Ahmadu Bello Memorial Foundation Urges Immediate Inflation Control Measures for Nigerian Economy
By Hussaina Yakubu
Feb 19, 2024
Sir Ahmadu Bello Memorial Foundation recommend for urgent Intervention in the form of inflation control through price stabilization mechanisms to address current state of the Nigerian economy.
This is contained in a statement by
signed by Engr Abubakar Gambo Umar,Director General of the Foundation.
According to him, government should prioritize implementing measures to curb inflation, such as adopting monetary policies that promote stability and price control mechanisms that ensure affordability for essential commodities.
He explains that,the measure can help mitigate the immediate impact of subsidy removal on the cost of living.
He said ,their is also need to targeted Social Safety Nets, by Implement short-term measures such as targeted social safety net programs 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 ,income 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 MD said , regular salary reviews and adjustments should be implemented to alleviate the financial burden on the citizens.
According to him,strengthening of Security where the government 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 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