Rethink Your Policies, Reshuffle Your Cabinet

“We strongly advocate for the re-jigging of the president’s cabinet, as some of the ministers are not making significant impact in their assigned ministry.” Egbesola asserted that “best hands should be engaged to chart a more innovative way forward out of the economic quagmire we are.” Public analysts and economic commentators have also urged the government to prioritize key sectors like food security, transportation, and infrastructure.

We need to rethink the way we have managed the issue of inflation and the economy in general.” Ajayi-Kadir said MAN was one of the most impacted sectors by the rising inflation and urged the government to carry out an impact assessment.

“Though I need to say that we need to be very careful about that so that we set the right quota and we monitor the implementation so that it is those who have milling facilities as envisaged in the reform, in the measure for implementation.” The MAN DG urged President Tinubu to consider the state of the economy to make necessary changes.

“In coming back, Mr.

President would be best advised that well, the situation in the economy has not really improved so there is more to be done and all hands should be on deck to intentionally backtrack the resolution of the economic situation we are in as envisaged in the stabilisation plan of the government,” he advised.

So you can’t borrow at a rate of more than 30 per cent or 34 per cent.” He acknowledged that the country needs to grow what it eats and be able to fight insecurity affecting production to ease food inflation.

The removal of fuel subsidies, a cornerstone of Tinubu’s economic reforms, has triggered sharp increases in fuel prices, further straining households and businesses.

Despite efforts by the Central Bank of Nigeria to curb inflation through an 850 basis point hike in interest rates, concerns remain over the long-term impact on economic growth and borrowing costs for businesses.

He said, “Rising costs for everything from raw materials, taxes, energy, fuel, other inputs and cost of doing business, eat directly into profits, making it harder to stay afloat.

Rising production costs, weakened consumer purchasing power, and high borrowing costs continue to hamper businesses, especially in the manufacturing and small business sectors.

He emphasized the need for a comprehensive impact assessment of the persistent interest rate hikes, highlighting the toll they’ve taken on the manufacturing sector..

Read Full Story