Oct 23, 2021

Mawazo Writing Africa

Writing about the main

Fiscal and Monetary Policy: President Buhari Backs Osinbajo on Need for Synergy

  • President Muhammadu Buhari has supported Vice President Yemi Osinbajo in his comments on Nigerian fiscal and monetary policy
  • The President stressed the need for immediate synergy between the The country’s financial and monetary authorities
  • According to the Nigerian head of state, the move will keep the Nigerian economy on a sustainable growth path

FCT, Abuja – President Muhammadu Buhari has thrown his weight behind the demand of his deputy, Vice-President Yemi Osinbajo, for synergies between fiscal and monetary aspects of political decision-making in the interests of the nation and to build a resilient economy.

In his remarks on the occasion of the opening of a two-day retreat for the mid-term review of the ministerial performance, Osinbajo called for the Need for synergies between the Nigerian Central Bank (CBN) on the monetary side and the ministries, departments and authorities on the fiscal side.

His words:

“There must be synergies between the fiscal and monetary authorities. We have to be able to handle the synergy; we have to deal with the synergy between the monetary authority, the CBN and the fiscal side.

“Sometimes there seems to be competition, especially on the fiscal side. If you look at some of the interventions you will find that these interventions are interventions that should be administered by government departments. ”

Address at the end of the retreat on Tuesday, October Am December 12th, the President stressed the need for synergies between the country’s financial and monetary authorities to keep the economy growing.

According to a statement by the President’s spokesman Femi Adesina, the president, underlined the need for synergies between the financial and monetary authorities and assured Nigerians that this government will continue to take fiscal measures to improve domestic revenues and mobilize external financial support to build a more resilient economy.

Similarly, well-known economist Bismark Rewane stated that Osinbajo was right when he was yesterday demanded a market-reflecting exchange rate that called the current official rate artificially low.

In his speech on Channels TV’s Politics Today, Mr. Rewane also threw his weight behind the position of the VP on Forex -CBN policy.