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

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

  • President Muhammadu Buhari has backed VP Yemi Osinbajo on his comments concerning Nigeria's fiscal and monetary policy
  • The president stressed the need for the immediate synergy between the fiscal and monetary authorities in the country
  • According to the Nigerian leader, the move will keep the Nigerian economy on the trajectory of sustained growth

FCT, Abuja - President Muhammadu Buhari has thrown his weight behind his deputy, Vice President Yemi Osinbajo’s call for synergy between fiscal and monetary sides of policymaking in the interest of the nation and in order to build a resilient economy.

During his remarks at the opening of a two-day Mid-Term Ministerial Performance Review Retreat, Osinbajo called for the need for synergy between the Central Bank of Nigeria (CBN) on the monetary side and the ministries, departments, and agencies of government on the fiscal side.  

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President Buhari
President Buhari has backed VP Osinbajo on his comments concerning fiscal and monetary policy. Photo credit: Aso Rock Villa
Source: Facebook

His words:

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

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“Sometimes, it appears that there is competition, especially on the fiscal side. If you look at some of the interventions, you will find that those interventions are interventions that should be managed by ministries.”

Speaking at the end of the retreat on Tuesday, October 12, the president stressed the need for synergy between the fiscal and monetary authorities in the country to keep the economy on the trajectory of growth.

According to a statement by presidential spokesman, Femi Adesina, the president underscored the need for synergy between the fiscal and monetary authorities, assuring Nigerians that this administration will continue to implement fiscal measures to improve domestic revenues and mobilize external funding support to build a more resilient economy.

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In a similar vein, well-known economist Bismark Rewane also declared that Osinbajo was right when he called yesterday for a market reflective exchange rate describing the current official rate as artificially low.

Speaking on Channels TV's Politics Today, Mr. Rewane also threw his weight behind the VP's position on the CBN's forex policy.

Source: Legit.ng News

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