Krestnews reports that Sir Ahmadu Bello Memorial Foundation has spoken of the need by governments in the country to urgently introduce measures that would check and ensure price stabilization to address current state of the Nigerian economy.
A statement signed by Engr Abubakar Gambo Umar,Director General of the Foundation asked the federal government to prioritize implementation measures to curb inflation trend by adopting monetary policies that promote stability and price control as a way to ensure affordability of essential commodities by Nigerians.
He explains that the measure if introduce would help in mitigating the immediate impact of subsidy removal on the cost of living.
The Foundation in the statement said there is also need to targeted Social Safety Nets, by Implementing short-term measures such as targeted social safety net programm to provide assistance to vulnerable groups directly affected by the removal of subsidies.
” This can include cash transfers, food subsidies, or other forms of assistance to help alleviate the immediate hardships of the most vulnerable”he said .
He said ncome Increase for Nigerians, should be a major to addressing the difference while calling on government and relevant stakeholders to initiate policies that address the long-standing issue of stagnant wages.
The Foundation further reiterated that regular salary reviews and adjustments should be carried out and implemented to alleviate the financial burden on the citizens.
According the statement, Government besides strengthen Security operations, it must take immediate and decisive actions to tackle the prevailing insecurity in the country.
” This includes intensifying efforts to combat insurgency and banditry, ensuring the safety of farmers and their farms, and restoring peace in affected regions,
“Support for Agriculture ,Special attention should be given to the agricultural sector, as it holds significant potential for economic recovery and food security. The government should provide necessary support to farmers, including access to credit, improved infrastructure, and modern farming techniques.
He said disclose that, border closure it is crucial for the government to carefully evaluate the effects of border closures on the economy and explore alternative measures to address the concerns that warrant their closures in the first place.
The statement also recommends that governments should adopt policies to lower and maintain a stable exchange rate, which can help manage import costs and reduce inflationary pressures.
He said ,the foundation stands ready to collaborate with relevant stakeholders, including the government, the private sector, and civil society, to implement these recommendations and work towards the economic revitalization of Nigeria