CSOs task economic teams on recession
The Coalition of Civil Society Groups (CCSG) has urged the country’s economic teams to direct efforts at creative and innovative solutions to the country’s economic problems.
A communiqué issued after the coalition’s emergency meeting in Abuja read to newsmen in Abuja yesterday by the president of the group, Mr. Etuk Williams, said: “It seem to us that those entrusted with the management of this economy are bereft of creative ideas on the way forward or, worse still, do not understand the complexities of the current challenges. As far as we know, macroeconomic policies are divided broadly into monetary and fiscal. The fiscal authorities are generally entrusted with the responsibility of ensuring economic robustness including sound growth, vast employment, infrastructure development, trade policies, industrial policies, structural policies, and a welcoming business environment”.
The communiqué said while it was neither the group’s duty intention to defend any organization, it noticed the asymmetrical blame on the Central Bank for the present condition of the Nigerian economy.
“As far as we are concerned, the CBN has its own shortcomings, one of which is its attempts, through its quasifiscal activities, to assume the duties of other counterparties in the economic management endeavour. But I guess they have resorted to doing so because nature does not allow vacuums. If others are not doing their jobs, maybe someone has to do. Whatever the case is, we believe that this disproportionate blame-game should stop now.
“The CBN has not only made visible attempts at its bi-monthly Monetary Policy Committee meetings at working towards its mandate, it has also ventured in quasi-fiscal duties to fill the gap created by indolent and inept organizations. For instance, we are aware of its various interventions in agriculture sector, in power, in micro, small and medium enterprises, in education and in aviation sector.”
The group noted that it remained the duty of Nigeria’s economic managers to rebalance the economy and see the nation through its current challenges.
“To the best of our understanding, the mandate of the CBN is to maintain stability of prices, monetary conditions and financial system; some of which require medium term horizon,” the statement added.