• Privacy Policy
  • Terms
  • About us
  • Contact Us
Friday, June 2, 2023
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

Rising inflation worries employers

The Matters Press by The Matters Press
November 17, 2020
Reading Time: 2 mins read
0
Nigeria records drop in Inflation

Drop in inflation

Drop in inflation

By Moses Uwagbale
The Nigeria Employers’ Consultative Association (NECA) has expressed worry over the rising trend of the inflation rate in the country.

RELATED POSTS

Tanzania to end frequent power blackouts in two years

ECA calls for inclusive tax system to secure SDGs

PANDEF backs fuel subsidy removal

According to the latest report of the Nigeria Bureau of Statistics, it further rose from 13.71 per cent in September, 2020 to 14.23 per cent in October.

NECA’s Director-General, Dr Timothy Olawale, raised concerns over the trend in a statement on Monday.

Olawale said that the rise suggested that the policy options provided by the Central Bank of Nigeria (CBN) in taming the gory head of inflation needed critical review.

ALSO READ  Why East Africa refugees remain financially underserved

“It is instructive to note that the persistent increase in food prices, caused by border closures, restrictions in FX market and insecurity predominantly in the Northern states has further heightened the situation.

“The inflationary situation is further compounded by the recent #EndSARS protest, which limited movement of persons and goods or services across most cities and the rising cost of transportation.

“Since the deregulation of petrol prices, the country has witnessed petrol increase by almost 30 per cent in the last four months, which suggests a continuous increase in transport cost.

“Sadly, Nigerians are now being battered on two fronts; high transport cost and high inflation, ” he said.

The Director-General commended the various intervention programmes of CBN during the COVID-19 pandemic.

ALSO READ  FG assures collaboration with OTL Africa to sanitise, drive oil sector

He, however, urged the apex bank to complement its efforts by synergising its policies alongside the fiscal authorities in bringing needed growth and development into the economy.

“We urge, as a matter of urgency, that concerted efforts should be made across-board to create an environment that will not only attract foreign direct investment, but that will also enable current investors to remain sustainable as a way out of the challenges of a mono-foreign exchange economy, ” he said.

Olawale urged the Federal Government to roll out more direct fiscal interventions to aid domestic production as being done in the agricultural sector.

He also called for these interventions to be extended to the mining, manufacturing and other high job creating sectors.

ALSO READ  PoS operators still charge exorbitantly

“It is also important to support the transportation sector, most especially the Public Transport, that is, massive transit buses, by reducing the duties or taxes on cost of vehicle import, which is currently about 70 per cent for fully-built vehicle units.

“If import duty waiver or reduction is applied to the transport sector, this will surely go a long way in reducing cost of public transportation.

“With the current exchange and import duty, the landing cost of a high capacity bus in Lagos is approximately N78 million ($170,000) at least.

“This is aside fuel cost which accounts for 35 per cent of revenue and interest rate of 27 per cent per annum, ” the Director-General said.

Tags: Inflation
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Blackout hits Nigeria as grid collapses again
Economy/Technology

Tanzania to end frequent power blackouts in two years

June 2, 2023
FIRS deploys tech platform for tax collection
Economy/Technology

ECA calls for inclusive tax system to secure SDGs

June 2, 2023
Nigeria has not taken decision yet on fuel subsidy
Economy/Technology

PANDEF backs fuel subsidy removal

June 2, 2023
Council seeks incentives to boost indigenous ship operations
Economy/Technology

28 cargo ships expected in Lagos ports

June 2, 2023
May & Baker approves N517.57m dividends for 2022
Economy/Technology

May & Baker approves N517.57m dividends for 2022

June 2, 2023
Nigeria’s N17.1trn budget to gets presidential accent on Friday
Economy/Technology

Fuel subsidy not in 2023 budget – NNPC

June 2, 2023
Next Post
Eswatini for $140m Afreximbank’s credit

Afreximbank records $217m net income

Nigeria launches five-year plan to rescue economy

Nigeria launches five-year plan to rescue economy

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

Airtel Africa receives approval as payment service bank

Airtel Africa receives approval as payment service bank

November 6, 2021
Leaders seek unity, peace for beleaguered nation which clocks 61

It’s time for a new economic deal between the EU and Africa

February 17, 2022
Osinbajo sees small, medium firms as growth agents

Nigeria’s energy transition plan requires $1.9trn till – Osinbajo

October 31, 2022

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Tanzania to end frequent power blackouts in two years
  • ECA calls for inclusive tax system to secure SDGs
  • PANDEF backs fuel subsidy removal

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2022 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2022 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?