NIM applauds FG, labour on efforts to resolve issues on fuel subsidy removal, advises on the way forward

The Nigerian Institute of Management (Chartered) has commended the Federal Government and the labour unions for reaching an agreement to address the issues associated with the removal of fuel subsidy thereby leading to the suspension of the nationwide strike action originally called by the labour unions.

In a statement issued by the President and Chairman of Council of the Institute, Dr. (Mrs.) Christiana Atako and signed by the Registrar/Chief Executive, Mrs. Taiwo Olusesi, the Institute expressed delight that federal government and labour unions came together to discuss and resolve the issues at stake noting that it was a positive step in the right direction while believing that the resolutions reached eventually would be beneficial to all parties involved.

Speaking further, Dr. Atako opined that “as an organization committed to promoting good governance and sound management practices, the Institute believes that it is essential for all stakeholders to engage in constructive dialogue to address challenges facing the country.” She urged all parties to continue working together to find a lasting solution to this issue while also encouraging the federal government to engage in more proactive measures to address other economic issues facing the country.

“The Institute concedes that while the decision to remove subsidy may come with some pains in the beginning, it is a necessary step towards the nation’s economic growth and stability as it will help to curb the mismanagement of resources, reduce corruption, and ensure that the benefits of government spending are felt by all Nigerians”, NIM President stressed.

The statement revealed that since the removal of subsidies is a difficult decision that will have a significant impact on the masses, it is essential that the new administration led by President Bola Ahmed Tinubu implements measures to mitigate the effects of the decision on the most vulnerable members of society. She listed the measures to include providing a safety net for those who will be most affected by the subsidy removal. This could include targeted cash transfers, subsidies for essential goods and services, and programs to create new job opportunities.

Atako also advised the new administration to continue to work closely with civil society organizations, community leaders, and other stakeholders to ensure that the effects of the subsidy removal are effectively communicated to the masses reasoning that it will help to build trust and understanding among the population and ensure that they are able to adapt to the new economic realities.

She admonished the new administration to focus on implementing policies that will promote economic growth, job creation, and poverty reduction. “This could include investments in infrastructure, education, and healthcare, as well as measures to attract foreign investment and promote entrepreneurship”. This she stated can be achieved by taking a holistic approach to addressing the effects of subsidy removal on teeming Nigerians through the provision of safety net, communicating effectively, and focusing on policies that promote economic growth and poverty reduction, in order to ensure that Nigerian citizens are not left behind in this process.

The President, who enjoined Nigerians to join hands with the federal government by supporting its good economic policies, listed some of the ways the average Nigerian can overcome the effects of subsidy removal on their daily life to include budgeting, increasing productivity, reducing consumption, embracing local goods, and seeking alternative transportation.