The Federal Government has begun moves to strengthen the level of coordination between the monetary and fiscal policy instruments in order to return the economy to the path of growth.
The Minister of Budget and National Planning, Senator Udo Udoma, stated this at the Monetary Policy Committee’s retreat in Abuja
He said there was a need to harmonise policies in order to achieve the broad objectives of macroeconomic growth in the country.
The retreat, with theme, ‘Pathway to Price Stability Conducive to Economic Growth’, was attended by the Minister of Finance, Mrs. Kemi Adeosun; Central Bank of Nigeria Governor, Mr. Godwin Emefiele; and other top government officials.
Udoma, according to a statement on Sunday by the CBN, said both the monetary and fiscal authorities had no choice but to work together to guarantee the country’s economic growth.
He explained that there was a need for both authorities to work together to reduce inflation and interest rate, while stabilising the exchange rate.
The statement added that Emefiele explained that the purpose of the retreat was to brainstorm on how to close the gap in policy coordination.
Adeosun, according to the statement, explained that there were a lot of unbanked Nigerians whose contributions to the economy were hardly captured, adding that the government must devise ways to bring them into the financial sector.
She also hinted that based on the current realities, the Federal Government would have to borrow more to meet its infrastructural obligation.