Subsidy: Abuja Chamber Of Commerce Seeks Palliatives To Ease Pressure On SMEs

The Abuja Chamber of Commerce and Industry, ACCI says the removal of fuel subsidy will pose negative effects on Small and Medium Enterprises, SME’s if not managed properly.

This is contained in a statement issued on Monday in Abuja by the President of ACCI, Dr Al-Mujtaba Abubakar.

Abubakar, who spoke on behalf of the Executive Council and members of ACCI, commended the fuel subsidy removal but urged the Nigerian Government to provide SMEs with business palliatives to ease the pressure.

According to him, though the removal of the fuel subsidy may seem as the right step in the right direction, as it deregulates the oil sector and allows for competition in the industry but the government should provide such palliatives.

“If this is properly implemented, it will provide cushion for the effect this immediate removal will have on small business owners,” Abubakar said.

He said that ACCI would be available to work with the Nigerian Government in marshalling out support the SMEs would need to alleviate the pressure the subsidy removal may have on their businesses.

Recall that On May 29th, during the presidential inauguration, President Bola Ahmed Tinubu announced the removal of the fuel subsidy.

Consequently, this resulted to increase in the prices of goods and services and long fuel queues at fuelling stations across the country.

Also, following the announcement by President Tinubu, the Nigeria National Petroleum Company, NNPC Limited officially increased the fuel pump prices to over N500 per litre in different parts of the country which caused increase in transportation fares.

NAN/Confidence Okwuchi