Fashina believes that these "two negatives" are seriously impacting the lives of ordinary citizens.
While addressing newsmen in Abeokuta on Sunday, Fashina said the removal of the fuel subsidy had a detrimental effect on local production.
He explained further that many industries heavily reliant on diesel engines for their operations have experienced a surge in production costs.
According to him "This, in turn, has led to an increase in the prices of locally produced goods, burdening consumers who now have to pay more for essential items."
The second concern highlighted by Fashina is the floating of the naira, which has resulted in a higher exchange rate for foreign goods.
"Nigeria, being a major importer of foreign goods, has seen the prices of items such as vehicles and other imported products skyrocket due to the unfavourable exchange rate.
"This double blow of increased costs from both domestic and foreign sources has triggered hyperinflation, placing an immense strain on the nation's poor masses.
"The repercussions of these economic shocks have been severe. Many businesses have been forced to close their doors, while small and medium enterprises have been particularly hard-hit. Even larger companies have struggled to operate in this challenging economic climate."
The OGIC boss argued that implementing both of these significant changes simultaneously was a mistake, and he urges the government to reconsider its approach.
He believes that the floating of the naira could have been a viable policy if Nigeria had a more stable supply of foreign currency.
To address the current crisis, Fashina suggests an immediate price revolution.
He recommends that the government borrow funds to subsidize essential consumer goods, as well as exploring options such as crude swaps to bolster the nation's foreign currency reserves.
"Strengthening the naira is paramount, as a weakened currency, coupled with high fuel and energy costs, would further burden the people."
Fashina therefore implore the government to focus on improving the nation's GDP and ensure that the wage earned by the average Nigerian surpasses the living wage.
It is his belief that this will be a crucial step toward enabling millions of Nigerians to cope with the economic challenges they are currently facing.
