on businesses, some of which have closed down.
“This situation is having a negative impact on Nigeria’s poverty and production index. In the last one year, we have witnessed rising inflation, commodity price instability, reduced industry capacity utilisation, and dwindling purchasing power of Nigerians, all of which have further dragged many enterprises out of existence and Nigerians below the poverty lines.
“While the current administration has lined out policy plans to improve the living standards of the masses, such plans must be backed by deliberate and quick responses. As it is obvious to all, there is increasing agitation owing to the rising cost of living, compounded by the increasing cost of petrol and threat of increment in electricity tariff, amongst others.”
The Director General also noted that while the removal of petrol subsidy, renewed efforts at curbing oil theft, and the ongoing attempt to reform the tax administration system with the appointment of Taiwo Oyedele as chairman of the Tax Reform Committee, were commended, it was important, however, that the government takes more drastic steps to stop the slide into hopelessness by Nigerians and the organised businesses.
“It is instructive to note that businesses and households are currently being over-stretched beyond their shock buffers. Already, there is a drag on business operation as production plans are persistently displaced by frequently changing factor costs, and households are constantly adjusting consumption to accommodate their inadequate real income,” said Adewale-Smatt.
He called on the government to urgently conclude all palliative measures provide some immediate respite to both individual and corporate citizens.
Meanwhile, President Bola Tinubu has called for the patience and understanding of Nigerians, particularly the youths, assuring them that the hardships of the moment will eventually give way for a more prosperous, equitable and inclusive economy.
The Special Adviser to the President on Special Duties, Communications and Strategy, Dele Alake, said President Tinubu gave the assurance on Thursday at the State House while receiving All Progressives Congress National Youth Leaders from across the 36 States of the federation and Federal Capital Territory, Abuja.
Alake explained in a statement that the President told the youths that his administration would include them in governance, and decision-making processes, adding that “no decision would be too difficult for his administration to take for the prosperity and unity of the nation.’’
“President Tinubu said he feels the pains of citizens.
“I make my pledge to the country that no decision will be difficult for this administration to take for the prosperity and unity of this country. Economic reforms could be slow. Be patient a little more.
“I can assure you that I understand the pains you are going through. It is not easy to get rid of the monster of over 40 years called fuel subsidy,’’ the President said.
He noted that his administration would do everything necessary to widen the net in order to accommodate more women and youths.
According to him, this will be done, among others, by ‘liaising with our lending institutions to give micro loans at a very low interest rate’ for economic activities among the citizens.
Earlier in his remarks, the APC National Youth Leader, Abdullahi Dayo Israel, told the President that, as representatives of all the youth organs of the party, they had come to congratulate him on the party’s victory at the polls and seek inclusion in appointments into the dissolved boards and agencies of government.
