The Democratic People’s Congress (DPC) has urged the Central Bank of Nigeria, Governor, Dr. Godwin Emefiele and Minister of Finance, Mrs. Kemi Adeosun to avoid monetary policies that allegedly triggered the economic recession now that the naira is beginning to appreciate against the dollar.
The DPC in a statement by the national chairman, Rev. Olusegun Peters, demanded a stop to the monetary and fiscal policies summersaults that led to capital flight from the economy.
It said local and foreign investors need assurance of stable economic, monetary and fiscal policies to guide their operations, adding that the actions and reactions of the nation’s financial regulators boost or shatter investors’ confidence in the economy.
The statement reads in part, “The inconsistency in policies formulation and implementation was the major cause of the nation’s economic woes. There should be adequate consultation with stakeholders before crucial monetary and fiscal policies are formulated to avoid a recurrence of the ill-conceived and ill-advised policies of the Central Bank of Nigeria that led to the economic hardship facing millions of Nigerians today.
“DPC demands the release of more dollars into the economy which will reduce the pressure on the naira and facilitate economic recovery. The high exchange rate is the cause of this economic recession and stagnation that has shutdown thousands of small and medium scale enterprises and impoverished millions of Nigerians.
“Leadership is not a tea party but a deep and heavy responsibility to provide dividend of democracy to the populace in tandem with section 14(2)b of the 1999 constitution which states that security and welfare of the people shall be the primary purpose of government.”