The Kwara Chamber of Commerce, Industry, Mines, and Agriculture (KWACCIMA) has bemoaned the current state of the Nation’s economy describing it as worrisome.
It noted that the new administration of President Bola Ahmed Tinubu’s removal, by fiat, of fuel subsidy and floating of the naira exchange rate have brought unanticipated increases in prices of goods and services with citizens purchasing power at its lowest.
The implication of the policies on businesses, particularly, manufacturing and SMEs is one of dire consequence and grave. Manufacturers are facing hard times sourcing for forex, even at the present skyrocketing rate; having to adjust to unanticipated increases in overhead costs, as a result of fuel subsidy removal; and, worse still, low sales due to low purchasing power of the citizens. Similarly, SMEs are groaning as a result of high transportation costs and low patronage.
While appreciating the Federal Government’s move to streamline tax and fiscal policies, KWACCIMA urges the Government to come up quickly with palliative measures that could cushion the impact of the fuel subsidy removal. It also urges the government to advise all its MDAs to suspend attempts to increase the cost of their services till when the full impact of the fuel subsidy removal is fully absorbed. State Governments are also advised to look at other sources of generating revenue other than hiking taxes and levies being paid by business entities and the citizens.
KWACCIMA appeals to members of the business community in the State to persevere and remain resilient as it believes this “hard time shall pass” and after hardship comes relief.
KWACCIMA, however, commends the State Governor, His Excellency, Mallam Abdulrahman Abdulrazak for taking the lead as Chairman of the Nigerian Governors Forum (NGF), by giving palliatives to the State workforce, students and entrepreneurs to ameliorate the pains of the fuel subsidy removal.
It enjoins other States to take a cue from the Chairman of the Nigerian Governors Forum so as to bring succor to the populace.
Signed
KWACCIMA