Allow market forces to determine fuel price: NECA

The Nigeria Employers’ Consultative Association (NECA) said on Thursday that the Federal Government should stop regulating fuel price to allow market forces to determine the cost of the commodity.
The President of NECA, Larry Ettah, who made the statement, while addressing journalists on some national issues, in Lagos, said that regulating fuel price had caused untold hardships for the populace.
He noted that in spite of the price regulation by government fuel was still being sold above the recommended price in many states in the federation.
”The problem of fuel scarcity keeps reccurring. Fuel is sold above the regulated price outside Lagos. The time has come for government to choose economic imperative over political expediency.
”For us to move forward, as a country, we have to accept to pay the right prices for petroleum products as far as it would be available,” Etta said.
On the absence of governing boards in government agencies, he advised that government should endeavour to constitute the boards of ministries, departments and agencies for the companies to function well.
According to him, the presence of board members would help to foster business, growth, investment and also engender economic regeneration.
The NECA boss said that if there was a board at the National Health Insurance Scheme (NHIS), there would have been a dialogue before money would be released in the establishment.
He advised government to constitute boards for the Pension Commission, Central Bank of Nigeria, Security and Exchange Commission, NHIS and the Nigeria Social Insurance Trust Fund.
Ettah also decried the prevailing silence between the Executive arm and the National Assembly which he said, had resulted to the delay in the passage of the budget.
He advised that the legislative and executive arms should agree on a time frame for the passage of the budget before a new fiscal year.
Ettah cautioned that the continuous delay in passing the budget was slowing the economic development of the nation.

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