Palliative: MAN, LCCI demand more interventions from FG



The Manufacturers Association of Nigeria and the Lagos Chamber of Commerce and Industry have called on the Federal Government to put in place more measures that the organised private sector to cushion the impact of the removal of fuel subsidy.

The manufacturers and commerce chamber, in two separate statements made available to The PUNCH, commended President Bola Tinubu for promising to roll out interventions that would cushion the effect of the hardship across the socio-economic brackets.

MAN, however, noted that the best palliative that the government could offer was to remove the binding constraints that had bedevilled the productive sector.

According to the association, this would engender job creation, payment of salaries and boost production capacity, with the attendant lower prices and improved availability.

“This is far more beneficial than palliatives that would only give nominal relief,” MAN said.

The statement partly read, “The speech of Mr President has demonstrated an appreciation of the downside of the recent economic policy measures taken by the new administration. He has stated the obvious, the fuel subsidy was unsustainable and the prevailing multiple exchange rate was inimical to the growth of the economy.”

MAN also hailed the President’s promise that N75bn would be spent within the next eight months to fund productivity, enhance sustainable growth and accelerate transformation in the manufacturing sector.

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