By Ibukun Emiola
Experts have called on the Federal Government to provide social welfare for Nigerians to cushion the present hardship, occasioned by fuel subsidy removal and other economic policies.
The experts made the call in separate interviews with the News Agency of Nigeria (NAN) in Ibadan on Friday.
They were unanimous in their opinions that unless a comprehensive social welfare was provided by government, Nigerians might find it difficult to cope with the present economic situation.
The Senior Partner, Bakertilly Nigeria, Mr Mark Ariemuduigho, said that the handling of the exchange rate unification policy by government was too good.
“This is because since the adoption of the policy, the naira has kept falling on a daily basis, which is against government’s initial plan.
“There are some people who are taking advantage of the situation by mopping up the dollars from the system to create artificial scarcity so that the price will either go up or they destabilise the government,” he said.
Ariemuduigho, who said that the situation was not good for the country, urged the federal government to take a second look at the policy and tighten any loose end.
“If government has decided to unify the exchange rate, then it should be ready to supply sufficient dollars into the system as a way of addressing what is happening now,” he said.
According to him, Nigerians are seriously feeling the impacts of the increase in the pump price of Premium Motor Spirit (PMS), also known as petrol, from N500 per litre to between N568 and N617 per litre.
“Every family is feeling that heat. So whatever the government can do to ameliorate it, it should do it, and on time too,” he said.
Ariemuduigho also urged the federal government to use part of the money saved from fuel subsidy removal to fix the nation’s ailing refineries.
Also, Dr Temitope Babajide, Chairman of Ibadan District Society of Institute of Chartered Accountants of Nigeria, (ICAN), while describing the exchange rate unification policy s a good, however, faulted its implementation.
According to her, the policy has further contributed to dollar scarcity, as most of the money deposit banks don’t have the FX which is supposed to be readily available.
“Even many of bureau de change operators have been claiming that they do not have the FX.
“The dollar rate is so high and it is because Nigeria is not an export-dominated country.
“If we have some things that we are exporting to other countries and we are being paid in foreign currencies, it will boost our economy,” she said.
Babajide stressed the need for government to address the factors affecting local production for exportation, such as insecurity inhibiting agricultural production.
She said that the economy should be made viable and measures put in place to reduce the possible negative impacts of new policies even before introducing them.
Babajide said that policies should be subjected to in-depth analyses such that the economy would be made friendly and viable for business to thrive.
Dr Nkemdilim Iheanachor, Academic Director, Senior Management Programme, Lagos Business School, in his keynote address at a lecture organised by Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), also called for multiple approaches to addressing the present challenges.
He said that the present economic situation, if not addressed, might force many companies to close shop.
Iheanacho called for structural and institutional approaches to addressing the economic situation, adding that the unification policy might not address the foreign exchange (FX) issue if FX was not made available.
He noted that many items already banned from importation were still being finding their ways into the country, thus compounding the crisis at hand. (NAN)
