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Nigerian Economic Summit Group wants government to reconsider subsidy removal

The Nigerian Economic Summit Group has called on the Government to revisit the issue of subsidy removal before it leaves office.

The Chairman of the Group, Mr. Asue Ighodalo made the call at the ongoing 28th Nigerian Economic Summit in Abuja.

The summit is a gathering of policymakers, and the organized private sector.

Mr. Ighodalo also called for a review of the foreign exchange management currently in place to give more certainty to the business community.

Speaking on the theme: ”2023 and beyond: priorities for shared prosperity”, Mr. Ighodalo maintained that the incoming Government must also have a proper understanding of the issues at stake and tackle them appropriately.

In her remark, the Minister of Finance, Budget and National Planning, Hajiya Zainab Ahmed said though challenged by a shortfall in revenues, government kept its pact by prioritizing capital releases in favour of critical ongoing infrastructural projects in the power, roads, rail, agriculture, health and education sectors.

She said the government was focused on unlocking the economic potential of the non-oil and high employment generating sectors to achieve sustainable and inclusive growth and development.

Also, the Minister of State, Budget and National Planning, Prince Clem Agba said the National development plan was designed to lift 35m people out of poverty and generate 21m full time jobs by 2025.

He said the plan required the collaboration of the private and public sectors to be actualized.

On Tuesday November 8, 2022, Vice President Yemi Osinbajo, SAN, told a delegation of the NESG ahead of the summit that the gathering should focus on few pressing national issues such as inflation and exchange rate control.

Writing by Biodun Dare; Editing by Annabel Nwachukwu