From Oluseye Ojo, Ibadan
A group of economic and financial experts from various sectors have come together to call on the Nigerian Federal Government to take urgent action and implement policies that will help boost the country’s struggling economy.
They made the call at a public lecture, entitled: ‘The Dynamics of Leadership in Fiscal and Monetary Policies: The Central Bank of Nigeria in Perspective’, organised by the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), held at the Lead City University Conference Centre in Ibadan, Oyo State.
The event, which focused on the dynamics of leadership in fiscal and monetary policies, highlighted the crucial role of the Central Bank of Nigeria (CBN) in shaping the nation’s economy. It was emphasised that the CBN has a crucial role in providing leadership in fiscal and monetary policies and, in turn, the government should implement policies that will help increase policy change, transfer of power, and tighten monetary conditions.
The President of ICSAN, Funmi Ekundayo, who is the Chairman of the institute’s Governing Council, in her address, emphasised the importance of the theme by referencing the nation’s recent experience in the implementation of important macroeconomic policies by the CBN.
She explained: “These inferences, coupled with CBN’s conventional interventions, show the reality of the control the apex bank exercises on the nation’s economy.”
The keynote speaker, Dr Nkemdilim Iheanachor, the Academic Director, Senior Management Programme, Lagos Business School, highlighted the need for clear separation of power between policymakers and regulators in order to effectively implement economy policy reforms.
He stated: “The Central Bank of Nigeria plays a vital role in providing leadership in fiscal and monetary policies. Its responsibilities encompass guiding fiscal activities, formulating and implementing monetary policies, ensuring transparency and accountability, and promoting collaboration. Also, the government should implement policies that would increase policy change of transfer of power, tighten monetary conditions and move effective exchange rates towards the rate of inflation.”
The discussant, Accounting and Financial Development Department, Lead City University, Prof Godwin Oyedokun advised the government to influence the performance of the economy by using the contribution of monetary and fiscal policy.
Adding to the discussion, Prof Godwin Oyedokun from the Accounting and Financial Development Department at Lead City University advised the government to use both monetary and fiscal policies to influence the performance of the economy. He emphasised the importance of leveraging the contribution of these policies to enhance economic strategies.
The event also saw the representation of the Accountant-General of Oyo State, Kikelomo Adegoke, who urged the CBN to utilise legal instruments in formulating and implementing monetary policies, stressing the need for regulation and enhancement of the nation’s economic strategies.
With the collective call from these relevant stakeholders, the Federal Government is expected to implement policies that will accelerate growth in the country.
