Advertisment

Stakeholders Call on Federal Government to Address Accelerating Inflation with Urgent Policies

Stakeholders call for urgent government action to curb escalating inflation rates and alleviate financial strain on consumers. Dr. Muda Yusuf highlights the pressing issue of high living costs and proposes specific measures to reduce prices of essential items.

author-image
Quadri Adejumo
New Update
measures to combat inflation in the country

measures to combat inflation in the country

Concerned stakeholders have urged the Federal Government to swiftly implement policies aimed at curbing the escalating inflation rates gripping the country. In a collective plea for action, stakeholders emphasized the crucial need for concerted efforts from the government to alleviate financial strain on consumers and maintain economic stability amid ongoing economic challenges.

Advertisment

Dr. Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise, highlighted the pressing issue of high living costs, urging the government to prioritize this concern. He emphasized the necessity for emergency measures to address the soaring prices of basic necessities such as food and energy, advocating for direct state intervention to mitigate the burden on citizens.

While acknowledging the government's ongoing reforms, Yusuf stressed the importance of direct efforts to reduce prices of essential items. He proposed fiscal incentives for producers to lower production costs, thereby reducing prices for consumers, rather than relying solely on palliative measures.

Yusuf suggested specific actions such as engaging flour millers to lower bread prices and reducing energy costs, particularly through promoting the use of compressed natural gas (CNG) as a cheaper alternative to petroleum products.

Advertisment

Furthermore, Yusuf emphasized the role of cooperatives in facilitating economic interventions, advocating for government support and funding directed towards these organized groups to enhance their capacity to address financial challenges at the grassroots level.

Dr. Joshua Bamfo, Partner and Global Transfer Pricing Head at Andersen, echoed the call for policy formulation aimed at poverty alleviation and sustained economic growth. He emphasized the importance of aligning policies with the overarching goal of improving living standards and affordability of essential goods and services.

Stakeholders emphasized the need for collaborative efforts between the federal, state, and local governments to address the multifaceted challenges posed by inflation and ensure comprehensive solutions to benefit all segments of society. The urgent appeal underscores the gravity of the situation and the necessity for decisive action to mitigate the adverse effects of inflation on the populace.

Advertisment
Advertisment