NACCIMA demands palliatives over rising inflation

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture has tasked the federal government to extend fuel subsidy palliative to its members.

The President of NACCIMA, Dele Oye disclosed this at its recently concluded 3rd Quarterly Council Meeting in Abuja.

The call is coming on the heels of the federal government’s approval of N185 billion palliatives to the 36 State governments, including the federal capital territory.

Reacting, Oye said the industrial sector was negatively impacted by the Naira floating at the foreign exchange market and fuel subsidy removal.

He noted that without support to cushion the effect of the recent economic reforms, industries will collapse and the prices of goods will continue to rise.

“In the long term, it is good for the country, but in the short term, you have to consider those who are wrongly affected so that the prices do not cause unusual inflation.

“Therefore, the government must ensure that the palliatives also get to the industries,” he said.

The National Bureau of Statistics’ July’s inflation figure stood at 24.08 per cent.

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