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As part of its expectations for 2020, the Nigeria Employers’ Consultative Association (NECA) has called for synergy between the fiscal and monetary policies of Federal Government.
Its Director-General, Timothy Olawale, made the call in an interview with the News Agency of Nigeria (NAN) in Lagos on Thursday.
NECA is the umbrella organisation of employers in the Organised Private Sector of Nigeria.
“It seems only the monetary authorities have been in the driving seat of the economy.
“For any economy to fulfil its full potential, efficiency and synergy of the fiscal and monetary authorities is critical,” he said.
Olawale, on reviewing the performance of the economy in 2019, said that much was left to be desired.
According to him, the economy struggled with a growth rate average of 2 per cent in the first three quarters of 2019.
“Inflation is still in double digit, orchestrated mainly by increasing food inflation as a result of the closure of land borders in order to curb smuggling.
“Though the economy has great potential for growth, a more concerted and collaborative effort with the private sector could have made significant impact, ” he said.
The director-general urged the government to remain focused on implementing the Economic Recovery and Growth Plan (ERGP) as part of efforts to restore economic growth.
He also called on the government to expand the tax net to improve revenue generation, rather than focusing on tax increases that had remain burdensome to businesses.
“Beyond the rhetoric of improved Ease of Doing Business rating, we expect that greater effort will be made to rein 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.”
He also called for full and timely implementation of the budget and early release of funds in order to stimulate the economy.
