The President, Coalition of Civil Society Groups (COSG), Etuk Bassey has urged past Governors of the Central Bank of Nigeria (CBN), Prof. Charles Soludo and the Emir of Kano, Sanusi Lamido Sanusi to shelve their blame games and support the Federal Government in managing the current economic recession in the country.
Bassey said during a press conference, in Abuja that the apex bank at this critical time needed inputs from all financial institutions such as the Federal Ministry of Finance, Federal Ministry of Budget and National Planning, Federal Inland Revenue Service (FIRS), Ministry of Industry, Trade and Investment including the ex-CBN governors to develop innovative and workable plans to rescue the economy.
He condemned the increasing inflation rates, unemployment and declining revenues of the federal government and its daunting effect on the public.
According to him, the bailout funds, bi-monthly Monetary Policy Committee (MPC) meetings, intervention funds in the agriculture, power and aviation sectors of the economy appeared less effective in the face of the recession.
“It remains the duty of Nigeria’s economic managers to re-balance the economy and see us through these challenges so that we can emerge a better economy.”
“Yet, it seems to us that those entrusted with the management of this economy are bereft of creative ideas on way forward or, worse still, do not understand the complexities of the current challenges.
“However, it is important to note the unsavory and divisive comments by ex-Governors of the CBN, particularly Prof. Charles Soludo and HRH Sanusi Lamido, condemning some decisions and actions of the Bank.”
“We are of the view that, save for mischief and cheap publicity, these individuals ought to approach their successor and share their views on an appropriate way forward for the benefit of the masses,” Bassey added.
However, he advised the Ministries Departments and Agencies (MDAs) to put on their thinking caps and design implementable fiscal policies, structural policies and industrial trade policies to complement the monetary policy of the apex bank.
Speaking on the roles of state governments, the coalition advised individual states to look inward and develop business models that would boost state Internally Generated Revenues (IGRs), rather than continuous reliance on bail out funds and federal allocations.
“We find it insulting that some of these state governors shamelessly blame other people for the dwindling performance of the economy,” he added.
