The Nigerian government recently announced plans to increase the salaries of civil servants in the country by forty percent as a consequential allowance to reduce the impact of subsidy removal in June 2023.
Dr Muda Yusuf, CEO, Center for the Promotion of Private Enterprise says a combination of practical measures aside from salary increases will help to cushion the post-subsidy impact on citizens.
Speaking on Nigeria Info’s Morning Crossfire, Dr Yusuf said a pay rise would have minimal impact on the lives of workers as the nation’s economy is already experiencing inflation.
He advised that critical areas such as the fiscal policies of the government, production, agriculture, and the overall salary of workers should be collectively reviewed in order to bring down the cost of living.
Dr Yusuf also called for partnership between the private sector and the government to improve the functionality of Nigeria’s refineries.
He believes the refineries have remained moribund because they are being managed by the government.
“…The government cannot run it (refineries) efficiently” He stressed, adding that the Petroleum Industry Act, PIA allows for private investors to participate in the industry but some elements within who benefit from its non-operation have resisted.
According to him until the government step back for private investors to penetrate the sector, the nation’s refineries may remain non-functional.
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