CSOs commend CBN over fiscal policy

Central Bank of Nigeria

MEMBERS of Coalition of Civil Society Groups, at its just concluded 4th All Nigeria Civil Society Economic Conference held on Wednesday morning in Abuja, commended the management of the Central Bank of Nigeria (CBN) on the fiscal policy and urged the apex bank to sustain recent drop of inflation rate which was a result of increase in classifications of individual consumptions.

They also urged FG to improve fiscal spending so as to ensure we have more stability of the economy.

In a communiqué jointly signed by the President of the Coalition Bassey Etuk Williams, Chairman, communiqué drafting committee, Bar. Yemi Akanni and Dr Hauwa Mohammed said the conference said its considered the improvement recorded on the economy, new economic strategy and other several monetary policies introduced to make the economy stable.

“The renewed policies of Central Bank was highlighted along with the several intervention policies of the Federal Government that bother on the economy was discussed.

“These economic policies introduced has been of great importance to the country as our people are feeling relieved gradually, thus a vote of confidence was thereafter passed on the CBN Governor and his entire team.

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“We also wish to encourage the Federal Government through CBN to deepen the new economic growth model that will help the sustainability of the new economic policies that will encourage participation by relevant stakeholders.

“And Sustenance of the improved economic indices, rising investment in Agriculture and Infrastructure as it will sustain the country as we are out of recession. This we observed was as a result of FX window introduced by CBN which now produces higher turnover that has improved the confidence of the investors,” he stated.

The conference also recommended that the Federal Government sustain the increase of the country’s external reserves, saying the increased recorded in raw materials, solid materials and capital importation must be sustained to ensure the economic growth continues.

“The Economic Recovery and Growth Plan of the government is stabilizing macroeconomic, provision of food security along with energy efficiency with improved transportation infrastructure, this should be strengthened.

“And there is thus need to create room for synergy among various civil society groups, media and the government on her various monetary policies aimed at addressing the myriad of economic challenges facing the country,” he suggested.