By Toba Agboola
Abuja (Sundiata Post) – The Nigeria Employers’ Consultative of Association (NECA) has called for synergy between the fiscal and monetary policies of government for development.
Its Director-General, Dr Timothy Olawale, in an interview, said for any economy to fulfil its potential, efficiency and synergy of the fiscal and monetary authorities is critical.
On expectations for the year, he said: “The government should remain focused on implementing the Economic Recovery & Growth Plan (ERGP) as part of efforts to restore economic growth and expand the tax net to improve revenue generation, rather than focusing on tax increases that have remain burdensome to businesses.
“Beyond the rhetorics of improved Ease of Doing Business rating, we expect that greater effort would be made to reign in the excesses of some regulatory authorities, whose actions tend to stifle businesses, invariably increasing the unemployment rate.
“The private sector should be aggressively supported to create jobs through business-friendly policies and regulation.”
On the budget, Olawale called for the timely implementation of the budget and early release of funds to stimulate the economy.
He said monitoring mechanisms should be institutionalised to gauge how well the budget is implemented, adding that special focus should be given to infrastructural development as enshrined in this year’s budget as this is the foundation for national development.
“We expect that for the sake of our country and the teeming populace, government at all levels will see the private sector as an engine of development and a worthy partner in the realisation of the Nigerian dream. The executive, especially the legislature, must facilitate an enabling environment for the economy to grow through business-friendly and citizen-focussed legislation for the betterment of our nation, ” he said.
Olawale said the economy struggled with an average growth rate of two per cent in the first three quarters of last year.
He said inflation remained on double digit, orchestrated mainly by increasing food inflation as a result of the closure of land borders to curb smuggling.
He said though the economy has great potential for growth, a more collaborative efforts with the private sector could have made significant impact.