By Emeka Mamah
KADUNA â€” The Institute of Chartered Economics of Nigeria, ICEN, has faulted the recent measures by the Central Bank of Nigeria, CBN, which has led to massive retrenchment of commercial bank workers in the country and asked the Federal Government to halt the retrenchment exercise.
ICEN also called for adequate funding of federal and state universities to ensure a strong nexus between theÂ countryâ€™s educational and industrial development even as it stated that government must provide electricity to 95 per cent of the citizens who are at present in darkness for society to grow.
This was contained in a communiquÃ© issued at the end its first national conference/13th Mandatory Advancement Continuous Educational Programme in Kaduna, weekend.
The communiquÃ© was jointly signed by the ICENâ€™s Vice President, Dr. Idris Mansur and the Chief Co-ordinator, South-South, Mr Friday Udoh.
On the measures adopted to cushion the effect of the global economic meltdown, the association said the Federal Government miscalculated the devastating effect of the crisis on the nationâ€™s economy.
According to ICEN, it was wrong for the government to have continuously assured the people that the meltdown would not seriously affect the economy without putting measures in place to curtail the effects.
â€œThe government miscalculated the effect and consequences of the global economic down-turn on its national economic agenda; going ahead to give assurance, even when the economic control left the grip of the super nations, again underestimating the effect of globalisation.
â€œThey failed to intervene and act swiftly through stimulus packages and necessary legislations as demonstrated by other advanced nations in sustaining and overcoming the effect of the down-turn on its economy.
â€œThe crisis has exposed the dangers inherent in unguided and wholesale regulation and/or liberalisation of the national economy.
â€œIt has shown that excessive freedom focussed only on market accumulation can breed devastating greed and economic collapse.
â€œIt has, therefore, underscored the desirability of a strong national government that can take proactive steps in curbing the excesses of the market, and the negative consequences of market failure.”