September5,2016
ORGANISED labour, weekend, in Owerri, Imo State, urged the political and
economic class to cultivate “a bipartisan and pan-Nigerian approach” to
overcome the current economic crisis instead of passing blames and giving
excuses.
Speaking on the recently released Quarterly National Accounts, QNA, of the National Bureau of Statistics,NBS, at a Central Bank of Nigeria, CBN, interactive session with stakeholders in Owerri, General Secretary of the National Union of Textile, Garment and Tailoring Workers of Nigeria, NUTGTWN, Mr. Issa Aremu who doubles as Secretary General, Alumni Association of National Institute, AANI, Kuru Jos, observed that “All Nigerians regardless of their callings are dammed by the data on rising inflation, double digit interest rates, factory closures and general underdevelopment.
Speaking on the recently released Quarterly National Accounts, QNA, of the National Bureau of Statistics,NBS, at a Central Bank of Nigeria, CBN, interactive session with stakeholders in Owerri, General Secretary of the National Union of Textile, Garment and Tailoring Workers of Nigeria, NUTGTWN, Mr. Issa Aremu who doubles as Secretary General, Alumni Association of National Institute, AANI, Kuru Jos, observed that “All Nigerians regardless of their callings are dammed by the data on rising inflation, double digit interest rates, factory closures and general underdevelopment.
Nigerians must collectively confront underdevelopment
instead of giving excuses and blaming each other.” On the critical views of the
past two governors of the CBN namely Charles Chukwuma Soludo and Sanusi Lamido
Sanusi on the policy thrust of Buhari administration comrade Aremu: said: “The
two voices sounded too familiar, predictable but unhelpful for an economy
begging for solutions,” insisting that it was time to “work the recovery of
Nigeria based on 1999 constitution’s provision that says the purpose of
governance is welfare and security of the citizens. “After 30 years of
structural adjustment programme of privatization, trade liberalization and
currency/financial liberalization, Nigeria urgently must replace the current
disjointed policies with sustainable national development agenda consolidated
in various national discourses articulated in visions 2010, 2020 and 2014
National conference.” He called on President Muhammadu Buhari to through the
National Institute for Policy and Strategic Studies, NIPSS, Kuru Jos
consolidate all the past “patriotic national economic policies” failing which
he said, imposed prescribed IMF/World bank prescriptions would further fuel
“growth” without development. Aremu who is also the Chairman, IndustriALL
Global Union, African Region, argued that Nigeria had for so long failed to
plan making the country “perpetually preparing to fail” insisting that it was
time the National Planning Commission be replaced by functional federal
ministry of planning to ensure implementation of all the policy recommendations.
Aremu faulted the current policy of CBN on high interest rate which he called
“anti-production” and urged CBN to relook at its current monetary policy rate
which puts interest rate at double digit adding that Nigeria could run a
successful productive value adding economy with the current high cost of funds
caused by high interest rates. “The good job CBN is doing through its
interventionist measures in some key sectors of the nation’s economy would be
undermined if the interest rate is not properly managed. CBN must target
capacity utilization and employment as much as it is “targeting inflation” in
its monetary policy. The smartest way to reinflate the economy is through wage
increase linked with productivity improvement and prompt payment of the existing
salaries by states and local governments.
President Buhari must urgently
constitute the tripartite committee on the review of the current national
minimum wage,” he said. Nigeria workers he observed have long been in
depression, observing that with Naira devaluation and inflation, 2010
negotiated national minimum wage of N18,000 which was about $120 in 2010 has
fallen to $42 in 2016. While calling for realignment of Nigeria monetary and
fiscal policies to drive sustainable Development, he hailed the current
spirited efforts of the Governor of the CBN, Godwin Emefiele to defend the
Naira value through stringent capital control measures in the face of dwindling
external reserves caused by the collapse of oil price. He said CBN ban on 41
imported goods and services from the list of items valid for forex in the
Nigerian Foreign Exchange Markets was desirable for import substitution.
According to him, as part of the complementary efforts of the monetary
authorities, President Buhari and the Vice President must quickly hit the
ground running and convoke a stakeholders forum with all the manufacturers and
producers of the 41 banned items with a view to removing the structuring
problems facing them to produce these items at home.
SOURCE: VANGUARD