The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) is urging the Federal Government to take decisive action in response to the increasing trend of multinational companies divesting to neighboring countries. This call comes as a response to the current business landscape, prompting ICSAN to advocate for the creation of a supportive environment for businesses to flourish.
At a media parley in Lagos, President Funmi Ekundayo emphasized the necessity for the government to actively support the private sector by removing operational bottlenecks that might hinder their activities. This plea is rooted in the recognition that a flourishing private sector contributes significantly to overall economic growth and development.
Ekundayo, taking note of the prevailing economic hardships in the country, urged the government to intervene more substantially to mitigate the impact of inflation on citizens. She stressed the importance of the government being accountable for areas where it falls short, emphasizing the need for a gestation period to witness improved socio-economic satisfaction among the populace.
While acknowledging the challenges faced by the government in managing the economy, Ekundayo called for a strategic alignment of actions with words. She emphasized that the government should lead by example, particularly when advocating for citizens to tighten their belts in challenging economic times. The cautionary note extended to the private sector, suggesting that if pushed to the brink, businesses might resort to measures such as downsizing, ICSAN.
Expressing optimism about the economy’s potential rebound, the ICSAN chief recommended that the government channel funds generated from fuel subsidies into critical infrastructural development. This, she believes, would yield tangible benefits for citizens in the shortest possible time and contribute to reshaping the narrative to discourage the emigration of Nigerian youths.
Looking ahead to the review of the National Minimum Wage in the upcoming year, Ekundayo stressed the importance of inclusive engagement with relevant stakeholders, including labor and pensioners’ unions. She advocated for a proposition that is acceptable and fair to all parties involved, ICSAN.
Commending the early release of the 2024 Appropriation Bill by President Bola Tinubu, Ekundayo saw it as a positive step in the right direction. However, she also underscored the need for effective implementation of the budget and tasked the National Assembly with ensuring robust oversight and monitoring of Ministries, Departments, and Agencies (MDAs) to ensure they meet their revenue targets.
Beyond immediate concerns, Ekundayo highlighted the imperative to overhaul the public sector. She argued that a lack of coordinated systematic planning and poor policy implementation have undermined the sector’s operations and effectiveness. Proposing a comprehensive reappraisal, Ekundayo emphasized the need to enhance operational efficiency, introduce pragmatic checks and balances, and address issues such as corruption and inefficiency, ICSAN.
Furthermore, Ekundayo stressed the importance of prompt and effective implementation of Executive Orders, calling attention to factors that hinder successful policy implementation. These factors include inaccurate statistics, knowledge deficiencies, corruption, and a lack of effective control.
Conclusion: ICSAN
The Institute of Chartered Secretaries and Administrators of Nigeria is advocating for a holistic approach to address the challenges facing the business and economic landscape. The emphasis on government support for the private sector, strategic allocation of funds, and comprehensive reforms in the public sector reflects a commitment to fostering sustainable economic growth and development. The forthcoming National Minimum Wage review and the early release of the Appropriation Bill present opportunities for the government to demonstrate its commitment to the well-being of its citizens and the overall prosperity of the nation, as reported by guardian.ng
