Stakeholders urged the Federal Government to implement policies that will control the acceleration of inflation in the country.

In separate interviews with The punchStakeholders stated that the government's concerted efforts were important to alleviate financial pressure on consumers and sustain economic stability amid ongoing economic challenges.

Executive Director of the Center for the Promotion of Private Enterprise, Dr. Muda Yusuf, said: “The Federal Government must prioritize the issue of these basic needs, which is the high cost of living.

“It should be a priority to take some emergency measures to face the problem of the high cost of living, direct intervention by the State to reduce the cost of basic items such as food, cooking gas, energy.”

He stated that while the ongoing reforms of the Federal Government were laudable, there was still a critical need for the government to prioritize efforts aimed at directly reducing the prices of various items.

“This would involve those who produce these items directly and giving them tax incentives so that their cost of production can go down, so that the prices of these basic needs can go down, and this would decrease more than the distribution of palliatives,” suggested Yusuf .

He noted that the government, for example, could engage flour mills and ask them what they needed to lower bread prices.

He added that the government could also extend this to sugar, cooking gas and other basic needs and this would enable it to face the challenge of rising prices in the country.

He mentioned that insufficient supply of rice has resulted in unused rice meals across the country.

To solve the problem, he proposed importing rice fields to help rice mills until local farmers could meet demand.

“The government should reduce the cost of energy, renewable energy and conversion to CNG for people who want to convert their vehicles. Currently, it is very high. If Nigerians use CNG, it will only cost them about 30 percent of the current cost of PMS or diesel,” he said.

Yusuf emphasized that the government should work more with cooperatives because there were many of them across the country.

“If the government gives them funds, they will have a way to ensure that their members repay the loans because they are very organized,” he added.

He further explained that some of these interventions, in addition to using the Bank of Industry, the government should also target cooperatives.

“Subnational governments must also play a role; Not everything should just be a Federal Government issue. State and local governments should do something,” he added.

According to Yusuf, the political setup most of the time is completely disconnected from even elementary Economics.

“There is this rot everywhere. We have a long list of political issues such as exchange rate policy and monetary policy, among others that must be analyzed,” she noted.

For his part, Partner and Global Director of Transfer Pricing, Andersen, Dr. Joshua Bamfo, said: “We must formulate policies to help us achieve our ultimate goal, which is to alleviate people from poverty, so that we can afford the necessities of life. We must have sustained economic growth.”

He highlighted the need to develop policies aimed at lifting people out of poverty and enabling access to essential goods.

He emphasized that sustained economic growth was essential to effectively achieve these objectives.

Source