As Nigerians continue to face increasing socio-economic hardships, the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has appealed to the Federal Government to check spiraling rate of inflation in the country.
The president of the association, John Udeagbala, made this assertion during the association’s quarterly economic outlook press conference urged the Federal Government to devise urgent steps that would cushion the alarming cost of doing business in the country.
Udeagbala said Federal Government need to do away with policies constituting bottlenecks to business investments.
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He explained that there were many critical issues, which, if addressed urgently, would help to position the economy for foreign direct investment and encourage local investors to establish industries that would enhance job creation and improve GDP.
These indices, he said, called for great concern and urged governments across all levels to create and maintain an enabling environment that was investment friendly.
He said, “These factors need to be urgently addressed if inflation must be nipped in the bud. Fiscal policies and public expenditure controls at various government levels during this electioneering period will add to keep inflationary rate in checks.
“Furthermore, it will also be more impactful on the economy for the implementation of the Central Bank of Nigeria interventions in the Agriculture, Manufacturing, Energy, Healthcare and Export sectors. This will further ensure inclusive growth and development of Nigerian economy.
“It had become very glaring that Nigeria’s debt as at today was high and unsustainable given the dwindling government revenue.
“Despite the revenue shortfalls recorded, government recurrent expenditure (debt and non-debt) remained high while the much-needed capital expenditure continued to suffer serious declines over the last two decades.
“The association had noted, with deep concern, the rising cost of governance as proposed in the 2023 budget of N20.51 trillion. The planned expenditures for debt servicing would surpass the budgeted amount for capital expenditures by at least 15 per cent,” he added.
