The Nigeria Employers’ Consultative Association (NECA) has urged the Federal Government to reappraise its monetary and fiscal policies to address the challenges confronting the nation.
“These initiatives and policies comprise the exclusion and prohibition of about 47 items from eligibility to access FX on 23rd June 2015 and the introduction of the e-Form ‘A’ for Forex Online in July, 2021.
“Unfortunately, many of these interventions have not yielded the desired outcomes : enriching the flow of FX, reflating the economy and promoting enterprise competitiveness, Oyerinde said. In view of the significant impact of the misalignment of the fiscal and monetary policies of the government, Oyerinde said it was important for the nation’s monetary and fiscal authorities to close ranks to reduce the contradictory tendencies of the policies for the good of the nation.
The NECA chief pointed out that, while the monetary policies aimed to reflate the economy through various interventions, the fiscal policies tended to stifle the productive sector by frequently introducing new taxes and levies. Examples include the telecoms excise tax; excise duty on carbonated drinks; beverage’s tax and the NYSC levy.
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