Take steps to mitigate effects of fuel price hike, NIM urges FG

The Nigerian Institute of Management has urged the Federal Government to take urgent steps to forestall economic hardship occasioned by the recent increase in pump price of petrol.

The President of NIM, Dr. Christiana Atako, made the call in a statement by the institute’s registrar, Mrs. Taiwo Olusesi, on Saturday in Lagos.

Atako said that it was important to mitigate the harsh effects of the latest increase in the price of fuel on both the economy and Nigerians.

She said that the long fuel queues that resurfaced in various cities had attendant consequences for Nigerians, whose cost of living was shrinking by the day.

“The Institute supports the current efforts by the Federal Government to kick-start the nation’s weak economy and put it on a good footing.

“However, NIM is an organisation committed to promoting good governance and sound management practices.

“We believe that government should do everything within its power to give the nation’s economic policies a human face,” she said.

The NIM president urged the Federal Government to continue working with the greater interest of Nigerians at heart by taking more proactive measures to impact the welfare of the citizenry.

She called on the government to, especially, address fuel scarcity and hunger in the land,as well as tackle the myriad of economic issues facing the country.

“The Institute concedes that the decision to remove fuel subsidies has come with some pains.

“It is, however, a necessary step towards the nation’s economic stability as it will help to curb the mismanagement of scarce resources

“It will also reduce corruption in the oil sector and ensure that the benefits of government spending are felt by all Nigerians.

“Since the removal of subsidy is a difficult decision with significant impact on the masses, it is essential that the Federal Government implement measures to mitigate its effects,” she said.

Atako suggested measures like providing a safety tax net for those who would be most impacted by the subsidy removal, greater government intervention in agricultural produce, public transportation, and youth employment programs.

She also enjoined Nigerians to be patient with the Federal Government and called for more understanding.

She said that the NIM believed that the nation would soon turn the bend and start reaping the benefits of the present sacrifices.