Enugu commerce chamber seeks effort to save naira, economy
The Enugu Chamber of Commerce Industries Mines and Agriculture (ECCIMA) has called for efforts to save the naira and the Nigerian economy. It also expressed concern over the borrowing of N5 trillion to fund the deficit budget. The President of the Chamber, Sir Emeka Nwandu made the disclosure in Enugu at the 48 Annual General […]
The Enugu Chamber of Commerce Industries Mines and Agriculture (ECCIMA)
The Enugu Chamber of Commerce Industries Mines and Agriculture (ECCIMA) has called for efforts to save the naira and the Nigerian economy.
It also expressed concern over the borrowing of N5 trillion to fund the deficit budget.
The President of the Chamber, Sir Emeka Nwandu made the disclosure in Enugu at the 48 Annual General Meeting of the Chamber on Thursday.
Nwandu said the debt burden of Nigeria economy particularly that of the continuous borrowing from the Central Bank has left the exchange rate at an all-time low.
He said: “Effort must be made to save the naira and our economy. The Chamber is worried about the Federal Government plan to introduce a N10 per litre tax on all non-alcoholic, carbonated and sweetened beverages through the Finance Act signed into law by President Muhammadu Buhari on December 31, 2021.
“Sincerely we think that this tax if implemented would be counterproductive as reason stated by the Federal government for imposing this tax does not outweigh the unemployment issues it would generate”.
“We appeal to the federal government to play with caution on the implementation of the Petroleum Industrial Act (PIA) and the potential removal of subsidy planned for this year, 2022 to avoid inflationary pressures that could be detrimental to household income considering the slow pace of household income growth in Nigeria since 2015.”
Governor of Enugu State, Ifeanyi Ugwuanyi who was represented by the deputy governor, Cecelia Ezeilo, commended ECCIMA for being a critical stakeholder in the state and promised that Enugu state will continue to partner with ECCIMA to sharpen and promote economic activities in the state.