The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), has urged the federal government to take prompt, drastic and
President Bola Tinubu, during his inauguration, pulled the plug on PMS subsidy payment on the ground that the 2023 budget does not make provision for the expenditure, leading to about a 300 per cent price hike.
Though NACCIMA is in support of the removal of the subsidy removal as it will save the country N2 trillion, he added that, “this reform is a unique opportunity to free the country from the economic burden of the fuel subsidy regime and embark on a path towards a brighter and more prosperous future. In addition, implementing appropriate palliative measures will help to cushion the possible negative effects of the reforms and stimulate growth in the economy.
Noting that prices of goods and services have already gone beyond the reach of ordinary Nigerians, the NACCIMA helmsman charged the federal government to come out and also fast track palliative measures like cash transfers, essential goods and services subsidies and job creation initiatives.
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