Nigeria Employers’ Consultative Association (NECA) has called for further initiatives to be urgently put in place to ensure a quick return to economic normalcy across the country.
NECA’s President, Mr. Taiwo Adeniyi made the call at a news conference on Tuesday in Lagos.
Adeniyi said that the Federal Government should urgently make public details of its planned support for businesses affected during the October #EndSARS protest hijacked by hoodlums.
“We recommend that deliberate bailout funds should be given to verified businesses affected by the crisis.”
Other programmes and interventions aimed at supporting these businesses to get back to production and remain sustainable and competitive should also be urgently initiated.
“While the additional window of penalty and interest waiver for businesses by the Federal Inland Revenue Services is commendable, what businesses really need at this critical period is substantial tax relief.
“This will enable businesses stay afloat and also keep productive activities going.
It is in our national interest to enable businesses surmount the challenges of rising unemployment,” he said.
The NECA president also called on the government to set aside an intervention fund for the purpose of easing the burden of losses incurred by businesses as a result of the vandalism.
According to him, such funds will make a huge difference and is in the enlightened self-interest of the nation.
“Approval of funds from the Stabilisation Fund of the Nigerian Sovereign Investment Authority (NSIA), among other possible measures will help stabilise the system and stop further increase in unemployment rate.
“It is expected that there will be a likely threshold of higher premium attached to the insurance cover of the property destroyed during the unfortunate incident.
“We therefore, call for intervention to reduce the risk for businesses as cash flow will be tremendously affected in this regard,” the NECA president said.
He urged the government to fast-track the investigation and prosecution of those found culpable in the killing and harassment of innocent citizens which necessitated the call for #EndSARS.
He called for the arrest and prosecution of the hooligans that perpetrated the wanton looting and destruction.
“While the wanton destruction of property and loss of lives were regrettable, the factors that led to the protest and eventual hijack by hooligans should not be lost on us as a people,” he said.
Adeniyi said that greater efforts should be made to promote creativity, innovation, technical and vocational skills development, enterprise and competitiveness as a way out of unemployment, poverty and social dysfunction bedeviling the nation