The federal government has been tasked to improve resource allocation, boost domestic oil production and distribution to cushion the effect of petrol subsidy removal.
A former finance minister, Dr. Kalu Idiaka Kalu, gave the charge during the flag-off of the 40th anniversary of the Institute of Directors (IoD) Nigeria.
“Sustaining meaningful market pricing for all goods and services really requires action and a better micro economy, policies in all sectors, saving and getting resources that will help in production, transportation, and all that will need to reach the final consumer.
“The removal of subsidy should come in a manner that should not disrupt general price system consumers, otherwise, the dynamic system cannot handle certain price hiccups if this relative price impact jumped suddenly,” he said.
Meanwhile, the event, which took place in Lagos, was highlighted with the induction of four Directors of First Nominees, a subsidiary of First Bank Nigeria Ltd, alongside 96 others while membership grade of seven of the inductees was upgraded into different cadres.
Chairman, Board of Bank Directors Association of Nigeria, Mr Mustafa Chike-Obi, urged the new members to focus on people to drive innovation in the institute.
Chike-Obi said what drives innovation is people.