Dwindling revenue: CBN, fiscal authorities restrategise for economic stability


Faced with persistent fall in crude oil prices, Nigeria’s main foreign exchange earner, the Central Bank of Nigeria , CBN, and the fiscal authorities are now meeting to restrategise on how to stave the nation’s economy away from a looming recession.
The Governor of CBN, Mr. Godwin Emefiele, told the gathering of Accountants-General of the Federation, AGF, Alh. Ahmed Idris, top officials of his organization, those from the Federal Ministry of Finance, the Budget Office, and tax authorities in Abuja, yesterday, that both monetary and fiscal authorities must restrategise and work in a coordinated manner to surmount the current economic challenges facing the country.
The meeting was under the Fiscal Liquidity Assessment Committee, FLAC.
His words, “The knock on effect of the recent global macroeconomic shores has accentuated the urgent need for Nigeria to strengthen its economic fundamentals and attain self sufficiency so as to ensure macroeconomic stability.
“In particular, the fall in oil prices has negatively affected revenue projections and in the short term has amplified exchange rate pressures due to a tapering of export proceeds.
“I wish to draw our attention to the principal objective of macroeconomic policy which is to achieve sustainable and inclusive economic growth in the context of macro stability.
“To achieve this, monetary and fiscal policies need to assiduously play their respective roles while collaborating to ensure that public expectations are harmoniously and effectively anchored.’’
Mr. Emefiele who was represented by the Deputy Governor, Monetary Policy, Dr, Sarah Alade, observed that two the parties (monetary and fiscal authorities) must work together to come up with policies that would strengthen the economy’s fundamentals.


Check the Vanguard newspaper for the full story.









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