Vice President Yemi Osinbajo has again spoken on the need for effective synergy between the fiscal and monetary aspects of Nigeria’s economy and how to manage the foreign exchange rate better.
Former Kenyan President Uhuru Kenyatta ; Vice President Yemi Osinbajo; President Muhammadu Buhari; Senate President Ahmad Lawan and Speaker Femi Gbajabiamila at the Third Ministerial Review and Performance Retreat, State House, Abuja…yesterday.
According to him, “the first is the synergy between fiscal and monetary policy. The failure of that synergy has led to unnecessary drawbacks in our economic performance and planning. What imports are eligible for foreign exchange must agree with the fiscal ambitions for manufacturing and industry.” “That is just the reality. On one hand we have tried demand management and rationing, which has not really worked because fixing the price while the parallel market reveals a massive arbitrage, merely creates the opportunity for massive rents.
“While they may not have been perfect, it would appear as if the rules were clear and there was relative stability. When people know how they can access foreign exchange competitively, this will boost confidence and inward flows will increase.” The retreat programme was designed to review the progress of the administration, since the second edition held in October 2021.
Buhari said 38.7 million Nigerians have been fully vaccinated against COVID-19, representing 35 per cent of the total eligible population target for vaccination.
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