Experts advise FG on effective fiscal, monetary policies

Experts, under the umbrella of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), have advised the Federal Government and the Central Bank of Nigeria (CBN) on the best fiscal and monetary policies that will ensure dynamic leadership in the public and private sectors.

The experts made this charge on Thursday in Ibadan during the 2023 annual public lecture of ICSAN, with the theme ‘The dynamics of leadership in fiscal and monetary policy: The Central Bank of Nigeria in perspective’, which was held at the Lead City University.

The president of ICSAN, Mrs Funmilayo Ekundayo, in her address, noted that the annual lecture was a corporate social responsibility (CSR) initiative of the institute geared towards enlightening the public and private sectors and individuals on topical issues affecting the country.

She stated that the relevance of the theme of the lecture was underscored by the country’s recent experience in CBN’s implementation of some important macroeconomic policies.

“As a governance institute, we should be concerned about how the CBN conceives and implements its monetary policies because of its far-reaching consequences for the nation’s growth and development,” Ekundayo said.

Delivering the keynote address, the Academic Director of the Senior Management Programme of Lagos Business School, Dr Nkemdilim Iheanachor, spoke extensively on how the CBN’s recent monetary policies and fuel subsidy removal have adversely affected businesses and households, plunging millions of Nigerians into poverty and leading to the closure of many businesses.

He however noted that it is not all the policies of the current administration of the Federal Government that is bad, adding that the CBN and the government should provide effective fiscal and monetary policies that are human-orientated and that can fasten development and progress of the economy.

The second speaker was the Accountant General of Oyo State, Mrs Kikelomo Adegoke, represented by the Director of Finance, Olayemi Olayiwola.

Adejoke spoke on the maintenance of Nigeria’s external reserve, foreign exchange management, promotion of monetary policies and efficient financial system. She also spoke on the CBN as the financial adviser to the Federal Government, and also as the lender of last resort to banks.

“The CBN is legally saddled with the responsibility to employ the legal instrument at its disposal to formulate and implement monetary policies to regulate and enhance the economic strategies of the nation,” Adejoke concluded.

Professor of Accounting and Financial Development, from Lead City University, Godwin Oyedokun, spoke on the challenges and the way forward in CBN’s leadership roles in fiscal and monetary policies. He also touched on the implications of fiscal and monetary policies on the removal of petrol subsidy on energy, business, agriculture, and education.

Oyedokun advised the CBN to “embrace transparency, accountability, collaboration and innovation; to navigate the dynamism of leadership in fiscal and monetary policies; and also to contribute to Nigeria’s economic development and welfare of its citizens.”

The Vice Chancellor of the Lead City University, Professor Kabiru Adeyemo, in his address, stressed the symbiotic relationship between the university and ICSAN. He added that, over the years, the institute has been promoting professional standards and quality of governance practice in the country.

Speaking on the theme of the lecture, Adeyemo stressed that to navigate the ever-challenging economic sector of the country, the CBN must embrace forward-thinking policies that will enhance the realities of the economy.

“The CBN must not operate in isolation, but must collaborate with other institutions and professionals across other sectors to achieve sustainable leadership and economic results,” Adeyemo advised.

Other prominent personalities at the event, who spoke and commented on the theme of the lecture, were past presidents and top members of the institute; the vice president of the institute, Mrs Uto Ukpanah; Mr Samuel Kolawole; Mr Francis Olawale; Mrs Yinka Olaleye; Faosat Oluokun; Mrs Lynda Onefeli; Ms Oladunni Ogunsulire; Mr Samuel Ilori; the Head of Marketing, Lead City University, Deborah Adejobi; among others.

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