The Coordinating Minister for the economy, Mr. Wale Edun, has been urged to establish quality economic governance consistent with tested economic principles and empirical evidence, and contextualised within socio-economic peculiarities.
The Director, Center for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, who made the call said this is critical from the onset of the administration for signaling an investors confidence.
Dr. Yusuf, while setting the agenda for the incoming Minister, explained that a good economic governance framework would entail having a technically sound economic team to give guidance and direction on general economic policy direction, policy conceptualisation and urgent reforms.
Expatiating further, he noted that it entails an economy where there is a level playing field for all players with a transparent economic policy formulation process.
To ensure a competitive economic environment with minimum monopoly dominance, Dr. Yusuf said the minister should avoid state capture and expand the role of markets for value delivery and boosting of private enterprise in the economy because State institutions do not have the capacity to manage enterprises.
Dr. Yusuf added that good economic governance framework also includes “Robust monitoring and evaluation framework to regularly review the effectiveness and impact of economic policies and regulatory practices. Robust and regular stakeholder engagement by key government agencies to ensure properly alignment of policies with investors sentiments”.
He advised that Government institutions that play technical roles should be headed by tested technocrats.
The Director of CPPE called on the minister to prioritize macroeconomic stability with emphasis on moderating inflationary pressures, stabilizing the exchange rate and boosting economic growth.
On fiscal consolidation, he urged the Minister to reform tax regime “to ensure efficiency in tax administration, reduce tax evasion and tax avoidance and eliminate multiple taxation.
Unlock more income from revenue generating agencies through enhanced efficiency of their operations”.
Dr. Yusuf urged the minister to initiate budget reforms to ensure fiscal discipline, curb budget padding, curb duplication of projects and review the service wide votes to ensure transparency.
“Ensure value for money in government expenditure and procurement. Commit to reduction in the cost of governance and optimise the utilisation of national assets to unlock liquidity”, he charged the Minister.
He advocated for foreign exchange policy reform to unlock inflows of capital into the economy, reduce arbitrage in the forex market and improve transparency in the forex allocation.
He also tasked the incoming Minister to ensure a market reflective exchange rate as far as practicable, to eliminate distortions in the forex ecosystem, and ensure level playing field in forex transactions.
“Remove impediments to market mechanisms in allocation of forex. This will boost inflows from Foreign Direct Investment (FDI), Foreign Portfolio Investment (FPI), Export Proceeds and Diaspora remittances”, Dr. Yusuf charged the minister.
Dr. Yusuf pointed out that the Nigerian economy is in a stumbling and fragile state and in dire need of a new direction, therefore, the new political dispensation offers a remarkable opportunity to chart a new course.
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