The Nigeria Employers’ Consultative Association, NECA, has called on the Federal Government to take actions to improve the operating environment for businesses in the country.
It wants such action to enable businesses to return to an improved level of stability that would support decent employment.
This is contained in a statement Tuesday by NECA’s Director-General, Mr Adewale-Smatt Oyerinde, expressing concern over the rising unemployment rate in the country.
According to him, the rise in the rate could portend the looming unemployment crisis in the country, particularly with the current harsh economic condition.
“The government should end the monetary rationing which is going on at the moment and ensure that the optimum quantity of money needed to stabilize the economy is in circulation.
“It should review and moderate the fuel subsidy removal; subsidy is a tool for socio-economic stability and growth.
“Fuel subsidy, unemployment allowance, free medicare, social security allowance, old age allowance, child upkeep allowance are all subsidies; incidentally only fuel subsidy existed in Nigeria, “ he said.
The director-general also sought the review of the floating exchange rate regime to save the country from monetary collapse.
He tasked the government to review its stance on the tax credit for infrastructure, mostly on road constructions carried out by the private sector.
“Also, it should review its tax projections from the private sector, particularly in the present condition.
“The truth is that high taxes do not help anybody, not even the government; high taxes, as it is currently becoming, has the tendency to crowd out a swathe of businesses in the country,“ Oyerinde said.
