The monetary and fiscal policies of the Federal Government of Nigeria has been described as inadequate in addressing the nation’s current economic crisis.
This was the verdict of the Nigerian Senate delivered during a session where members of the Senate Committee on Finance, Banking, Insurance, and Financial Institutions grilled top officials, including Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and several ministers.
Senator Sani Musa, Chairman of the Committee, lambasted the government’s approach to tackling economic challenge pointing to the continuous hunger and unemployment rates as evidence of the policies’ failure.
“More people are hungry, which means your policies are not working,” Senator Musa said.
The spotlight was particularly harsh on the agriculture sector, with Senator Abba Kyari urged to intensify efforts.
Comparisons were drawn with Brazil’s agricultural development strategies, highlighting Nigeria’s apparent gap in leveraging its agricultural potential.
Concerns were raised about the nation’s reliance on foreign loans, with Senator Orji Uzor Kalu expressing disappointment over the lack of tangible improvements despite significant borrowing.
Questions were directed at the CBN Governor regarding the ineffectiveness of interventions aimed at bolstering the Naira and stimulating economic activities.
Responding to the criticisms, the Central Bank Governor defended the institution’s policies, saying that they were gradually yielding positive outcomes.
Senator Kalu further emphasized the need for a holistic approach that addresses both monetary and fiscal aspects of the economy.
He advocated for effective measures to curb the illicit use of foreign currencies within the country, calling for accountability in addressing fraudulent claims related to foreign exchange transactions.
