CBN To Review Economy, Improve Purchasing Power

CBN Approves Reduction In Banks' CRR

Focusing on Nigeria’s plans to increase the purchasing power parity, The Central Bank of Nigeria (CBN) and the Ministry of Finance have been asked to conduct an extensive analysis of the economy.

In a statement, the Independent Shareholders Association of Nigeria (ISAN) said that it is apparent that the two organizations must utilize the monetary and fiscal rates as a tool to stop the devastating hunger and deprivation in the nation.

ISAN insisted that they want the monetary and fiscal authorities to follow the lead of other countries by providing palliatives such temporarily lifting import bans on some essential foods, offering tariff relief to specific businesses, and lowering taxes for specific industries.

According to him, FG would be deceiving itself if it fails to acknowledge the economic poverty ravaging Nigeria across the board; arising from the war in Europe, devastating insurgency, and insecurity in Nigeria.

He said the situation was worsened by food, education, fuel, debt crises and the massive ongoing theft in the oil and gas sector that have ensured that the country missed the global windfall for oil and gas producers.

He said OPEC has improved its quota thrice since the Russia-Ukraine war but we are unable to benefit, yet we have debts to pay.

ISAN maintained that “FG should reduce corruption in the system. There is duplication of charges and taxes certain sectors of the economy are being overtaxed. Those sectors should be helped.

“FG has to un-ban those food products like wheat, corn etc that are essential so that there may be food adequacy. Bread for instance is going out of reach of the mass of Nigerians as a result of wheat shortages. But the fear by the government is obviously that imports may negatively affect our exchange rate and further devalue the Naira.

“That is why we are saying there should be a comprehensive review of the economy so that we can ably weigh the needed changes and their impacts on the overall economy. CBN should reflate the economy,” he said.

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