Monetary Policy: Nigeria Can’t Survive Without Stringent Measures – Group

BY AMOS TAUNA, KADUNA – A Non-Governmental Organization, Partners for Legislative Agenda for Nigeria (PLAN), has said that Nigeria can only survive on stringent human faces policies.

The group noted that the policies should be put in place to secure a strategic financing module that focuses on the future and position the country to withstand any financial shock emanating from instability in the oil market and unforeseen circumstances.

PLAN Coordinator, Khalifa Bello Adamu, who stated these in a statement further said; “We cannot survive as a nation if stringent but human faced policies are not put in place to secure a strategic financing module that focuses on the future and positions the country to withstand any financial shock emanating from instability in the oil market and unforeseen circumstances.”

PLAN said it aligned with the thoughts and views of the Central Bank of Nigeria (CBN), on its stand to review the monetary policy framework by upping charges to raise revenue for infrastructural development.

Adamu said; “As a conscious group with a depth of financial policies and management, we align our thoughts and views with that of the Central Bank of Nigeria (CBN) on its stand to review the monetary policy framework by upping charges to raise revenue for infrastructural development.

“Considering the global economic crisis and trade wars by leading economies of the world, no nation can afford to stay aloof and watch as the adverse effects of these woes will negatively plunge its financial situation into in-recovery points.

“The advocacy and implementation of a cashless policy, VAT increase, deposit and withdrawal charges of 2% and 3% respectively in excess of #500,000 and #3million for individual and cooperate accounts are in order but misconstrued by many Nigerians.”

The group noted that Nigeria has one of the lowest VAT rates of 5% in the African continent, pointing out that with the competing and contending economic models, the country’s monetary policy should be able to monitor fiscal policy and responsibilities of government and the citizenry to effect progress.

According to PLAN; “Our close door neighbor, Benin Republic, has VAT at 18%. It will interest you to know that at the moment, this policy affects less than 15million individuals and cooperate entities with over 100million in exception because how many depositors make lodgments of #500,000 per day or week in Nigeria?

“Reverse should be the case were over 100 million Nigerians will be in the tax net of the government so that all will be part and parcel of financing infrastructural development. With this, over 60% of the citizens will be productive and producing.”