I Increase Staff Salaries Twice A Year Because Of Economic Hardship – Dr. Akunna

The Executive Chairman, Green Field Estate, Dr. Monday Akunna has expressed fears over high cost goods in the market saying that the hardship faced by Nigerians need divine intervention.

The businessman who spoke with journalists recently, lamented that employees can no longer cope with their wages and salaries noting that his organisation has increased staff take home twice a year under the current administration of President Bola Tinubu.

Akunna who is a shipper of LPG Gas Cylinders, copper rewinding wire, refrigerant gas and refrigerator copper tools , stated that importers are not affected with the foreign exchange rate , adding that major shippers of notable goods have no option but to increase the cost of their products which in turn has ripple effects on the common man.

He said “The present economic state of the country is very harsh on us because the petroleum cost to transport our goods is very high, cost of diesel is very high to transport our goods to destination and dollar rate is very high and you need it before you can import goods into the country

“The dollar is not only affecting us before the masses because when you import with high rate of dollars, the people bear the brunt because you will sell according to how much you spent .

“If you buy with dollar rate of N2000, you will sell at same rate meanwhile, the salaries of Nigerians are not yet increased.

According to him, dollar dominance against the naira has no negative effect on the shippers, rather the importers look for alternative means to make profit from the duty paid and logistics cost on the commodities.

He lamented that “I pity the civil servants and employees a lot because when the prices of things increase, they will suffer for it because they will go to the market to buy things for their families but for the business man, if he buys high, he will sell high

While urging the government to put in place policies to encourage private investors and civil servants, Chief Akunna pointed out: “One area that the federal government makes it revenue today is from high duty and high duty has its effect on final consumers because of the importer pays high duty, he will sell at high cost

“It is the buyer that will suffer the high duty payment . Some will say they want business men to suffer but to me, business men are not the ones that suffer but the final consumers who live on fixed salaries and they know how much will come in and that is what they live on meanwhile, the cost of goods keep soaring everyday.

“The house rent, school fees and other costs keep increasing on daily basis, how will such a person meet up?,”he queried.