BY NAOMI UZOR
The Immediate Past National President of the Nigerian Association of Chambers of Commerce, industry, Mines and Agriculture (NACCIMA), Dr. Simon Chukwuemeka Okolo has called on the federal government to have a thorough re-assessment of Nigeria’s monetary policy regime with a view to coming up with a fiscal policy that will best address the nation’s current economic woes.
Dr. Okolo who made the remark while speaking with industry reporters on the state of the nation, deplored the current dysfunctional monetary policy of the government that have failed to grow the economy and uplift the living standard of the people.
He called on the economic management team headed by the finance minister Dr. Ngozi Okonjo Iweala, to re-appraise Nigeria’s monetary policy and come up with a fiscal policy that will adequately address the current economic problems bedeviling the nation, especially come up with a policy that will address the ever rising subsidy issues in the economy.
“Commonsense dictates that a commodity or product that is selling like a hot cake and at a higher price in the market should bring greater returns and improved living standards for the owner of that commodity, but a situation like that of Nigeria where the case is quite the opposite calls for very deep reflection”
“Nigeria has crude oil that sells well above budget benchmark. This is supposed to give relief and improved wellbeing. But the funny irony of the situation is while the nation brings home billions of dollars from crude oil sales at the international market, Nigerian’s at home pay through the nose to buy petroleum products for their use, as government increasingly and continually decline payments of subsidy claiming lack of funds. This clearly indicates that the dollar proceeds from the crude oil sales is not being well handled, otherwise it should translate to improved living conditions for Nigerians” He said.