The Federal government have been advised to review its monetary policy and programme to reduce inflation and ensure price stability across the country.
One of the guests an education Economist Mr. Yushau Yusuf gave the advice while featuring on perspectives a kapital FM current Affairs programme.
Mr Yusuf said such interventions would help in stabilizing the nation’s economy thereby reducing the high cost of goods and services in the country which was caused by the covid-19 pandemic.
“The greatest problem we are having is inflation because the purchasing power of all consumer is being eroded and when the power is being eroded ,from the market you require so much strategy and intervention to take care of that”.
He therefore advised the Federal government to utilize its budgetary allocation wisely to avoid high interest rate.
“Looking at the budgetary provisions of government there is need is need to check the amount of money that is being spent or injected because someone monies injected into interest rates and long repayments periods are very disastrous to an economy ”
To ensure that Micro, small, and Medium scale enterprises do not collapse, Mr Yusuf called for more funding by the government into the sector.
“Micro, small and medium scale enterprises constitutes 55% of the entire informal sector, you realize that it’s a sector you cannot joke with, come up with a policy that would realise their potential”.
Another guests, An Economist, Mr Omagbitse Barrow described the disruption caused by the pandemic as an opportunity for Nigerians to focus on innovation and enterprise which he believes would help stimulate economic growth and development in the country.
“One of the things that we lack is creative enterprise and within the last few years we are now seeing the creative enterprise and an investment in technology would go a long way in sustaining the economy “.
Mr Barrow while reviewing the theme of the programme which is “sustaining Nigeria amid covid-19 pandemic ” explained that despite the huge resources of the country it still still faced with the challenge of providing a social security system which would help cushion the effect of covid-19.
“Identity management system plays a key role in ensuring that citizens data is well captured to ensure they can access some loans.”
The economists advised Nigerians on the need to support and key into government policies and programmes.