The Nigerian Institute of Management (Chartered)(NIM) says it is essential for the Federal Government to implement measures to mitigate the effects of the fuel subsidy removal decision on the most vulnerable citizens.
Dr Christiana Atako, President, NIM, gave the advice in a statement signed by the Registrar, NIM, on Tuesday in Lagos.
Atako listed the measures to include providing a safety net for those most affected by the subsidy removal via targeted cash transfers, subsidies for essential goods and services, and programmes to create new job opportunities.
The NIM president noted that while the decision to remove subsidy may come with some pains at the beginning, it was a necessary step toward the nation’s economic growth and stability.
According to her, the move will help to curb the mismanagement of resources, reduce corruption, and ensure that the benefits of government spending are felt by all Nigerians.
She commended the Federal Government and the labour unions for reaching an agreement to address the issues associated with the removal of fuel subsidy leading to the suspension of the proposed nationwide strike action.
“The institute expressed delight that Federal Government and labour unions came together to discuss and resolve the issues at stake.
“This is a positive step in the right direction and I believe that the resolutions reached eventually would be beneficial to all parties involved.
“As an organisation committed to promoting good governance and sound management practices, the institute believes that it is essential for all stakeholders to engage in constructive dialogue to address challenges facing the country.
“I urge all parties to continue working together to find a lasting solution to this issue while the Federal Government engage more proactive measures to address other economic issues facing the country,” she said.
Atako also advised the new administration to continue to work closely with civil society organisations, community leaders, and other stakeholders to ensure that the effects of the subsidy removal were effectively communicated to the masses.
This, she said, would help to build trust and understanding among the population and ensure that they were able to adapt to the new economic realities.
She added that government must focus on policies that promote economic growth and poverty reduction to ensure that Nigerian citizens do not feel left behind in this process.
“This could include investments in infrastructure, education, and healthcare, as well as measures to attract foreign investment and promote entrepreneurship,” she said.
Atako, enjoining Nigerians to join hands with the Federal Government by supporting its good economic policies, listed ways by which the average Nigerian could overcome the effects of subsidy removal.
“We can overcome its effects on our daily lives by budgeting, increasing productivity, reducing consumption, embracing local goods, and seeking alternative transportation,” she said.