The Federal Government has been urged to provide palliatives for operators in the country’s productive sectors.
The Nigerian Association of Chambers of Commerce Industry, Mines and Agriculture, NACCIMA, and the Abuja Chamber of Commerce and Industry, ACCI, made the call in Abuja at its third Quarterly Council Meeting in Abuja.
President of NACCIMA, Dele Oye, said the extension of palliatives to some key sectors of the economy was critical because of the harsh impact of the petrol subsidy removal on businesses in the affected sectors.
He also stressed that it would take time for businesses to adjust to the floating of the naira, a recent policy introduced by the Central Bank of Nigeria, CBN, adding that He noted that by providing loans at a single digit interest, the government would be cushioning the effects of subsidy removal on industries affected in the short term.
It will be recalled that the National Executive Council, NEC had approved five billion naira to be given to each of the 36 states, and the Federal Capital Territory, FCT as part of plans to cushion the effect of the subsidy removal on the masses.