CIS President Wants Strict Implementation of 2017 Budget

The President of the Chartered Institute of Stockbrokers (CIS), Mr. Oluwaseyi Abe has called for strict implementation of 2017 federal budget as part of efforts to fast-track the recovery of the economy.

The National Assembly is currently looking at the bud- get and it is expected that it would be passed early enough for President Muhammadu Buhari to sign it into law for implementation.

While the passage of the budget and its eventual signing by President Buhari and being awaited, Abe said it should be well implemented in order to get the economy back on the track.

Speaking to journalists in Lagos, the CIS president also canvassed a renewed policy of investment in infrastructure and abrogation of multiple taxation, taming of inflation and interest rates among others to create an enabling environment for economic activities to thrive in Nigeria.

“The successful implementation of the federal government’s 2017 Budget of Recovery and Growth is critical. We believe that the economic fundamentals of Nigeria are still strong, while we have enjoyed political stability for a while” he stated.

According to him, the first step is a strict execution of the budget in order to get out of recession, adding that there must be reduction in interest rates to boost the real sector and empower the populace with more investible funds.

“It is good that the government has decided to spend more on infrastructure as a necessary measure for long term and sustainable economic development. Besides, the business terrain must be more investor- friendly for micro small and medium scale enterprises (MSME) to flourish, which means the capital market itself must be developed to assist local entrepreneur,” he said

However, Abe who stated that fundamentals of the Nigeria economy remained strong and competitive, regretted that the country had been weak in

infrastructural development, thereby limiting the revenue base.