Desirous of closing the gap on the coordination between monetary and fiscal authorities to chart a common course to develop the economy, the Senate leadership on Tuesday met some stakeholders in the economy.
The closed door meeting which lasted for over three hours, was chaired by Senate President Bukola Saraki and attended by Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, Finance Minister Kemi Adeosun and bank chief executives.
While the apex bank team represented the monetary authorities, officials from the Ministry of Finance led the fiscal authorities.
It sought to harmonise several policy perspectives on interest rate regime.
The session was sequel to a round-table on the economy held by the Senate leadership with banks and other stakeholders on June 13, 2017.
Briefing journalists after the session, Chairman, Senate Committee on Finance, John Enoh maintained that the pathway to lower interest rate was to ensure monetary and fiscal authorities’ collaboration with the private sector.
According to him, the positive effects of the meeting will be felt in the coming weeks and months.
Nigeria is currently battling to exit economic recession since 2016; its worst in 29 years.
“I think that this is one more moment that the Senate President has demonstrated leadership and I think that the benefits of the outcome of the meetings we have had will begin to show in the next couple of weeks and months in terms of how both the monetary and fiscal authorities are going to continue to corporate because all these issues that have been examined require their total corporation,” Enoh stated.
On his part, the Chairman Senate Committee on Banking, Insurance and other Financial Institutions, Rafiu Ibrahim, said both the monetary and fiscal authorities need to work together to guarantee the country’s economic growth.
His words: “All of us shared the sentiment that no matter what it takes, now that the exchanged rate regime has stabilised, all hands must be all deck for us to achieve a better interest rate regime.
“And everybody is aware that the three things that play majorly is the exchange rate, inflation rate and interest rate that you must joggle for us to have a very vibrant economy. We had a fruitful discussion and we are hopeful that once we continue to work hard as this, we will achieve what is desirable for our economy to grow and make businesses survive and sustain their growth”.
OWEDE AGBAJILEKE, Abuja
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