close
Thursday, September 14, 2023

Capital market experts demand more palliatives over petrol subsidy hardships

“These reforms have left in their wake unpalatable outcomes which have made life more difficult, especially for the ordinary Nigerian.”

• September 14, 2023
President Bola Tinubu
President Bola Tinubu [Photo: Twitter]

The Association of Capital Market Academics of Nigeria (ACMAN) has appealed to the federal government to scale up efforts to alleviate difficulties faced by Nigerians due to petrol subsidy removal.

ACMAN president Uche Uwaleke said this in a news briefing on Wednesday in Abuja while assessing key policy measures rolled out by President Bola Tinubu in his first 100 days in office.

ACMAN is the umbrella body of lecturers and researchers in Nigeria’s university system, and the financial market industry committed to developing the Nigerian capital market through teaching, research and advocacy.

The event was held to offer suggestions regarding the effective implementation of the policies.

Mr Uwaleke commended the federal government for policies to end petrol subsidy and unify multiple exchange rates, saying that they seemed to boost confidence in the economy.

According to Mr Uwaleke, the two policies which defined the administration’s first 100 days in office were largely welcomed by both domestic and foreign investors.

“Nowhere has this confidence manifested better than the stock market, where the benchmark index (NGX ASI) hits the highest level ever in the history of the Nigerian stock market. It is over 68000 points with year-to-date returns now above 30 per cent,” stated Mr Uwaleke.

He added, “But these reforms have left in their wake unpalatable outcomes which have made life more difficult, especially for the ordinary Nigerian. The inflation rate is on the rise, with food prices largely unaffordable. There is evidence of declining economic activities with fewer vehicles on the roads and reduced work days in both private and public sectors.”

(NAN)

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

Katsina State

Politics

Katsina youths pledge to deliver over 2 million votes to Atiku

“Katsina State is Atiku’s political base because it is his second home.”

WA HEALTH DEPARTMENT

Health

Statewide alert issued in Western Australia over new measles case

Western Australia’s health system treat every measles case as a potential public health emergency

Nigeria Police Force

Abuja

Heartbroken Abuja man convicted for intimidating ex-girlfriend

Mr Usman after he pleaded guilty to the charge and begged the court for leniency.

FARM, Peter Mbah

Agriculture

Mbah seeks more funding from IFAD for Enugu food security

“Beyond food security, we are looking at exports and the objective of IFAD programme generally.”

ATIKU, TINUBU, OBI; TRIBUNAL JUDGES

Politics

Senior advocate tells Atiku, Obi supporters to be patient with ‘infallible’ judges

“I don’t like a situation where the judiciary is castigated to the point of intimidation due to their work.”

Atiku Abubakar , Bola Tinubu and Southwest College transcript

World

U.S. court reserves judgement in Atiku records case after Chicago university confirmed female Bola Tinubu transcript

The female confusion was raised by Bola Tinubu’s lawyer, Christopher Carmichael, who tried to use it to demonstrate the frivolity of the case before the court.

iPhone 12 (Credit : Mac)

World

Apple condemns France’s claim iPhone 12 violates radiation rules

Apple said it provided ANFR multiple and independent lab results proving its compliance.