Economy
THE Lagos Chamber of Commerce and Industry (LCCI), has emphasised the need for a system of implementation that will assure Nigerians of integrity and transparency in the distribution of palliatives aimed at alleviating the impact of fuel subsidy removal on citizens.
Dr Michael Olawale-Cole, President, LCCI, gave the advice at the LCCI 2023 Second Quarter Economic Review on Tuesday in Lagos.
The LCCI President said the economic review was the Chamber’s traditional model of engaging in public policy advocacy in its quest for a stronger economy and an enabling business environment.
The News Agency of Nigeria (NAN) reports that President Bola Tinubu had proposed giving N8,000 to 12 million households within the next six months to mitigate the impact of fuel subsidy removal on Nigerians.
Olawale-Cole said that while the LCCI commended the focus and desire of the government to provide palliatives, the chamber was concerned about the distribution of the funds.
Some of the concerns, he said, included how the poor 12 million households would be determined and what parameters and channels government would use to distribute the money.
“For this form of palliatives to make any meaningful impact, it has to be managed appropriately and transparently.
“The responsibility for effective implementation should be vested on respectable and credible individuals.
“In addition, government needs to urgently consider other measures to solve socio-economic and economic problems, which will sustainably ameliorate the difficult situation.
“The chamber appealed to Nigerians to support the government in the proper implementation of this much-desired policy,” he said.
Olawale-Cole also urged government to hasten plans to completely sell off the existing refineries in an open, competitive bidding process or partly sell them using the Nigeria Liquefied Natural Gas (NLNG) model.
“We are calling on government to be focused on tackling the many salient economic issues and making the most of the opportunity given to it by the Nigerian people to serve.
“As a private-sector advocacy group, LCCI shall continue to engage relevant government agencies, the media, and other interest groups, where and when necessary, on actionable recommendations for a thriving business community and economy,” he said. (NAN)
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– July 18, 2023 @ 14:03 GMT |
Tags: Dr Michael Olawale-Cole Lagos Chamber of Commerce and Industry President Bola Tinubu
