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Experts Advise FG On Monetary And Fiscal Policy Alignment

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Experts Advise FG On Monetary And Fiscal Policy Alignment

Some experts have advised the Federal Government to take steps to avoid the relapse of the economy into recession.

They gave the advice in Lagos on Tuesday while reviewing the state of the economy on the occasion of Nigeria’s 58th independence anniversary.

Dr Samuel Nzekwe, a former President of Association of National Accountants of Nigeria (ANAN), advised the Federal Government to align fiscal and monetary policies to attract investments into the country.

He said this became imperative since the Central Bank of Nigeria (CBN) had warned that the country might relapse into recession.

He said that that foreign investors would only invest in the economy if the business environment was conducive.

The CBN Governor, Mr Godwin Emefiele, said after the Monetary Policy Committee (MPC) meeting on Sept. 25 that the economy might relapse into recession if certain steps were not taken.
Emefiele attributed this to the slow growth of the Gross Domestic Product (GDP).

An economy is said to be in recession after contracting for two consecutive quarters.The economy slipped into recession in 2016.

It declined to 1.5 per cent in the second quarter of 2018 from 1.95 per cent in the first quarter.
Nzekwe said that government should focus more on improving economic indices to attract foreign investors and boost public-private partnerships.

He said that Nigerians needed to be constantly encouraged to consume locally produced and stop their preference for foreign goods.

“No country has ever created a great economy by depending on the industrial outputs of other nations.
“The task of rebuilding the economy is an assignment for all Nigerians,” he said.

Nzekwe said the last recession should have taught the country to come up with comprehensive inward-looking policies to boost local production.
He said that the government must enhance individual liquidity by spending wisely on agriculture, infrastructure and stimulating the manufacturing sector.

Mr Titus Okurounm, a former Director in the Department of Statistics at the CBN, advised that both federal and state governments should borrow from the capital market to finance revenue-yielding capital projects
According to him, government is key to stopping recession and revert the economy to the path of growth.

He said the government should also ensure that the economy would not go into recession by checking inflation and boosting per capita income.

Okurounmu said that reducing per capita debt level, lowering interest rates and ensuring conducive atmosphere for business are key to avoiding recession.

Nigerian News

PPPRA Cautions Oil Marketers On Distorting Fuel Price

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PPPRA Cautions Oil Marketers On Distorting Fuel Price

The Petroleum Products Pricing Regulatory Agency on Tuesday cautioned oil marketers against distorting the approved pump price of petrol.

PPPRA secretary Abdulkadir Saidu says the agency is in charge of fixing the price of white petroleum products – petrol and kerosene, the approved cost of PMS at retail filling stations has not changed beyond N145 per litre.

Saidu has also advised oil marketers to ensure that there was no price distortion in their respective retail outlets, adding that PPPRA would continue to carry out its oversight function of monitoring depots and filling stations across the country.

He said this would ensure strict adherence to the regulated price and stop other forms of fraudulent practices at retail outlets.

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Nigerian News

NIM President Calls ON Political Leaders In Nigeria To Reveal Salaries And Allowances

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NIM President Calls ON Political Leaders In Nigeria To Reveal Salaries And Allowances

The president of the Nigerian Institute of Management, Professor Olukunle Iyanda, has called for the disclosure of remunerations of political leaders in the country.

He frowned on the refusal of national assembly members to reveal their salaries and allowances.

Speaking at the nim’s continuing learning and development programme in Abuja, Iyanda accused politicians of elevating themselves above service to the nation.

Iyanda lamented that Nigerian lawmakers are the highest paid in the world; yet, Nigeria is not among the top 10 richest nations.  He said they should not earn more than Federal Permanent Secretaries.

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Nigerian News

Gombe State Government Confirms Death Of 4 Lassa Fever Patients

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Gombe State Government Confirms Death Of 4 Lassa Fever Patients

The Gombe state government has confirmed the deaths of four Lassa fever patients from the 53 suspected cases recorded in the state.

Acting state epidemiologist, Nuhu Bille, has advised members of the public to imbibe the culture of reporting cases of fever to hospitals for adequate action and treatment.

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