August 7, 2022 11:51 PM
that this was the best time for the federal government to reappraise current economic policies and deepen its engagement with the organised private sector.“The nation is currently faced with multiple challenges: with a dire combination of spiralling inflation; rising energy cost; scarcity of foreign exchange ; dwindling value of the naira and an almost comatose aviation sector,” he said.
According to him, a dangerous blend of self-destructive tendencies, insecurity and fiscal and monetary policy inconsistencies have also conspired to make the situation worse. “The combination of a struggling aviation sector and roads taken over by bandits have also conspired to fuel the situation, leading to rising inflation at 18.6 percent, according to the National Bureau of Statistics.
According to him, this should be with the view of harvesting alternative policy options to re-energise all sectors of the economy.“While the challenges of revenue shortage are acknowledged, burdening businesses with new taxes or levies will be counter-productive and a self-destructive action,” he said.
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