Not less than N500 million revenues are being lost by businessmen and women every week due to the persistent fuel crisis in Abuja, the Federal capital Territory, FCT with most people spending several hours on long queues at the petrol filling stations.
President, Abuja Chamber of Commerce and Industry Limited, ABUCCI, Mr. Tony Ejikeonye, who stated this in Abuja, said the situation had also affected employees’ productivity.
Ejikeonye said, “The effect on businesses in the Federal Capital Territory is huge and varied, it has impaired employee productivity, shrunk operations, increased cost and engendered staff layoffs”.
He said that the long time spent on queues at the filling stations and on getting public means of transport to places of work meant that workers expend their energy in a wrong direction.
The chamber president noted that as scarcity of the commodity heightened across the Federal Capital Territory, coupled with the deterioration in public power supply especially in the nation’s capital, the businesses are losing livelihood.
“As a result of poor power supply and scarcity of petroleum products, following which many have had to pay above the official pump price operational cost have sky rocketed beyond projections following the associated increased in transport cost.
“These costs are being passed on to consumers and where they are unable to absorb or resist such increases, business have had to scale down activities or reduce staff strength to accommodate the said cost
“Social cohesion and security have not been spared either as many small scale entrepreneurs and artisan who depend largely on thrift contributions have been unable to keep up with their daily contributions.
“This had severe consequences for saving business finances not only for them but also for the micro financiers and their bigger regular commercial banks”, Ejikenoye stressed.
He, therefore, appealed to the federal government to urgently address the fuel scarcity to ensure a conducive operating environment for businesses to thrive across the country.
Many Nigerians have expressed worry over the situation despite the fresh 680 million litres of petrol recently claimed to have been injected by the federal government to boost the product supply base.
Group General Manager, Group Public Affairs Division of the Nigeria National Petroleum Corporation, NNPC, Ohi Alegbe, had informed that the effect of the injection would soon be felt across the country, urged, advised Nigerians to desist from panic buying of petrol because there was no need for such.

READ ALSO  Global seafarers unions demand release of ship crew kidnapped in Nigeria