• Manufacturers Warn Of Gloomy Days Ahead
• CBN’s Polices’ Review Urged
• Importers Flock Abroad To Beat Forex Policy
The Federal Government has toed policy paths, which officials vow are needed to bring the nation’s economy out of the woods. From The Guardian’s findings, however, not all stakeholders appear to be on the same page with government.
“There are more negatives than positives. If we look at the outcomes we have had in the past four months, they are quite drastic on the negative side. Gross Domestic Product (GDP) is declining; underemployment and unemployment are increasing, and the general level of economic activities is weak. The capital market is also declining. Coming from the position we were after the elections, when there were local and international goodwill and we had the opportunity to leverage on all that, unfortunately, foreign investment has stayed flat from the level we had in the first quarter,” said Chief Executive Officer (CEO) of RTC Advisory Services Limited, Opeyemi Agbaje.
According to the public policy analyst, the above situation can only be blamed on the absence of an economic direction. “Goodwill, on its own, is insufficient; it needs to leverage on the right policies,” he said, adding: “We have no policies, or at least, not a coherent policy. Nobody has defined a coherent economic agenda. We are just doing things on a day-to-day basis.”
The Treasury Single Account (TSA), particularly, has come under criticism. While experts acknowledged its constitutional basis, they argued that unless it is properly executed, it could stifle key economic nerves.
“The major advantage of the TSA is the fact that it will ensure and improve revenue inflow into the Federation Account, and this will improve the fiscal stability of all the levels of government – federal, state and local. However, it is necessary to caution against the resultant bureaucratic bottleneck that could be created in the disbursement of funds to the Ministries, Departments and Agencies (MDAs) for their operations. If care is not taken, the operations of some of the agencies may be crippled, if there is no adequate framework for speedy release of funds to the agencies for their daily operations. This is an area the authorities need to watch properly,” said Muda Yusuf, Director General of the Lagos Chamber of Commerce (LCCI). Read More →