FG has pleaded for more time to get economy running

The Federal Government seek more time to implement its eight-point agenda, even as it solicited the support and understanding of Nigerians to get the economy out of the blues.

Secretary to the Government of the Federation (SGF), George Akume, said this yesterday, during this year’s National Management Conference of the Nigerian Institute of Management (NIM), in Lagos.

He said President Bola Tinubu, at the maiden Federal Executive Council (FEC) meeting, where he unveiled the eight-point agenda to turn around the economy and make life comfortable for all Nigerians, affirmed that the current administration is in haste to make a mark and would not disappoint in the daunting but surmountable task.

Represented by Senior Special Assistant, Dayo Oyedemi, Akume said the President and his team have been working round the clock to kick-start the nation’s economy through some deliberate policies, especially in the areas of encouraging foreign direct investment, empowering the real sector, supporting start-ups, and small and medium enterprises (SMEs) and also shoring up the Naira among others.

According to him, the concerted efforts being made by the Federal Government in all critical sectors are aimed at getting the economy up and running.

To truly set Nigeria on the path of greatness and prosperity, Akume said good leadership built on enduring democratic principles must be on the front burner and “Our collective consciousness always. You would agree with me that a great nation is the reward of great leadership built on good governance with strict adherence to the ideals and principles of the rule of law which is one of the fulcrums of democracy,” he said.

President and Chairman of Council, NIM, Dr. Christiana Atako, said the decision of the Federal Government to remove fuel subsidy and to float the Naira immediately after coming on board were some of the few policy decisions targeted at kick-starting the economy.

However, she maintained that the floating of the Naira seemed to have further weakened the national currency, hence the administration’s moves to re-strategise in that direction.

She said since the removal of subsidies was a difficult decision that has been significantly impacting the masses, especially their cost of living, it was essential that the Federal Government, as a matter of urgency, implements measures to mitigate the effects of the decision on the most vulnerable members of society.

Some of the measures, she said, should include providing a safety net for those who are most affected by the policy.

This, she said, could include targeted cash transfers, subsidies for essential goods and services such as public transportation, and programmes to create new job opportunities.

The NIM chief admonished the Federal Government to continue working closely with Labour and Civil Society Organisations (CSOs), community leaders and other stakeholders to ensure that meaningful remedial programmes are put in place to help the citizenry to cope with the new economic realities.

“In all, the administration should focus on implementing policies that will promote economic growth, job creation, and poverty reduction. This could include diversification of the economy, getting the nation’s refineries up and running again, investments in infrastructure, education, and healthcare, as well as measures to attract foreign investment and promote entrepreneurship.

“While the masses are tightening their belt as a result of ongoing economic policies, it is only moral and rational that those in government make a conscious effort to reduce the cost of governance. Frivolous and avoidable expenses must be shunned at all costs to show equal sacrifice and commitment to resuscitate the economy on both sides.

“This is one of the many ways the government can keep operational costs down and have more money for increased capital expenditure. This will also promote a unity of purpose between the governors and the governed, between the people and their representatives, foster national unity, accelerate development, and curb abuses of trust and privileges, thereby raising the well-being of the economy as well as deepening the nation’s nascent democracy,” she said