Tinubu says Nigeria must immediately look at the monetary policy again
Daily Trust reports that while speaking on Wednesday, January 25, 2017 at the National Defence College (NDC) Abuja, during the presentation of paper titled: ‘Strategic leadership: my personal theory and practice’, the former governor of Lagos said Nigeria’s monetary policy must be consistent with the environmental need of the country’s domestic requirements.
He lamented that much is tied down warning the government to urgently ease its current monetary policy.
Apart from this, the government, he said, must stimulate the economy.
“You have to spend yourself out of this recession and you cannot do that by consistently stifling the banks of liquidity.
“Sincerely, where we see contradiction in the policy, we are going to talk about it, this is a nation of freedom, a democratic country, and this is our government, we are not like the other party who will invent one lie to lie, and to bury a lie and other mistakes.
“The monetary policy needs constant reviews and evaluations, and how it would affect the market and ordinary people as well, because if there is no liquidity in the market the Banks would price out the ordinary man, and inflation is growing at 18 percent,” he reportedly warned adding that at this stage, deficit spending is essential to boost employment and development.
According to him, it is necessary to harmonise monetary policy with fiscal policy, because a tight monetary policy would injure goals where fiscal policy comes with deficit.
Tinubu reportedly advised that the country’s trade policy be re-aligned to create a strong industrial base and boost agriculture.
He reportedly noted that industrialization was necessary and that the country can no longer allow cheap imports to take over its system.
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