Business
Group Extols Emefiele’s Outstanding Economy Policies
Uche Ameachi
The Coalition of Civil Society Groups on Tuesday applauded the outstanding economic policies of the Central Bank of Nigeria CBN Governor Mr Godwin Emefiele and the entire Management of the apex bank that put has Nigeria’s economy on the path of success.
Speaking to the Journalists in a world press briefing held in Abuja, the President of the Group Etuk Bassey Williams (JP) revealed that, the effort put in place by the CBN Gove to revamp the economy in the midst of different challenges cannot be quantified.
He said that Emefiele, who is a nationalistic economist of a kind, indeed has shown commitment in the course of his tenure and has championed diversification of Nigeria’s economy, away from heavy dependence on crude oil as well as other imported items that can be produced in the country.
According to Mr Williams “We observe these efforts and consider it pertinent to appreciate their hard work, commitment, dedication and tact employed in the management of Naira, empowering the Farmers and Entrepreneurs towards job and wealth-creating.
“The aim of this activity today is to encourage the CBN Governor and his team not to relent but to do more and continue to justify the confidence reposed on them by Mr President: Muhammadu Buhari.
There is no doubt that his appointment in 2014, and re-appointment in 2020 was the right judgment. Without equivocation, Emefiele’s contribution to the development and growth of the Nigerian economy, as well as innovations in development financing, earned him President Muhammadu Buhari’s nomination for a second term in office as CBN Governor; this singular achievement is by the records the first time anyone had been so nominated since 1999.”
Speaking on the achievement of the hard-working CBN, under the leadership of Mr Emefiele, Mr Bassey Willian expressed; “In line with his promise at the unveiling of his Agenda in 2014, he commenced operation with the objective of enhancing access to credit to Micro, Small and Medium Enterprises (MSMEs), as that sector remains the catalysts of economic growth in Nigeria.
“His tactful supervision of periodic OMO interventions resulted in a mop-up of excess liquidity to curtail inflation and boost investors’ confidence in Nigeria’s fixed income securities such as Treasury Bills and Bonds.
“He has also ensured the protection of Bank Customers, effective supervision of Deposit Money Banks and Other Financial Institutions; and deepening of Financial Inclusion through an effective banking and payments system. In recent times,
“Governor Emefiele has also backed up his pledge to facilitate job creation with the creation of the Creative Industry Financing Initiative (CIFI), which is being implemented in collaboration with the Bankers’ Committee.
“To encourage diversification of the economy and stimulate growth in the agriculture sector in line with President Muhammadu Buhari’s plan, the CBN Governor established an innovative agriculture credit plan: Anchor Borrowers Programme and this has increased yield per hectare of agricultural produce like Rice, Groundnut and Cocoa.
“It doesn’t end there, the CBN Governor embarked on other policies such as the Youth Entrepreneurship Development Programme (YEDP), Accelerated Agricultural Development Scheme (AADS), the Agri-business/Small and Medium Enterprises Investment Scheme (AGSMEIS), the National Collateral Registry (NCR) and lately the Creative Industry Financing Initiative (CIFI), which is a collaboration between the CBN and the Bankers’ Committee.
“CBN Gov. has continued to make effort to stabilized the Naira and put the economy on a right footing. Creating the Inter-bank/Wholesale and the Investors/Exporters’ windows. This has brought great relief, leading to remarkable acreage in foreign reserves and a rise in capital inflow.
“He also introduced an import exclusion policy that increased patronage for local goods and stimulated local production significantly, introduces a check on the activities of the Bureau De Change (BDC) and ended the continued depreciation of Naira over the years.
“In a sincere effort to salvage the naira, the CBN stopped the sales of Forex to Bureau De Change (BDC) Operators who exploit and artificially inflate dollar/naira exchange. We applaud this move to discourage illicit financial flow, BDC racketeering and indiscriminate round-tripping. We applaud the genuine effort of the Governor in trying to stabilize the naira.”
“The group said the Governor has used his masterstrokes, God-given wisdom and deliberate, precise and impactful policies to halt the recession and tame covid-19 pandemic that recently threatened the country
“We are bold to say that Nigeria is in Safe hands” economically.”
The group, however, sought the supports of every Nigerian that will spur him to do more for the growth and development of the country’s economy.
Business
RMAFC Chairman, Champions New Revenue Optimization Initiative in Collaboration with NASDRA
Joel Ajayi
The Chairman, Revenue Mobilization Allocation and Fiscal Commission (RMAFC), Dr. Muhammed Bello Shehu, OFR, has reaffirmed the Commission’s commitment to modernizing Nigeria’s revenue generation in collaboration with the National Space Research and Development Agency (NASDRA) and other key stakeholders.
The Chairman made this reaffirmation on
Thursday, at the Commission’s Headquarter in Abuja, during the launching of the implementation of the Presidential initiative on revenue optimisation and digitalisation via space technology.
The Chairman recalled that during his inaugural speech, His Excellency, President Bola Ahmed Tinubu, GCFR, emphasized the importance of economic recovery through enhanced revenue generation, which can primarily be achieved through the discovery of new revenue streams.
He emphasized that the Renewed Hope Agenda of this Administration can only be realized through the implementation of efficient revenue generation methods, with the creation of new revenue streams through the use of modern technology.
Dr. M.B. Shehu, OFR said, “We stand at the threshold of a new era, where innovation, creativity and collaboration drive economic growth and progress. It is indeed not an overstatement to say that the traditional sources and methods of revenue generation, apart from the fact that they are no more in vogue, are, most importantly, not sufficient to meet the evolving needs of our great Nation. Therefore, as key stakeholders, we must think innovatively and collaboratively to unlock new opportunities for economic growth and development in the interest of our beloved country.”
Dr. Shehu, therefore, emphasized the need for a strategic, technology-driven approach to revenue mobilization, pointing out that effective collection, accountability, and proper utilization of revenues are essential for national development. He posited that optimizing revenue sources is not just a necessity but a responsibility that must be shared by all stakeholders. “We are at the verge of writing a new chapter in Nigeria’s leadership. The collective determination of stakeholders here today is key to optimizing revenue collection and utilization. This is a task that must be achieved for our dear country.” He said.
The Director General of NASDRA, Dr. Matthew Olumide Adepoju, highlighted the potentials of space technology in revenue mobilization, noting that with AI, robotics, and space innovation, Nigeria can generate up to $50 billion annually while also strengthening national security.
Earlier in his Welcome Address, the federal commissioner representing Bauchi State in the Commission and Ag. Chairman of the Mobilization and Diversification Committee, Engr. Muhammed Sani Baba acknowledged the importance of the initiative and called for the support of all stakeholders to ensure its successful implementation.
He disclosed that the occasion was organised as a step towards the implementation of the directive of Mr President that the generation, collection and subsequent utilization of revenue should be modernized for the growth of the country and its exciting future.
A technical session featured a NASDRA-led presentation on leveraging space science and technology to block revenue leakages and create new revenue streams.
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