Subsidy removal: How govts can fast-track recovery of businesses — Experts

Some experts have highlighted solutions to the Federal and state governments that will help businesses recover fast from the effects of petroleum subsidy removal and its impact on the Nigerian economy,

The experts said there was a need to address the rising inflation and not depend solely on palliatives as well as seeing farming as a choice, among others.

Former Lagos State Commissioner for Finance, Dr. Abiodun Mustapha Akinkunmi, former Director-General, Lagos Chamber of Commerce and Industry (LCCI), Dr. Muda Yusuf and Dr. Biodun Adedipe, among others, gave this way out at a public lecture organized by Yoruba Tennis Club in commemoration of its 97th Anniversary, themed: “Transforming crisis into opportunity: Charting a new economic course for Nigeria.”

The experts, who spoke about factors that would drive the economic activities, including the need to address inflation and not depending solely on palliatives, seeing farming as a choice, among others, said such were imperative especially now that Fuel Subsidy had been removed.

Presenting his paper, Akinkunmi, a financial guru and frontline economist, gave an overview of the current state of affairs in the Nigerian economy, especially now that the Fuel Subsidy had been removed, pointing out that what was happening in the country was not new globally as, according to him, it has happened to some other countries of the world before and what they did “that eventually made them strong again.”

The former Commissioner said there was no doubt that Nigeria currently experiences, affirming that there was need to chart ways of tackling the inflation,and as well transform the crisis into opportunities in the country for the betterment of the citizens.

“What is happening to us is not new because according to him, it has happened to some other countries of the world before and we knew what they did that eventually made them strong again.

“There is no doubt that Nigeria currently experiences inflation and for us to be just and fair, we must chart ways of tackling the inflation but not depend solely on palliatives,” Akinkunmi said.

Akinkunmi declared that all over the world, it was the citizens of such countries that paid the price, saying it was incumbent of all to provide policy recommendation and seek end to the inflation currently ravaging the country.

“The country is currently experiencing inflation due to our large dependence on subsidy, but now that the subsidy is now removed, hence the need to find solution to the inflation,” he said.

This, he said, should be done by “estimating the amount each member spends on transportation, try as much as possible to ensure the inflation is brought down with regulation of the price control and focus on certain products.”

According to him, such a solution would only be possible when the big and small consumers are brought together in a single power pool, even as he argued that farming should be a choice, rather than the last resort of a wide segment of the population as a way out of poverty.

Also speaking, former Director General of LCCI, Dr. Yusuf, said the issue of removal of subsidy should not be subject of discussion, pointing out what should be more of concern “should be how to transform the crisis generated by the crisis to opportunities for us in the country.”

In his own submission, another discussant, Adedipe, said he foresaw improvement of food security as one of the opportunities, urging the government at all levels to do more of engagement for sustainability of the economy.

Earlier in his welcome address, the Chairman of Yoruba Tennis Club, Bro. Olakunle Agbebi, welcomed members and the invited guests to the Club’s 97th Annual Lecture, urging all invited guests to the listen attentively to the discussants, who according to him, would do justice to the theme chosen, which he said would assist in seeking solution to the prevailing economic instability, without any iota of doubt.



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