Market News

CBN, Finance Ministry Urged to Review Economy, Improve Purchasing Power - THISDAY

SEPTEMBER 22, 2022

BY Kayode Tokede

The Central Bank of Nigeria (CBN) and the Ministry of Finance have been called upon to execute a comprehensive review of the economy with the view of upping the purchasing power parity of Nigerians.

The Independent Shareholders Association of Nigeria (ISAN) through its National Co-ordinator, Dr Anthony Omojola in a statement said there is an obvious need for the two bodies to use the instrumentality of the monetary and fiscal rates to stem the ravaging hunger and privation in the land.

ISAN maintained that their urge is that the monetary and fiscal authorities should emulate other nation’s across the World by introducing palliatives such as un-banning of certain vital food imports temporarily, granting tariff reliefs to certain industries, and reducing taxes for some sectors.

According to him, FG would be deceiving itself if it fails to acknowledge the economic poverty ravaging Nigeria across the board; arising from the war in Europe, devastating insurgency, and insecurity in Nigeria.

He said the situation was worsened by food, education, fuel, debt crises and the massive on-going theft in the oil and gas sector that have ensured that the country missed the global windfall for oil and gas producers.

He said OPEC has improved its quota thrice since the Russia-Ukraine war but we are unable to benefit, yet we have debts to pay.

ISAN maintained that “FG should reduce corruption in the system. There are duplication of charges and taxes certain sectors of the economy are being overtaxed.  Those sectors should be helped.

“FG has to un-ban those food products like wheat, corn etc that are essential so that there maybe food adequacy. Bread for instance is going out of reach of the mass of Nigerians as a result of wheat shortages.  But the fear by the government is obviously that imports may negatively affect our exchange rate and further devalue the Naira.

“That is why we are saying there should be a comprehensive review of the economy so that we can ably weigh the needed changes and their impacts on the overall economy. CBN should reflate the economy,” he said.


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